Wealth for the Common Good is calling on President Obama and members of Congress to immediately reverse Bush-era tax cuts on households with incomes over $235,000. Over several weeks, more than a thousand Americans have signed our petition, pledging to pay more to invest in the country. Hundreds of our signers would personally pay the tax.
On Tuesday, July 28, Wealth for the Common Good members delivered letters and our petition to the president and to Capitol Hill. Here’s an excerpt:
We are wealthy individuals, business leaders, and taxpayers who are concerned about the perilous state of our economy and who urge you to act now to raise taxes for high-income households. For the past 30 years, tax policies have been designed largely for the benefit of those among us with household incomes over $235,000. Now, as the economic crisis deepens, we believe that it is our patriotic duty to contribute our fair share, and share the sacrifice to help meet our nation’s urgent needs.
During the last eight years alone we were among the households that received more than $700 billion in tax cuts. With the national deficit continuing to swell the time has come to repeal the unaffordable Bush era tax cuts and to invest in America’s future. The simple act of repealing those cuts on households with incomes over $235,000 would generate $43 billion in additional annual tax revenue.
By abandoning the reckless fiscal policies of the previous administration, we have a vital opportunity to create a tax system we can all be proud of. Progressive income tax reform will allow the government to make long overdue investments in infrastructure, health care, new energy systems and jobs. Moreover, it will ensure sustainable economic growth for our country.
You can read the full text of our letter here.