Combating Corporate Consolidation and Monopolies

Monopolistic practices and corporate consolidation have reduced competition, increased prices for consumers, and harmed small businesses. Federal policy must restore competition to the marketplace and protect consumers from predatory corporate practices.

I will fight for:

  • Stronger Antitrust Enforcement: Reinforce antitrust laws and strengthen the Federal Trade Commission (FTC) to combat monopolies and corporate mergers that stifle competition. This would include limiting monopolistic mergers in key sectors such as technology, agriculture, and healthcare.
  • Break Up Monopolies: Where necessary, break up companies that have a stranglehold on markets, particularly in industries like big tech and pharmaceuticals, where a few companies dominate to the detriment of consumers.
  • Consumer Protection: Enact or enforce regulations to protect consumers from price gouging and unfair practices, particularly in essential sectors like healthcare, energy, and telecommunications.

Breaking up monopolies and increasing competition would reduce prices for everyday goods and services, promote innovation, and help small businesses thrive in an economy that is fair for everyone.

Corporate Tax Rate

In an equitable society, it is crucial that corporations contribute their fair share to the economy, ensuring that the burden of funding public services and infrastructure is shared appropriately. However, the approach to achieving this goal must be thoughtful and strategic, rather than reactionary.

Historically, raising the corporate tax rate has often been used as a tool to offset lost revenue caused by corporate tax loopholes. While increasing the tax rate can be a solution, it is not the only, nor necessarily the best, approach to ensuring that corporations pay their fair share. While I understand and can even envision myself supporting corporate tax hikes simply to achieve the effective rate I think is fair, I think that approach is unsustainable and adversely affects the businesses that are playing by the rules and don’t have the luxury the use loopholes to skirt their tax liability.

I believe that the focus should be on closing the loopholes and tax avoidance schemes that allow corporations to significantly reduce their tax liabilities. By tightening regulations and enforcing stricter compliance, we can ensure that corporations contribute fairly without constantly needing to raise the tax rate. That means:

  1. Fair Share Contribution: Corporations should pay their fair share of taxes, reflecting their role and benefits in our economy. This ensures that the costs of public services and infrastructure are not unfairly shouldered by individual taxpayers.
  2. Closing Loopholes: The primary focus should be on closing the loopholes that allow corporations to avoid paying their full tax obligations. This includes addressing practices such as profit shifting, offshore tax havens, and other aggressive tax avoidance strategies.
  3. Strategic Use of Tax Rates: While I support raising the corporate tax rate if necessary, it should not be the first or only tool used to ensure corporations pay their fair share. A perpetually increasing tax rate, without addressing the underlying issues of tax avoidance, can lead to diminishing returns and unintended economic consequences – including a lack of global competitiveness.
  4. Comprehensive Tax Reform: I advocate for a comprehensive approach to tax reform that balances the corporate tax rate with measures to close loopholes and improve enforcement. This ensures that all corporations, regardless of size or sector, are contributing fairly to the economy.
  5. Resisting Perpetual Rate Increases: Raising the corporate tax rate should be done judiciously and in response to genuine needs, not as a knee-jerk reaction to lost revenue. The ultimate goal is to achieve a fair and stable tax system where corporations pay what they owe, without the need for constant adjustments.

By focusing on closing loopholes and enforcing existing laws, we can create a more balanced and fair tax system that benefits everyone. Whether through adjusting the tax rate or closing loopholes, the objective remains the same: ensuring that corporations contribute their fair share to the prosperity of the surrounding communities and the nation as a whole.