Some Wealthy U.S. Residents Say the Rich Should Fund Biden Plan
Thursday, September 16, 2021
MINNEAPOLIS -- Dozens of wealthy Americans, including some from Minnesota, are pressing Congress to boost taxes on higher-income earners, contending it is a fair way to fund the array of social improvements pursued by the Biden administration.
A letter to congressional leaders, signed by more than 200 millionaires and high-net-worth individuals, argued wealthy Americans should pay for investments in clean energy and other priorities of 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 Minnesota, Wisconsin, Michigan and Illinois.
As Congress hammers out details of the $3.5 trillion package, some House Democrats suggested raising the highest income-tax bracket to more than 39%, and the corporate tax to nearly 26%. Republicans and business groups say the budget reconciliation could hamper the post-pandemic economic recovery.
The plan also calls for new spending in such areas 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 has seen a prolonged drought, along with smoky air that drifted from wildfires elsewhere.
While opponents of the Biden plan said the price tag is too high, supporters countered the spending would be spread out over a decade. They also pointed to polls showing that Americans overwhelmingly support raising taxes on the wealthy instead of borrowing and increasing debt.
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