High-wealth individuals are calling for tax increases for wealthy businesses

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More than 200 people with a high net worth 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 with a $ 3.5 trillion budget proposal.

To fund the budget, President Joe Biden wants to raise the income tax rate for people earning more than $ 400,000 a year, tax capital gains as income for those earning 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 main organizer behind the letter, explained their support.

“Each of these proposals is to ensure that we have a fair tax system that ensures that those who have the most and benefit the most are asked to pay the most as well,” Fluke outlined.

A 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 hurt the economic recovery from the pandemic.

Fluke added that the Trump administration’s tax cuts in 2017 put the country’s revenue back, and his purge of the IRS to a third of its previous size limits its ability to enforce tax policy.

“We only need to look out our window to see what’s going on with regard to the harsh weather caused by climate change,” Fluke observed. “So we must make these investments and not give away tax breaks to companies that are actually lower than they themselves asked for.”

She urged Americans, who also support ensuring that the wealthy and businesses pay their fair share, to reach out to their own legislators. She argued that 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 the Michigan News Connection. It is shared here with permission.

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