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Expensive tax cut bill fails fairness test

On 11/2, a draft version from Congress' Ways and Means Committee to make significant changes to the U.S. tax system. Here's our take: 

Our tax code is clearly in need of a serious overhaul, but, to me, this falls short of a serious effort. 

There is broad agreement that we need to level the playing field on corporate taxes. Currently corporate tax loopholes allow companies to stash money offshore, meaning that bigger businesses have distinct advantages over their smaller wholly domestic competitors. 

But this legislation as drafted would not end this practice and continue to reward companies who send profits offshore. Small Business Majority's recent polling that a large majority of small business owners, 70%, believe their business is harmed when "big corporations use loopholes to avoid taxes."

Why should large companies continue to have a tax advantage over small companies? That fails the basic fairness test. 

It is a lot to ask of the American people to agree to finance what will be trillions of dollars in tax cuts. This money doesn't come out of a hat. We end up paying with cuts to critical programs or more debt or both. It is too much to ask that we pay those costs while some of the largest companies are allowed to skip the check. 

Let's start from a level playing field.