Jack Davis issues Tax Day statement

Press Release:

Democrats and Republicans continue to push partisan agendas rather than honestly confronting the problems Americans face.

The Republican plan for cutting Medicare is unacceptable. The Democrats propose continuing tax, spend and borrow policies -- business as usual.  This is unacceptable.

There is a third way: Put American men and women back to work. The inflow of revenue to the U.S. Treasury and the Social Security and Medicare Trust Funds from taxes paid by working Americans and profitable businesses will solve the deficit problems.

It is time to reinstitute trade-balancing tariffs on imported manufactured products. With a level playing field, U.S. businesses will hire Americans to produce the goods Americans consume. From 1789 to 1913, a major source of revenue for the U.S. government was tariffs on foreign goods, not taxes on working Americans.

The third way budget also shuts down offshore tax havens that companies use to hide their profits. It closes unneeded military bases around the world and eliminates foreign aid to countries that hate us. 

The Constitution gives the federal government the power to regulate commerce with foreign countries and the responsibility to promote the general welfare – jobs. Congress must return to first principles: put America first and put Americans back to work.

ON TAX DAY, JACK DAVIS OFFERS INDEPENDENT VISION TO PUT AMERICANS TO WORK, MAINTAIN MEDICARE, CLOSE OFFSHORE TAX HIDEOUTS
 
(AKRON, NY) With the deadline for filing income taxes approaching, Jack Davis, independent candidate for U.S. Congress, is putting forward his vision for a federal budget that cuts deficits and spending and puts Americans back to work. It accomplishes these goals without eliminating Medicare as the Republicans propose, and without raising taxes, as Democrats propose. 

Jack Davis advocates shutting down offshore tax havens and closing tax loopholes supported by both parties that allow multinational corporations like GE to hide profits overseas and evade paying taxes. 

A provision of the 2004 American Jobs Creation Act, passed by the Republican Congress and signed by President George W. Bush, allows companies to avoid taxes by booking their profits overseas.

When that provision was set to expire in 2008, it was two New York Democrats, Rep. Charlie Rangel, then-chairman of the powerful tax-writing Ways and Means Committee, and Committee Member Rep. Joe Crowley, who went to bat for the corporate tax evaders to keep the loophole open.  Crowley claimed it would help the financial services giant Citigroup. (See http://nyti.ms/eUQAce)

“This shows how both parties have sold out to the multinationals and big banks which are American in name only, ” says Jack Davis.

The key to balancing the budget is putting Americans back to work.

“The inflow of revenue to the U.S. Treasury and the Social Security and Medicare Trust Funds from taxes paid by working Americans and profitable businesses will solve the deficit problems,” says Davis.

Analysis by authoritative financial experts bears this out. Dan Fuss, manager of the $18.5 billion Loomis Sayles Bond Fund, has been managing bond portfolios for 50 years. Earlier this month, Fuss pointed out that about 56 percent of Americans over the age of 16 are now gainfully employed. If that percentage rises to 64 percent, Fuss says, the budget deficit disappears entirely. (See http://reut.rs/f6GJKH)

And the key to putting Americans back to work is leveling the playing field for American businesses and working men and women. Right now, China and other foreign competitors are flooding the American market with manufactured goods of all kinds because they have an unfair advantage over American producers. This is putting Americans out of work and bankrupting American businesses.

Bert Baker, of Baker Drivetrain, an American manufacturer of motorcycle components, knows firsthand the unfair competition American producers face. He points to a Chinese company that sells its finished parts at a price equivalent to the cost of the raw materials.

“There are some parts being made in China, and the cost of that finished product is roughly the cost of my raw materials if I were to make it in this country. Aluminum and most raw materials are globally priced, they’re the same all over the globe. So what gives here -- how could they do that? I know their people are not working for nothing. What I’m guessing is that China is providing subsidies so they can sell it so cheaply,” says Baker. (See http://bit.ly/hJgNex)

A tariff on imported manufactured products would level the playing field for American producers.

“Businesses would invest in America and hire Americans to produce the goods Americans buy,” says Jack Davis.

Tariffs are as American as apple pie, Davis points out. Until the adoption of the income tax in 1913, tariffs on foreign goods, not taxes on working Americans, were the major source of revenue for the U.S. government. (See http://bit.ly/fgeOtb)

Davis opposes eliminating Medicare or cutting Social Security to reduce government spending. He advocates cutting expenditures on the nearly 900 military bases the U.S. maintains around the world and cutting foreign aid to nations that do not share our values. (See http://bit.ly/2j7oY)