Sharing Opportunity with all
We strongly believe in capitalism and the incredible advances it provides humanity at large. By allowing for unlimited upside for entrepreneurs and risk-takers, capitalism encourages innovation and competition. This dynamic has raised living standards for hundreds of millions of people in the last half-century by unleashing incredible growth. It is evident, however, that this explosion in prosperity has come with growing pains. The unequal distribution of wealth has led to some serious side effects, most notably increased partisanship. Widening income and wealth disparities are clearly a central cause of political polarization, as citizens grow disillusioned with the status quo and demand change from their elected leaders. We believe that making the tax code fairer will help to quell this inequality and thus reduce polarization.
That is why we support implementing changes to the tax code to make it fundamentally fairer. In a 2019 New York Times piece, Andrew Ross Sorkin laid out concrete steps that can be taken to close gaps in the tax code. These include closing the step-up in basis at death that allows millions in capital gains to transfer untaxed to heirs, and increasing capital gains tax rates for the wealthiest Americans. We also agree with Sorkin that empowering a rejuvenated IRS to catch the tax-cheats is an essential part of restoring confidence in American capitalism.