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Jeff Merkley on Tax Reform
Democratic Jr Senator (OR)
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Supports raising taxes on earnings over $250,000 per year
Asked about the Bush tax cuts, in particular how Smith could defend them in light of the current economic crisis, Smith said, “I believe in pro-growth tax cuts.” He said that Oregonians today were paying lower federal taxes because of him, but higher
state taxes because of Merkley’s work in the state Legislature. Merkley addressed Smith directly: “The fact is, Gordon, you’ve voted for taxes 67 times.” Merkley said he would support Obama’s proposed plan to raise taxes on people making more than
$250,000 per year.
Taxes came up again when both candidates were asked whether it was smart to cut taxes during a time when the national debt is growing. Merkley hung the blame on Smith’s shoulders. “Do you understand that our children are going to
have to pay back the debt you are running up?” he asked.
“So what would you have me do?” Smith asked. Much of the money he’s asked for, Smith said, has been because state senators, representatives and others back home have asked him for it.
Source: 2008 Oregon Senate Debate reported by AP on KATU
, Oct 9, 2008
Repeal $18 billion in tax breaks given to big oil companies
When oil companies were reporting historic profits and the price of gas was squeezing families and businesses, Gordon Smith voted in favor of providing billions of taxpayer dollars to pad big oil’s bottom line.
Merkley will work to repeal more than $18 billion in tax breaks given to big oil companies and invest those funds in creating new green-collar clean energy jobs with good wages.
Source: 2008 Senate campaign website, www.JeffMerkley.com, “Issues”
, Jul 12, 2008
No state sales tax
Q: Do you support implementing a state sales tax?A: No. I support equalization between individual and corporate kicker.
Source: Oregon State 1998 National Political Awareness Test
, Nov 1, 1998
Minimum tax rate of 30% for those earning over $1 million.
Merkley co-sponsored Paying a Fair Share Act
Paying a Fair Share Act of 2012: - Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax).
- Establishes the amount of such tax as the excess of the tentative fair share tax over the excess of the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year;
- Provides for a phase-in of such tax.
- Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2013.
- Expresses the sense of the Senate that Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the tax system, and makes sure that the wealthiest taxpayers pay a fair share of taxes.
Source: HR3903/S2230 12-S2230 on Mar 22, 2012
Page last updated: Apr 24, 2016