Taxes

Zephyr Teachout believes that we need to lower property taxes for working families and reform the broken tax system that lets wealthy individuals and big corporations avoid paying their fair share.

New York State has the highest property taxes in the country, and the resulting burden is crushing the middle class. At the same time, giant corporations and Wall Street bankers are raking in record profits while paying next to nothing taxes -- and sticking everyday Americans with the bill.

In Congress, Zephyr will fight for a fair tax system by:

  • Working to reduce out-of-control property taxes and provide relief for homeowners. Because New York requires counties (instead of the state) to take on Medicaid reimbursement costs, property taxes have skyrocketed -- and the resulting burden on working families is unacceptable. In Congress, Zephyr will work to address the root causes of high property taxes in New York by making Albany pay its fair share.
     
  • Advocating for stronger targeted tax help for middle-class households. To provide immediate relief for New York homeowners, Zephyr supports the “circuit-breaker”, a bipartisan solution that provides a tax credit to families who pay an unfair amount of property taxes as a share of their income.  
     
  • Fighting for targeted tax help for households struggling with family needs like child care and job training. By providing relief for families that need it most, Zephyr will work to ensure the wellbeing of children and create opportunities for new careers in emerging sectors of our economy.
     
  • Closing the “carried interest loophole” that billionaire hedge fund managers exploit to pay a lower tax rate than the rest of us. Closing this loophole isn’t just fair, it could generate billions of dollars for vital programs and reduce the drastic income inequality in our country.
     
  • Ending taxpayer funded giveaways to oil and gas companies. Every year, everyday Americans are stuck with the bill for tens of billions in tax breaks for fossil fuel companies  -- companies that are making record profits while fueling climate change and polluting our water and air. Repealing these tax breaks and subsidies for oil and gas companies could save taxpayers billions of dollars while reducing the deficit.
     
  • Making corporations pay taxes on the profits they currently shelter in offshore havens. If every Fortune 500 Company was forced to take all their money stashed in offshore accounts and pay taxes on it, our country would get $717.8 billion. Reforming the tax code to force corporations to pay their fair share could generate billions of dollars every year in tax revenue, instead of forcing working families to foot the bill.