Uh oh: Your taxes may be higher than a billionaire's!
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April means Tax Day, which is the perfect time to ask: Is it fair that a billionaire could be paying a lower tax rate than you?
Of course not! Billionaire Warren Buffett is paying a lower tax rate than his secretary--and he's asking for a change to make sure that the very wealthy like him pay their fair share. (1) Enter the Paying a Fair Share Act of 2012 (S. 2230), also known as the "Buffett Rule." (2) Tomorrow, Monday, the U.S. Senate will vote on the Buffett Rule, which says that if you make over a million dollars a year, then you shouldn't pay a lower tax rate than many middle class families.(3) *Tell the U.S. Senate that it's time for fairness in America. Vote YES on the Buffett Rule on Monday: http://action.momsrising.org/letter/yesonbuffett/#1?source=taf Warren Buffett shed light on a problem that plagues our economy: Many of the wealthiest people pay a lower tax rate than middle class families. Unfair, and even counter-productive, tax breaks for corporations and the very wealthy shortchange needed investments for women and their families. Women have a particular stake in ensuring that those with the greatest ability to pay contribute their fair share of taxes. Taxes provide the revenues needed to protect and strengthen programs vital to women and their families at every stage of their lives, including programs to protect our health, access higher education, obtain quality child care, meet basic needs, and achieve a secure retirement. But current unfair tax preferences for the very wealthy and corporations shortchange needed investments in critical programs. This year, for example, millionaires will receive an average tax cut of $143,000 as a result of tax cuts enacted since 2001: an amount that could send 18 children to Head Start, or provide child care assistance to 24 children, or help 37 students attend college with Pell Grants, or deliver a meal a day for a year to 249 seniors, or provide 551 people with family planning services. (4) Investments in programs that could help millions of Americans still struggling to get back on their feet have been frozen or cut in the name of deficit reduction, and deeper cuts are scheduled. While long-term deficit reduction is needed, the burden of deficit reduction so far has fallen entirely on the spending side of the budget. The very wealthiest Americans have not been required to contribute a penny in additional revenues, even though their incomes have soared and tax cuts that disproportionately benefit the wealthiest are a major cause of the nation’s large and growing debt. This is flat out unfair. And we parents know, fairness is important. In fact, some of the first lessons we teach our children are about the value of fairness. When the wealthiest people in our nation don't pay their fair share, middle- and lower-income families are left holding the bill and that's just plain not fair. Our economy needs some kid morals: Be fair. Play nice. Everyone should pay their fair share. *Tell the U.S. Senate that it's time for fairness in America. Vote YES on the Buffett Rule on Monday (tomorrow): http://action.momsrising.org/letter/yesonbuffett/#1?source=taf Don't let Congress balance the budget on our families' backs. Families across America are already facing financial hardships. For example, child care cost more than college in many states (5), and nearly a quarter of young families live in poverty. (6) As we try to get the economy back on track, we know that families who are already struggling to get by shouldn't ever have to pay higher tax rates than their extremely wealthy counterparts. Everyone has to pitch in their fair share. The U.S. Senate needs to hear from real families across America now: It's time to pass the Buffett Rule: http://action.momsrising.org/letter/yesonbuffett/#1?source=taf And please share this action with your family and friends and on Facebook. The more voices, the stronger our message! Thank you for everything you do for America's families, --Claire, Gloria, Sarah and the whole MomsRising.org team P.S. Huge thank you to National Women's Law Center (http://www.nwlc.org) for all they do on this issue and for families across our country! 1) "Obama, Like Buffett, Had Lower Tax Rate Than His Secretary" http://www.nytimes.com/2012/04/14/us/politics/obamas-release-tax-returns.html New York Times, April 14, 2012. 2) "The Buffett Rule," The White House: http://www.whitehouse.gov/economy/buffett-rule 3) "S.2059": http://www.gpo.gov/fdsys/pkg/BILLS-112s2059is/pdf/BILLS-112s2059is.pdf 4) "What Do Tax Breaks for Millionaires Really Cost?," National Women's Law Center: http://www.nwlc.org/what-do-tax-breaks-millionaires-really-cost 5) "Child Care in America," National Association of Child Care Resource and Referral Agencies:http://www.naccrra.org/sites/default/files/default_site_pages/2011/childcareinamericafacts_full_report-2011.pdf 6) U.S. Census, 2010 http://www.nwlc.org/analysis-new-2010-census-poverty-data-%E2%80%93-september-2011]] 7) "Access to and Use of Paid Sick Leave Among Low-Income Families With Children," The Urban Institute:http://www.urban.org/health_policy/url.cfm?ID=1001207
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