200 Higher-Income Earners Urge Congress to Boost Their Taxes
MILWAUKEE, Wis. -- Dozens of wealthy Americans from several states, including Wisconsin, are pressuring Congress to boost taxes on higher-income earners, and contended it is a fair way to fund a vast array of social improvements pursued by the Biden administration.
This past week, a letter signed by more than 200 millionaires and high-net-worth individuals was sent to Washington. The signees argued they and other wealthy Americans should pay for investments in clean energy and other priorities under the
Build Back Better initiative.
Sandra Fluke, president of Voices for Progress, the lead organizer behind the letter, said the U.S. cannot seek a better future by asking the working class to shoulder the burden.
"We have situations where we are taxing the pay that someone receives, their salary from working a job, more than we are taxing the profits that are made on investments, and that's just wrong," Fluke asserted.
The letter includes eight signatures from prominent figures in Wisconsin, Minnesota, Michigan and Illinois. As Congress hammers out details in the $3.5 trillion package, House Democrats have floated boosting the income tax for upper brackets to more than 39%, and the corporate tax to nearly 26%.
Republicans and business groups are lining up against the budget reconciliation, saying it could harm the economic recovery from the pandemic.
The plan also calls for new spending in areas such as health care and child care, along with strategies that address environmental issues.
Fluke calls those good investments.
"Things like investing in fighting climate change and protecting all of us from the natural disasters we're currently experiencing," Fluke explained.
The debate follows a summer in which the Midwest saw a prolonged drought in many areas, along with smoky air that drifted from wildfires elsewhere.
While opponents of the Biden plan emphasized the price tag is too high, supporters say the spending would be spread out over a decade. They also point to polling from ALG Research and Hart Research showing that Americans overwhelmingly support raising taxes for the wealthy instead of borrowing and increasing debt.