Taxes

Talarico's tax plan splits into two distinct strands. On closing loopholes, he would end the carried-interest loophole, roll back tax breaks that let large corporations pay $0 in federal tax, end 'buy, borrow, die' step-up-basis loopholes, and eliminate the Social Security tax cap above $400K. On new rate hikes and new taxes, he would raise the corporate tax rate, raise capital-gains taxes on billionaires, raise the tax on corporate stock buybacks, and add a special tax on corporations paying executives more than 250x their median worker's salary; he has called publicly for taxing 'trillionaires out of existence.' On tax cuts, he would expand the Child Tax Credit and EITC for working families and small businesses, and repeal the Trump tariffs.