January 12, 2016 06:03 PM | Permalink |
For Immediate Release: Tuesday, January 12, 2015
Contact: Jenice R. Robinson, 202.299.1066 X29, Jenice@ctj.org
Following is a statement by Bob McIntyre, director of Citizens for Tax Justice, on Hillary Clinton’s new plan to increase taxes on wealthy individuals.
“For decades, the wealthy have used their clout to create a tax system riddled with special carve outs and loopholes, allowing them to pay relatively low tax rates. Clinton’s call to enact the Buffett Rule and a “Fair Share Surcharge” on income over $5 million would help level the playing field between wealthy investors, who benefit from a special low rate on their investment income, and everyday Americans.
“Clinton’s proposal to restore the estate tax to its 2009 parameters and to crack down on loopholes would help restore the estate tax’s role in countering wealth inequality, although doing so would still only mean the wealthiest 4 out of 1,000 estates would owe a penny in taxes. The plan to raise revenue from the wealthy is in stark contrast to GOP candidates, who have proposed rigging the tax system even more for the wealthy.
“Given the nation’s critical need for more revenue to fund basic services, our presidential candidates as well as the nation’s policymakers should be talking about how to restore fairness to the tax system and raise revenue.”