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Open Letter to President Obama and Congress
Open Letter to President Obama, U.S. Senators and Representatives:
We, the undersigned national and state organizations and individuals, urge you to support and pass tax laws that increase revenue to invest in our country’s future and sow the seeds of a more broadly shared prosperity.
We understand that taxes on the wealthy and corporations have been sharply reduced over decades. Those reduced taxes worsen the growing income and wealth inequality in our country. Meanwhile, the wealthy and corporations have hugely benefited from the investments our country has made.
It’s time for wealthy people and corporations to pay their fair share instead of using their wealth to rig the tax system to their benefit.
Among the individuals signing this letter are people in the top 5%, and even the top 1%, in income and wealth. We believe our taxes should be raised in order to make the important investments our country needs in education, infrastructure, and opportunity for the future. Those investments lead to good jobs, a strong middle class and a strong economy.
Because all the Bush-era tax cuts expire at the end of 2012, as our elected leaders, you have an opportunity to create a tax system that works better for the 99% and that ends the special tax deals the 1% get.
The changes that would create the best tax solutions for the 99% are:
- Returning top income tax rates to the pre-Bush level of 39.6 percent, adding new tax rates of 45 percent on income over $1 million and 49 percent for billionaires, and ensuring that millionaires pay at least 30 percent tax on their total income, even after using deductions and loopholes.
- Taxing income from investments at the same rates as income from work, as called for by Warren Buffett. Our country needs to tax wealth like work.
- Restoring the pre-Bush tax levels on inherited estates over $2 million per couple, who are the wealthiest 1%.
- Enacting revenue-positive corporate tax reform that ends corporate tax loopholes and prevents the use of offshore tax havens.
Making these changes will strengthen our nation and enhance opportunity for all. We hope to work with you to make our tax system work.