Talarico shares his plan to tax billionaires

Democratic U.S. Senate nominee James Talarico said Monday he wants to end tax breaks for billionaires, including abolishing write-offs for the purchase of luxury items and restricting the use of offshore bank accounts to avoid federal taxes.

"A lot of these billionaires have used our infrastructure, they have benefited from our public schools," Talarico told reporters near a private jet hangar at Hobby Airport in Houston. "They have used the productivity of our workers to build (their businesses). All I'm asking is that they chip in to ensure that there is a ladder behind them for more working Texans to move up in this economy, to thrive and succeed."

Talarico, who in November will face either incumbent John Cornyn or Texas Attorney General Ken Paxton after a Republican runoff, used the hangar as a backdrop to highlight tax breaks for the purchasing of private jets. And the event was timed ahead of Wednesday's deadline for Americans to file their income tax returns.

The Democrat, who has spent four terms representing part of Austin in the Texas House, launched his Senate campaign last year targeting the influence billionaires can exert on political figures at every level of government. He said closing loopholes such as the "carried interest loophole," whereby businesses such as hedge fund and venture capital managers are able to treat earnings as capital gains rather than ordinary income, would bring billions of dollars into the federal treasury.

Zach Kraft, a regional spokesman for the Republican National Committee, said that while billionaires might be a tempting target, the Republican-led 2025 legislation nicknamed the "big beautiful bill" also provided tax cuts to working-class Americans.

"Talking about taxes is a losing fight for James Talarico," Kraft said. "President Trump and Republicans just delivered the largest middle class tax cut in history with no taxes on tips, no taxes on overtime, and no taxes on Social Security."

Talarico said the bill benefited the most wealthy Americans far more for adding tax breaks for the purchase of "yachts, cars, racehorses and private jets."

"I want an economy that creates fewer trillionaires and more millionaires. I want people to succeed," he said. "Call me crazy, but I think your average working Texan should pay less in federal income taxes than your average billionaire."