by Peninsula Activist News Staff
PPJC’s Board President, Steffy Reader, recently wrote to Rep. Anna Eshoo encouraging her to support Congressional efforts to increase taxes on the wealthy and on corporations. This is Rep. Eshoo’s response:
September 13, 2021
Dear Ms. Reader,
Thank you for contacting me about promoting fairness in our tax system. I welcome your thoughts on this critical issue, and I fully agree with you about the importance of reforming the tax code to ensure that the wealthy and corporations pay their fair share.
Economic inequality in the U.S. has risen significantly over the past half-century and has been exacerbated by the pandemic and its devastating economic consequences which have disproportionately burdened the working class. Today, the wealthiest one percent of households own more than 15 times the combined wealth of the bottom 50 percent. Our broken tax system is a major driver of inequality as evidenced by the recent revelations by ProPublica that the 25 wealthiest Americans paid relatively little, and sometimes nothing, in federal income taxes.
As you may know, President Biden’s American Jobs Plan and American Families Plan calls on Congress to make our tax code more equitable. The proposals increase the corporate tax rate from 21 percent to 28 percent; raises the top marginal income tax rate from 37 percent to 39.6 percent; increases the IRS budget by $80 billion over the next decade to prevent tax evasion by the highest earners; and requires the wealthiest Americans to pay a tax rate of 39.6 percent on capital gains over $1 million annually, up from 20 percent today. Importantly, these proposals do not raise taxes on anyone making less than $400,000 annually. The proposals are currently being drafted into legislative language in Congress and may be included in a “reconciliation” bill that would not be subject to a filibuster.
As Congress considers proposals to revitalize our nation’s infrastructure and strengthen the social safety net, I will continue to do everything I can to see that spending on these important priorities is paid for by reforming our tax code to ensure that the wealthy and corporations pay their fair share. Economic inequality is one of the greatest challenges we face as a nation, and I firmly believe we have a moral obligation to address it.
I hope this information is helpful to you, and I thank you again for contacting me. If you have any other questions or comments, let me hear from you. I value what my constituents say to me, and I always need your thoughts and benefit from your ideas.
To stay in touch, please sign up for my weekly newsletter by visiting eshoo.house.gov/contact/newsletter-subscribe, follow me on Twitter: @RepAnnaEshoo, or connect with me on Facebook: www.facebook.com/RepAnnaEshoo.
Anna G. Eshoo
Member of Congress
To email your own thoughts on the issues to Rep. Eshoo, her contact page can be found at https://eshoo.house.gov/contact/email-me
Photo: Plashing Vole @ Flickr CC BY-NC-SA 2.0
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