Step 1: Cut taxes for millionaires and billionaires to turn a budget surplus into a budget deficit.Step 2: Repeat, causing the deficit to skyrocket.Step 3: Scream that Congress must fix the deficit crisis by slashing programs vital to women and their families.
On June 7, 2001, this dangerous plan was set in motion when President George W. Bush signed into law massive tax cuts for the wealthy. Since that time, some Members of Congress have used deficits primarily caused by those tax cuts as justification for cutting programs that millions of women and families depend on.
The Fairness in Taxation Act, H.R. 1124, sponsored by Rep. Jan Schakowsky, is a progressive, responsible tax bill that ensures millionaires and billionaires start paying their fair share of taxes. The current tax code doesn't distinguish between households earning $373,000 and hedge fund managers earning billions of dollars a year. The Fairness in Taxation Act would create new tax brackets for annual income starting above $1 million and ending with $1 billion and up. It also would tax capital gains and dividends at the same rate as income from work for taxpayers with income above $1 million, instead of a much lower tax rate.
The bottom line is that women and their families are paying the price for the Bush tax cuts. It's time for millionaires and billionaires to start paying their fair share.
Take action today by urging your Representative to support the Fairness in Taxation Act so that millionaires and billionaires contribute their fair share.
Dear [Decision Maker],
I'm deeply concerned that vital programs for women and families are being threatened by cuts in the name of deficit reduction. Yet Bush-era tax cuts for the very wealthiest Americans are still in place, and even more tax cuts for the very wealthy are being proposed.
Sincerely,[Your Name] [Your Address] [City, State ZIP]