High-Income Americans Sign Letter Calling for Higher Taxes
Thursday, September 16, 2021
CARSON CITY, Nev. -- It is not every day people ask for higher taxes, but that's the gist of a letter just sent to Congress, signed by more than 200 wealthy taxpayers and business owners.
A coalition of progressive groups organized the public letter, which calls on lawmakers to raise taxes on rich people and corporations in order to fund President Joe Biden's $3.5 trillion Build Back Better infrastructure package.
Sandra Fluke, president of Voices for Progress, called the package a "bold realignment" of the nation's spending priorities.
"Child-care affordability, home- and community-based care, and paid leave, fighting climate change and protecting all of us from natural disasters are good investments," Fluke asserted. "Investments that will help to rebuild our economy and to strengthen our democracy."
The letter asks Congress to set the top marginal tax rate back to where it was four years ago, at 39.6%. Supporters would also like to raise the corporate tax rate from 21% to 28%, close loopholes on estate taxes, and start taxing capital gains as ordinary income.
Fluke opposes the current practice of taxing working people's wages at a higher rate than investment income. And she sees the promises made ahead of the 2017 Trump-era tax cuts as a "bait-and-switch" tactic.
"Things like cutting that top marginal income-tax rate were supposed to improve our economy, and that didn't happen at all," Fluke recounted.
The letter also calls on Congress to restore full funding to the IRS, which has lost one-third of its employees in enforcement roles in recent years, resulting in close to a 60% drop in the number of audits it performs.
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