January 21, 2015

President Obama Takes Huge Step in Favor of Tax Fairness

President Obama just took a HUGE step in favor of tax fairness at his State of the Union Address. He established two important principles for tax reform: Wealthy Americans and large corporations should pay a fairer share of federal taxes, and the revenues raised should benefit working families, not the rich and big corporations. 

The President’s tax proposal includes three items that will help level the playing field  in favor of working families:

  • Require the very rich to pay a somewhat higher tax rate on their investments.
  • Close the Trust Fund Loophole that allows inheritors of large fortunes to dodge paying their fair share of taxes.
  • Require 100 of Wall Street’s biggest banks to pay a small fee on the billions of dollars they borrow for speculative investments.

The $320 billion that this will raise will be invested in many good things, including:

  • Tax incentives for 16 million working families.
  • Making child care more affordable for 5 million working families.
  • Two years of free community college for 9 million students.

Americans for Tax Fairness stands with President Obama. It is time to close tax loopholes that benefit the top 1% to pay for critical investments that benefit working Americans. If you agree, share this graphic and support President Obama’s commitment to tax fairness.

SOTU Obama Tax