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Wealth for the Common Good

Mission: Wealth for the Common Good is a network of business leaders, high-income households and partners working together to promote shared prosperity and fair taxation. Our membership includes entrepreneurs, doctors, lawyers, school teachers, engineers and elected officials of all backgrounds, political stripes and from all over the country.

* This organization profile has been set up by POPVOX.

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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/wcg#wcg-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/wcg#wcg-hr-8-oppose
S. 2230 (112th): The Paying a Fair Share Act (the "Buffett Rule")

Let your senators know you are a constituent and if you are business owner or leader of a business organization. Say that you value the public infrastructure and services that the Buffett Rule would help pay for. The real economy depends on strong communities, not tax breaks for the successful few. If you have prospered such that you would be subject to the new tax, let them know that and you are happy to pay it.

One objection to the Buffett Rule is that it will hurt job creators. If you are a business person, whether you will pay the tax or not, your opinion is valuable. Very few small business owners have incomes over $1 million. Senator need to hear from as many business people as possible.

The Paying a Fair Share Act would:

Ensure that taxpayers with more than $1 million in annual income paid at least as much as middle-class households in federal income taxes. More than 1,400 millionaires paid no federal income taxes in 2009 (most recent data). Thousands more used loopholes and preferential tax rates on capital gains and dividends to pay a fraction of what less well-off Americans pay.

Phase-in an effective tax rate of at least 30 percent on incomes over $1 million. The full 30 percent rate does not kick in until income reaches $2 million. The bill also includes language to preserve the incentive for charitable giving.

Senator Whitehouse noted, “The Joint Committee on Taxation has estimated that the bill would generate $47 billion in new revenue over the next decade. Other organizations have placed that estimate even higher, including Citizens for Tax Justice, which projected that the Buffett Rule would generate $171 billion over the same time period.”

Read more at http://wealthforcom...t-the-buffett-rule/

(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/wcg#wcg-s-2230-support
H.R. 3313 (112th): The Wall Street Trading and Speculators Tax Act
(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/wcg#wcg-hr-3313-support
S. 1787 (112th): The Wall Street Trading and Speculators Tax Act
(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/wcg#wcg-s-1787-support
H.R. 1124: Fairness in Taxation Act of 2011

Wealth for the Common Good and The Agenda Project launched a letter this week with 15 inaugural millionaire signers to endorse the Fairness in Taxation Act, which would institute new, additional taxes for millionaires and billionaires.

The letter supports the bill introduced yesterday by Rep. Jan Schakowsky (D-IL) that would create five new federal income tax brackets with higher tax rates and could raise more than $78 billion per year.

http://wealthforcom...ss-in-taxation-act/

(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/wcg#wcg-hr-1124-support