Friday, September 17, 2021

High-net-worth individuals urge tax increases for wealthy, corporations

Posted By on Fri, Sep 17, 2021 at 8:08 AM

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More than 200 high-net-worth individuals who would personally pay more under the Biden administration's proposed changes to the federal tax code signed a letter this week, urging Congress to move forward on the $3.5 trillion budget bill.

To fund the budget, President Joe Biden wants to raise the income tax rate for folks making more than $400,000 a year, tax capital gains as income for those making more than $1 million a year, raise the corporate tax rate, close loopholes, and strengthen IRS enforcement.

Sandra Fluke, president of Voices for Progress, the lead organizer behind the letter, explained their support.

"Each of these proposals is to make sure that we have a fair tax system that makes sure that those who have the most and are benefitting the most are asked to pay the most as well," Fluke outlined.

One Michigander joined the letter to House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer. A recent poll showed that Americans overwhelmingly support raising taxes on the wealthy instead of borrowing and increasing debt. Opponents include Republicans and business groups who say it could harm economic recovery from the pandemic.

Fluke added the Trump administration's tax cuts in 2017 set the nation's revenue back, and his gutting of the IRS to a third of its previous size limits its ability to enforce tax policy.

"We only have to look out of our window to see what is happening in terms of the severe weather being caused by climate change," Fluke observed. "So we gotta make those investments and not be giving away tax cuts to corporations that are actually lower than they even asked for."

She urged Americans who also support making sure the wealthy and corporations pay their fair share to reach out to their own legislators. She argued it is an opportunity to invest more than ever before in child care, long-term care, health care and more.

Originally published September 16, 2021 on Michigan News Connection. It is shared here with permission.

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