FOR IMMEDIATE RELEASE
Boston, MA (September 20, 2011): United for a Fair Economy (UFE) applauds President Obama’s proposal to raise $1.5 trillion in revenue by increasing taxes primarily on the wealthiest one percent of taxpayers and corporations. Over the last decade, the richest Americans have seen their income and wealth soar while benefitting from sharply reduced taxation.
President Obama’s proposal seeks to let the Bush tax cuts expire for upper-income taxpayers, close corporate tax loopholes, end oil and gas subsidies, and limit the amount that high earners can deduct. According to Citizens for Tax Justice, only the richest five percent of taxpayers would pay additional taxes under Mr. Obama’s proposal, with 75 percent of the increases paid by the richest one percent.
United for a Fair Economy especially supports President Obama’s proposed “Buffett Rule,” that would establish a minimum tax on taxpayers making $1 million or more in income, and would limit the benefit they receive from the 15 percent tax rate on investment income.
“People making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay,” said Farris.
UFE is encouraged that the President vowed to veto any deficit reduction package that cuts benefits to Medicare recipients but does not raise taxes on the wealthy and big corporations.
Given UFE’s decade-long campaign for a robust estate tax, UFE views the President’s proposal for the estate tax to return at its weakened 2009 level as a missed opportunity to raise much-needed revenue from multi-millionaire inheritors to improve our nation’s fiscal health.
United for a Fair Economy urges Americans to tell Congress to reform our tax code so wealthy individuals and large corporations pay their fair share. We support the tax package developed by Rebuild the Dream, which includes taxing capital gains and investment income at the same rate as income from wages, new higher tax brackets for millionaires and billionaires, a stronger estate tax, and ending offshore tax havens for corporations and individuals. UFE also supports HR 1124, the Fairness in Taxation Act.
United for a Fair Economy is a national, independent, nonpartisan, 501(c)(3) non-profit organization located in Boston, MA, which works to rein in economic inequality and promote a more broadly shared prosperity. More at www.faireconomy.org.