WASHINGTON – Frank Clemente, executive director of Americans for Tax Fairness, made the following statement in response to a proposal released today by the Obama administration that would increase capital gains rates on wealthy individuals, assess a fee on very large financial institutions and provide tax credits to working families.
“President Obama’s new tax proposal establishes two important principles for tax reform – that wealthy Americans and large corporations should pay a fairer share of federal taxes, and that the revenues raised should benefit working families not the rich and big corporations.
“The President would modestly raise the capital gains and dividend tax rates that the wealthy pay on their investments in order to increase tax incentives that support 16 million low-income families who work. He would eliminate a huge tax loophole that allows billionaires to pass along inherited assets without their heirs paying a penny in capital gains taxes in order to make child care more affordable for 5 million working families. And he assesses a small tax on 100 of Wall Street’s biggest banks in order to provide free community college to 9 million Americans.
“The President’s plan makes critical investments in the nation’s future, paid for by closing tax loopholes that benefit those at the top.”
Americans for Tax Fairness is a diverse coalition of 425 national and state organizations that collectively represent tens of millions of members. The organization was formed on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. ATF is playing a central role in Washington and in the states on federal tax-reform issues.