While the major outlines of Democratic tax policy remain the same - letting the Bush tax cuts expire for income above $250,000 a year for married couples and above $200,000 for individuals, raising the top capital gains tax rate to 23.8 percent from 15 percent - the Democratic platform seemed to move the Party towards making permanent the tax cuts for the 98% of Americans earning less than $250,000 for married couples and individuals making less than $200,000. The platform also calls for a reform of the corporate tax code for companies in the United States and pledges additional tax relief for businesses that invest here. The call for a lower corporate tax rate and closing of corporate loopholes has some observers viewing this as an opening to reach agreement in a second term with Republicans on the issue of corporate tax reform.
Some of the pertinent portions taken from the Democratic platform on taxes are:
"We support allowing the Bush tax cuts for the wealthiest to expire and closing loopholes and deductions for the largest corporations and the highest-earning taxpayers. We are committed to reforming our tax code so that it is fairer and simpler, creating a tax code that lives up to the Buffett Rule so no millionaire pays a smaller share of his or her income in taxes than middle class families do. We are also committed to reforming the corporate tax code to lower tax rates for companies in the United States, with additional relief for those locating manufacturing and research and development on our shores, while closing loopholes and reducing incentives for corporations to shift jobs overseas."
"Democrats support making America the world’s leader in building a clean energy economy by extending clean energy incentives that support American businesses and American jobs in communities across the country."
"Democrats will fight to cut tax subsidies for Big Oil while promoting job growth in the clean energy sector, so we can cut the deficit and increase jobs and growth in America."
"The Democratic Party supports a broad-based strategy to further strengthen an American renaissance in manufacturing, with tax relief for clean energy manufacturing, incentives to create advanced vehicles in the United States, more research, and a network of manufacturing innovation hubs."
"We want to cut tax breaks for companies that are shipping jobs overseas and for special interests, and instead offer tax breaks to companies that are investing right here in the United States of America, betting on American workers who are making American products we sell to the world that are stamped with three proud words: Made in America."
"We Democrats support lowering the corporate tax rate while closing unnecessary loopholes, and lowering rates even further for manufacturers who create good jobs at home."
"We support expanding and making permanent the Research and Experimentation Tax Credit."
"Tax cuts for small businesses that make new investments, hire more workers, or increase wages.