Apr 13

Written by: Matt Brown
4/13/2011 9:18 AM  RssIcon

Selected Excerpts:

Now that the government shutdown has been averted, a surprising group of wealthy taxpayers are stepping up to the plate to be a part of the long-term solution: to focus attention on the discrepancies in the U.S. tax system that reward income from wealth over income from work. Income from capital gains and dividend income – a type of investment income from stocks, real estate, and other holdings – is taxed at a top marginal rate of only 15%. Income earned from work, on the other hand, has a top rate of 35%.

With Congress and cash-strapped states struggle to balance budgets, high net worth individuals are urging that income from their stocks and investment portfolios be taxed at the same rate as income that others earn from work. ...

The "Tax Wealth Like Work" campaign provides website visitors with an interactive tax calculator that estimates the tax savings individuals and families receive from the special treatment of capital gains and dividend income, along with their savings from the income tax cuts enacted under President Bush in 2001 and 2003. After calculating their savings, participants are encouraged to take the Tax Fairness Pledge and commit to giving all or a portion of their savings away to groups working to promote greater fairness in our economy, including ending the special treatment of capital gains and dividends. The website also includes video testimonials plotted on an income graph, ranging from high wealth taxpayers to those on the lowest end of the income spectrum.

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