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Responsible Wealth (RW)

Mission: Responsible Wealth (RW) is a network of over 700 business leaders and wealthy individuals in the top five percent of income and/or wealth in the U.S. As beneficiaries of economic policies tilted in their favor, these individuals advocate for fair taxes and corporate accountability.

* This organization profile has been set up by POPVOX.

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Campaign Priority Bills and Proposals POPVOX Sentiment Take Action

Detailed Legislative Agenda

H.R. 6169 (112th): The Pathway to Job Creation through a Simpler, Fairer Tax Code Act

August 1, 2012

Dear Representative:

As 132 national organizations concerned with our economy, jobs, protecting critical services for the middle class and the most vulnerable, and meeting our fiscal challenges, we are writing to urge you to ensure that the tax cuts signed into law by President George W. Bush that benefit the richest 2 percent of Americans be allowed to expire on schedule at the end of this year. It is time to begin to restore some basic fairness to our tax system.

Ending the Bush-era tax cuts for the richest 2 percent of Americans, households with incomes over $250,000, is simply asking them to pay their fair share. Setting the threshold at $250,000, means that 98 percent of Americans would receive their full tax cuts next year, and all Americans would receive a tax cut on their first $250,000 in income.

This week the House will consider two bills addressing the Bush era tax cuts. H.R. 15 will end the Bush-era tax cuts for the richest 2 percent. It is identical to legislation (S. 3412) sponsored by Sen. Harry Reid, which passed the U.S. Senate last week; it will begin to restore tax fairness. H.R. 8, introduced by Rep. Dave Camp, goes in the opposite direction. Moreover, H.R. 8, like its Senate counterpart sponsored by Sen. Orrin Hatch (S. 3417), would fail to extend refundable credit improvements that benefit 25 million mostly middle- and lower-income families, resulting in a tax increase averaging $1,000, according to a U.S. Treasury Department analysis. The tax credits affected are the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit, which helps make college affordable.

If we continue unaffordable tax breaks for the richest 2 percent, we won’t be able to address critical national priorities demanding attention – such as supporting education, strengthening Medicare, creating jobs, improving our infrastructure, and helping the millions of families struggling to get by. We’ll have to borrow even more money to finance these tax cuts, adding to deficits and making it harder to effectively address our significant long-term fiscal challenges. And tax cuts heavily tilted towards the wealthy have proven to be a failed economic strategy because they create many fewer jobs compared with alternatives. Simply put, we cannot afford to continue to give large tax cuts to those who need them the least.

We also ask that you oppose draconian legislation (H.R. 6169) sponsored by Reps. Dave Camp and David Dreier, which would set up an expedited – and harmful – process for Congress to consider tax legislation next year. This process, which would result in ever deeper tax cuts that would benefit the richest Americans and the most profitable corporations, would require that any tax overhaul legislation:

- Replace the personal income tax rates with just two rates, 10 percent and 25 percent (or less);

- Reduce the statutory corporate income tax rate by about 30 percent, dropping from the current 35 percent to 25 percent (or less); and

- Adopt a “territorial” tax system, which would exempt offshore profits of U.S. multinational corporations from U.S. taxes.

Polls show that about two out of three Americans agree that we should end the Bush-era tax cuts for the richest 2 percent of Americans. When these proposals come to a vote, we hope we can count on you to ensure the tax cuts for these wealthy Americans expire at the end of this year and that the draconian Camp-Dreier proposal is rejected.

Thank you for considering our views on this most important matter.

(This bill failed to be passed during the two-year Congress in which it was introduced.)
* The organization’s position on this bill was entered by POPVOX. Direct link to this position: https://www.popvox.com/orgs/responsiblewealth#responsiblewealth-hr-6169-oppose
H.R. 8 (112th): The Job Protection and Recession Prevention Act

August 1, 2012

Dear Representative:

As 132 national organizations concerned with our economy, jobs, protecting critical services for the middle class and the most vulnerable, and meeting our fiscal challenges, we are writing to urge you to ensure that the tax cuts signed into law by President George W. Bush that benefit the richest 2 percent of Americans be allowed to expire on schedule at the end of this year. It is time to begin to restore some basic fairness to our tax system.

Ending the Bush-era tax cuts for the richest 2 percent of Americans, households with incomes over $250,000, is simply asking them to pay their fair share. Setting the threshold at $250,000, means that 98 percent of Americans would receive their full tax cuts next year, and all Americans would receive a tax cut on their first $250,000 in income.

This week the House will consider two bills addressing the Bush era tax cuts. H.R. 15 will end the Bush-era tax cuts for the richest 2 percent. It is identical to legislation (S. 3412) sponsored by Sen. Harry Reid, which passed the U.S. Senate last week; it will begin to restore tax fairness. H.R. 8, introduced by Rep. Dave Camp, goes in the opposite direction. Moreover, H.R. 8, like its Senate counterpart sponsored by Sen. Orrin Hatch (S. 3417), would fail to extend refundable credit improvements that benefit 25 million mostly middle- and lower-income families, resulting in a tax increase averaging $1,000, according to a U.S. Treasury Department analysis. The tax credits affected are the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit, which helps make college affordable.

If we continue unaffordable tax breaks for the richest 2 percent, we won’t be able to address critical national priorities demanding attention – such as supporting education, strengthening Medicare, creating jobs, improving our infrastructure, and helping the millions of families struggling to get by. We’ll have to borrow even more money to finance these tax cuts, adding to deficits and making it harder to effectively address our significant long-term fiscal challenges. And tax cuts heavily tilted towards the wealthy have proven to be a failed economic strategy because they create many fewer jobs compared with alternatives. Simply put, we cannot afford to continue to give large tax cuts to those who need them the least.

We also ask that you oppose draconian legislation (H.R. 6169) sponsored by Reps. Dave Camp and David Dreier, which would set up an expedited – and harmful – process for Congress to consider tax legislation next year. This process, which would result in ever deeper tax cuts that would benefit the richest Americans and the most profitable corporations, would require that any tax overhaul legislation:

- Replace the personal income tax rates with just two rates, 10 percent and 25 percent (or less);

- Reduce the statutory corporate income tax rate by about 30 percent, dropping from the current 35 percent to 25 percent (or less); and

- Adopt a “territorial” tax system, which would exempt offshore profits of U.S. multinational corporations from U.S. taxes.

Polls show that about two out of three Americans agree that we should end the Bush-era tax cuts for the richest 2 percent of Americans. When these proposals come to a vote, we hope we can count on you to ensure the tax cuts for these wealthy Americans expire at the end of this year and that the draconian Camp-Dreier proposal is rejected.

Thank you for considering our views on this most important matter.

(This bill failed to be passed during the two-year Congress in which it was introduced.)
* The organization’s position on this bill was entered by POPVOX. Direct link to this position: https://www.popvox.com/orgs/responsiblewealth#responsiblewealth-hr-8-oppose
S. 2230 (112th): The Paying a Fair Share Act (the "Buffett Rule")

April 10, 2012

Dear Senators,

We the undersigned business organizations are writing to express our support for The Paying a Fair Share Act (S. 2230). Our members have been vocal supporters in the call for a Buffett rule since it was first raised.

Our members who include owners of small and medium sized businesses and executives of larger corporations, recognize that everyone needs to pay their fair share for the public services and infrastructure tax revenue buys. Our members recognize our communities need sustained investments in jobs and infrastructure to restore our communities to economic health and vitality.

They recognize that those who have prospered most from our society have the obligation to support government investment in a strong economy and healthy communities. Nearly 500 business organizations, executives and small business owners from across the country have expressed their support for upper income taxpayers paying more in taxes, by signing our petition in support of ending Bush tax cuts on household income of more than $250,000 in income. We have issued reports such as The Business Case for Restoring Tax Rates for High-Income Taxpayers to Pre-Bush Levels.

Our members know that our economy was much stronger when tax rates on millionaires and billionaires were higher and our tax system did a better job of reinforcing Main Street investment over Wall Street speculation. Job creation was much better before the Bush tax cuts, which have starved our government of revenues needed for rebuilding our crumbling infrastructure, converting to clean energy, educating our kids, retraining workers and spurring the research and innovation needed to succeed in the new economy.

In February, the American Sustainable Business Council, Main Street Alliance and Small Business Majority released a nationwide, scientific poll on small business owners attitudes about access to credit, regulations and taxes. According to the poll, 58 percent of small business owners felt households earning more than $1 million were paying less than their fair share of taxes, and 57 percent of those surveyed supported raising taxes on those with more than $1 million in income.

Contrary to the misperception that small business owners would bear the brunt of a Buffett rule tax, just one of the 500 small business owners surveyed reported a household income of more than $1 million. This is in line with IRS data that makes clear the vast majority of small business owners are middle class Americans, not the millionaires they are made out to be by opponents of raising taxes on the wealthy. Many of those business owners who are millionaires understand that paying their fair share of taxes is best for the country and good for their businesses.

We encourage you to support The Paying a Fair Share Act.

http://asbcouncil.o...enators_-_final.pdf

(This bill failed to be passed during the two-year Congress in which it was introduced.)
* The organization’s position on this bill was entered by POPVOX. Direct link to this position: https://www.popvox.com/orgs/responsiblewealth#responsiblewealth-s-2230-support