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Group Applauds Congressional Progressive Caucus for "True Courage" with People's Budget
Links to New "Tax Wealth Like Work" Campaign
WASHINGTON - April 8 - "We applaud the Congressional Progressive Caucus (CPC) for taking real leadership this week," stated Brian Miller, executive director of United for a Fair Economy (UFE). "The CPC's letter outlines a truly courageous budget framework that does what Congress has thus far been unwilling to do – raise taxes on the rich."
"It's hard to imagine what is going through the mind of Rep. Ryan, who seems intent on making working Americans, seniors, and the poor shoulder the burden of today's deficit," said Miller. "This is especially outrageous, considering our budget hardships were caused in large part by tax cuts for the rich and unfunded wars."
Some of the key elements outlined in the Congressional Progressive Caucus letter include a progressive estate tax, increasing income taxes on those with incomes over one million a year, and restoring taxes on capital gains and dividend income to the same level as ordinary income. “These are all great steps forward – steps that show true courage."
UFE's Responsible Wealth project is launching a "Tax Wealth Like Work" campaign in the coming days that relates directly to one of the Congressional Progressive Caucus recommendations: Taxing income earned from wealth – capital gains and dividends – at the same rate as income earned from work.
As part of the new "Tax Wealth Like Work" campaign, high-wealth individuals are calculating the tax savings they receive from the reduced rate on capital gains and dividends, and pledging to give all or a portion of that away to groups working to restore fairness to our tax system. Additional elements of the campaign will include an interactive tax calculator, video testimonials from taxpayers at different income levels, and other online resources and educational material.