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Tax Reform

  • Equitable Taxation of the Wealthy and Corporations: Many wealthy people are already doing much philanthropy work in communities; however, it is important they pay their equitable fair share in taxes so that taxation does not only fall on working and struggling Americans.

  • Many corporations do not pay income tax and they should like everybody: I will support the No Tax Breaks for Outsourcing Act, which would modify rules for tax deductions for multinational corporations, so they pay their fair share. We must tackle accelerated depreciation so corporate organizations pay taxes by closing loopholes, this would be done by setting a limit on how much a corporation can deduct for goods acquired to do business.

  • Remove Income Cap on Social Security Tax: Higher-income earners only paid Social Security tax on the first $142,800 of income in 2021. Chol wants to eliminate this cap so that the burden of maintaining the viability the Social Security is not left disproportionately to the lower-income earners.