September, 20 2011, 11:28am EDT
United for a Fair Economy Applauds Obama Revenue Proposal
United for a Fair Economy (UFE) applauds President Obama's proposal to raise $1.5 trillion in revenue by increasing taxes primarily on the wealthiest one percent of taxpayers and corporations. Over the last decade, the richest Americans have seen their income and wealth soar while benefitting from sharply reduced taxation.
WASHINGTON
United for a Fair Economy (UFE) applauds President Obama's proposal to raise $1.5 trillion in revenue by increasing taxes primarily on the wealthiest one percent of taxpayers and corporations. Over the last decade, the richest Americans have seen their income and wealth soar while benefitting from sharply reduced taxation.
"At a time of unprecedented economic inequality, extensive unemployment, and deep concern over our country's long-term fiscal health, it is entirely appropriate and economically sound to institute progressive taxation as the best solution to our nation's challenges," said Lee Farris, senior organizer on federal tax policy at United for a Fair Economy.
President Obama's proposal seeks to let the Bush tax cuts expire for upper-income taxpayers, close corporate tax loopholes, end oil and gas subsidies, and limit the amount that high earners can deduct. According to Citizens for Tax Justice, only the richest five percent of taxpayers would pay additional taxes under Mr. Obama's proposal, with 75 percent of the increases paid by the richest one percent.
United for a Fair Economy especially supports President Obama's proposed "Buffett Rule," that would establish a minimum tax on taxpayers making $1 million or more in income, and would limit the benefit they receive from the 15 percent tax rate on investment income.
"People making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay," said Farris.
UFE is encouraged that the President vowed to veto any deficit reduction package that cuts benefits to Medicare recipients but does not raise taxes on the wealthy and big corporations.
Given UFE's decade-long campaign for a robust estate tax, UFE views the President's proposal for the estate tax to return at its weakened 2009 level as a missed opportunity to raise much-needed revenue from multi-millionaire inheritors to improve our nation's fiscal health.
United for a Fair Economy urges Americans to tell Congress to reform our tax code so wealthy individuals and large corporations pay their fair share. We support the tax package developed by Rebuild the Dream, which includes taxing capital gains and investment income at the same rate as income from wages, new higher tax brackets for millionaires and billionaires, a stronger estate tax, and ending offshore tax havens for corporations and individuals. UFE also supports HR 1124, the Fairness in Taxation Act.
Lee Farris, Senior Organizer on Federal Tax Policy, is available for interviews. Please contact Shannon Moriarty at smoriarty@faireconomy.org or (617) 824-0069.
United for a Fair Economy challenges the concentration of wealth and power that corrupts democracy, deepens the racial divide and tears communities apart. We use popular economics education, trainings, and creative communications to support social movements working for a resilient, sustainable and equitable economy. United for a Fair Economy believes another world is possible. We envision a global society which respects the humanity, rights, and creativity of all people.
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In the deadliest single strike detailed in the Amnesty report, IDF bombardment believed to be targeting a suspected Hezbollah member killed 23 civilians forcibly displaced from southern Lebanon in Aitou on October 14.
"The youngest casualty was Aline, a 5-month-old baby who was flung from the house into a pickup truck nearby and was found by rescue workers the day after the strike," Amnesty said.
Survivor Jinane Hijazi told Amnesty: "I've lost everything; my entire family, my parents, my siblings, my daughter. I wish I had died that day too."
As the report notes:
A fragment of the munition found at the site of the attack was analyzed by an Amnesty International weapons expert and based upon its size, shape, and the scalloped edges of the heavy metal casing, identified as most likely a MK-80 series aerial bomb, which would mean it was at least a 500-pound bomb. The United States is the primary supplier of these types of munitions to Israel.
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Guevara Rosas said: "These attacks must be investigated as war crimes. The Lebanese government must urgently call for a special session at the U.N. Human Rights Council to establish an independent investigative mechanism into the alleged violations and crimes committed by all parties in this conflict. It must also grant the International Criminal Court jurisdiction over Rome Statute crimes committed on Lebanese territory."
"Israel has an appalling track record of carrying out unlawful airstrikes in Gaza and past wars in Lebanon taking a devastating toll on civilians."
Last month, the court issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Israeli Defense Minister Yoav Gallant for alleged war crimes and crimes against humanity in connection with Israel's 433-day Gaza onslaught, which has left more than 162,000 Palestinians dead, maimed, or missing in the embattled enclave.
The tribunal also issued a warrant for the arrest of Hamas leader Mohammed Diab Ibrahim Al-Masri for alleged crimes committed during and after the October 7, 2023 attack on Israel, in which more than 1,100 people were killed and over 240 others were kidnapped.
Meanwhile, the International Court of Justice is weighing a genocide case brought by South Africa against Israel. Last week, Amnesty published a report accusing Israel of genocide in Gaza.
The United States—which provides Israel with tens of billions of dollars in military aid and diplomatic cover—has also been accused of complicity in Israeli war crimes in Palestine and Lebanon.
"Israel has an appalling track record of carrying out unlawful airstrikes in Gaza and past wars in Lebanon taking a devastating toll on civilians," Guevara Rosas said. "The latest evidence of unlawful air strikes during Israel's most recent offensive in Lebanon underscores the urgent need for all states, especially the United States, to suspend arms transfers to Israel due to the risk they will be used to commit serious violations of international humanitarian law."
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