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Antonio Reynoso, Democratic candidate for New York’s 7th Congressional District, on Wednesday kicked off his “Real Fights, Real Results” campaign tour by unveiling an economic fairness agenda to tax the wealthy, close billionaire loopholes, and restore balance to an economy that has left working families behind.
Reynoso’s plan starts with a 5% annual tax on wealth above $50 million and a 10% annual tax on wealth above $250 million, a proposal estimated to raise approximately $6.8 trillion over ten years. More than 99.9% of Americans would be entirely unaffected, Reynoso said.
“Working people in Brooklyn and Queens are paying higher effective tax rates than billionaires who use insider loopholes to hide their fortunes," he said in a statement. "That is a policy failure, and I intend to fix it."
Reynoso is running against state Assemblymember Claire Valdez and City Council Member Julie Won in the June 23 Democratic primary.
Other features of his plan includes:
Close Billionaire Tax Loopholes
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End the mega Roth IRA loophole that allows billions of dollars to grow tax-free in retirement accounts — the same accounts originally designed to help middle-class families save for retirement.
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Tax capital gains at the same rate as wages for ultra-high earners.
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Close the carried interest loophole that allows private equity executives to pay lower tax rates than working professionals.
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Strengthen the estate tax to prevent dynastic concentrations of wealth.
Restore IRS Enforcement
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Restore IRS funding to ensure tax laws are applied fairly and the government has the resources to investigate billionaire tax schemes.
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Strengthen enforcement tools to crack down on insider startup share allocations inside IRAs and other avoidance mechanisms.
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Ensure retirement tax benefits are targeted toward working families, not mega-accounts for the ultra-wealthy.
Reduce the Political Power of Extreme Wealth
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Support overturning Citizens United to reduce the influence of unlimited corporate spending in political campaigns.
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Break the feedback loop in which concentrated wealth buys political influence, political influence shapes tax policy, and tax policy further concentrates wealth.
If elected, Reynoso said he will support proposals that prevent retirement accounts from being used as billionaire tax shelters by limiting the amount of wealth that can accumulate tax-free in retirement accounts; prohibiting the use of insider startup share allocations inside IRAs; strengthening enforcement tools available to the IRS; and ensuring retirement tax benefits are targeted toward working families.
"The tax code should reward work, not just wealth," he said. "Government should serve working people, not billionaires."
Click here for the full plan.
