Washington, D.C. -- The Communications Workers of America supports the plan by President Obama to set a minimum tax rate for the wealthiest citizens earning more than $1 million a year.
“The administration’s plan is a positive step toward overall tax fairness and ensuring that the wealthiest Americans pay at least the same percentage of their earnings as working and middle class Americans. Rates for the wealthiest Americans have been cut 75 percent in the last 50 years,” said CWA President Larry Cohen.
Right now, under our skewed tax system, many hedge fund managers pay at a far lower tax rate than their secretaries, for example. The President’s plan is an important step toward economy recovery, by ensuring that those who can afford to pay and support our government’s vital service do pay.
The President’s plan has the support of investor Warren Buffett, who has repeatedly pointed out that he and other very wealthy Americans pay a significantly lower percentage of their income in federal income and payroll taxes, because the current tax code favors the wealthy and investors.