Paying for Progress: A Tax Reform Agenda for the Next President
Today, Main Street Alliance Executive Committee Member David Borris, the owner of Hel’s Kitchen Catering in Chicago, joined an esteemed panel of tax policy experts at an event focusing on President-elect Trump’s tax proposal. Titled, “Paying for Progress: A Tax Reform Agenda for the Next President,” the event was co-hosted by the Century Foundation and the Economic Policy Institute.
David spoke on a panel focusing on corporate tax reform for Main Street, along with leading experts from the Tax Policy Center, the Institute on Taxation and Economic Policy, and the University of Michigan Law School. As a small business owner with decades of experience focusing on the Main Street economy, David uniquely presented the small business perspective--challenging the supply-side narrative dominating the Republicans’ tax plans that tax cuts would benefit small businesses and help drive economic growth.
“Every issue we face on Main Street comes back to consumer demand. That has been the biggest problem with our economic recovery, and tax cuts for the rich do nothing to address our customers ability to spend their earnings with us."
David further critiqued the incoming Trump Administration’s desire to pull back regulations and warned that consumer trust in products, largely ensured by government regulations, was essential for businesses such as his to survive. “Consumer trust in safe products is taken for granted until we find lead in the toys and products we purchase for our children. Or, in my instance, trust that my food meets safety code. We must take a proactive approach to consumer safety and environmental regulations, not a reactive one,” said David.
When asked about the harms that corporate tax avoidance caused communities, David drew a stark contrast between small business investments and corporate extractors. Unlike money earned by local small business owners, which are recirculated, David noted that profits from large corporations are booked offshore, where they do not benefit the local economy and further starve the government of badly needed revenue.
“Working men and women, and small business owners in this country, are paying more than their fair share,” said David. “When focusing on taxes and the budget, we must look to level the playing field, reduce inequality and close the tax loopholes that allow large companies to pay obscenely low taxes while companies like mine pick up the tab.”