In Support of Raising the Marginal Tax &
Eliminating Corporate Loopholes
Sent Wednesday, April 20, 2011
Hello Senator Brown,
I’m writing to ask you to support and promote raising the marginal tax rate and closing corporate loopholes that are allowing big corporations (such as big oil & big banks) an indefinite tax holiday.
**Regarding Corporate Tax Cuts:
This practice of not taxing huge Corporations is detrimental to our country. On a simple note – this is lost revenue that would serve to balance our budget. On a more complex note – this practice is lowering the morale of the tax-paying American people. We feel that corporations are taking over our government and legislation is serving corporate wants over the needs of the American people. Meanwhile, Big Oil are turning huge profits and paying no taxes, and Americans are both paying their taxes & suffering at the pump. Clearly there is something wrong with this picture.
**Regarding Marginal Tax:
I listened to a fantastic report made by Bryan S. Ganz, a Massachusetts business owner, on Tuesday, April 19th on WBUR radio’s Emily Rooney Show. Mr. Ganz has researched the marginal tax rate over the past 100 years in reference to how it related to economic and job growth. The data is compelling: a high marginal tax rate consistently co-existed with economic growth and job creation, while a low rate, such as the 35% rate we now have, has historically shown the lack of economic growth. This report disproves the Republican buzz phrase “taxing the job creators will kill job growth”.
Most people agree that it is detrimental to raise taxes on wage earning consumers since such a high percentage of our economy is driven by consumers. However, very high earners ($ value TBD – somewhere around 2-5 million plus), can afford to pay higher tax on money made above say 5 million. They will still have money to be consumers, and if they need employees they will still be able to hire them regardless. Raising the marginal tax rate is a painless way to help balance the budget thereby lessening the need to cut services to the poor and elderly.
Our middle class wages have stagnated, meanwhile the highest wage earners are earning more and more. It is an embarrassment of riches for the few. We need a higher marginal tax rate for the sake of our entire country: to restore worldwide confidence in our fiscal health, and to show that we are sensible people who value the country as a whole over the individual high earners.
Before you vote to cut Medicaid, Medicare or any other human services, I’m asking you to promote these two changes in our tax system first. They will serve to increase revenue without damaging the economy. I do understand that there is not bipartisan support to increase taxes on $250,000 plus. However, raising marginal tax to well above 50% for those $s earned over 5 million, and making big Corporations pay their share will likely earn bipartisan support. It just makes sense.
Please share with your party and colleagues this report about the marginal tax rate. Encourage your party to put the American majority 1st, and the high earners and big corporations 2nd.
Massachusetts Resident, American Citizen, Tax Payer