Talarico announces plan to rein in billionaire power
James Talarico called for closing tax loopholes used by billionaires to rebalance what he says is a rigged system.
HOUSTON — At a press conference on Monday, James Talarico, the Democratic nominee for U.S. Senate announced his “close the loopholes” agenda, which calls for taxing the ultra-wealthy and reining in their unchecked power.
Standing in front of a private airplane hanger, Talarico targeted the loopholes that billionaires use to avoid paying taxes, including the private jet loophole that millions of non-billionaire Texans will never be able to take advantage of.
“The system is rigged,” Talarico declared, noting that the average American pays about 14.5% of their income in federal income taxes, while the 400 wealthiest billionaires pay around half that rate. “Over the last 50 years, billionaires have bankrolled political campaigns and their puppet politicians turn around and rewrite the tax code to benefit them at our expense,” Talarico added.
Talarico’s plan calls for the elimination of the tax loopholes that billionaires use to lower their taxable income, including off-shore bank accounts that the ultra-wealthy use to hide their income and assets. “We are going to target the billionaire tax cheats,” Talarico proudly affirmed. His plan also targets luxury item business write-offs that billionaires often use to avoid paying taxes.
The overall tone of Talarico’s press conference was populist-oriented. He was laser-focused focused on the billionaire loopholes and explained how they harm regular working people, including how the system allows the billionaires to continue buying politicians and writing their own policy.
The data supports Talarico’s thesis, according to a 2012 study from the Russell Sage Foundation, U.S. politicians are much more receptive to the interests of the rich and powerful, while regular Americans have little-to-no influence over political outcomes. Talarico argues that this happens because the ultra-wealthy are allowed to buy politicians through their political spending, thanks to the landmark Supreme Court Citizens United ruling which legalized unlimited political spending.
Talarico believes these common sense populist positions are winning issues, and he’s right. According to polling from Data for Progress, over 7 in 10 Americans believe billionaires should pay more in taxes, including 71% of independents and 53% of Republicans.
In a state that is so hostile to poor and working people, Talarico’s economic message may resonate with voters who typically vote for Republicans or don’t vote at all, key demographics he will need to flip the state. The real challenge, as we see it, will be getting his message to break through the partisan noise, including the millions of dollars that the ultra-wealthy are going to spend against him.