Congressional Candidate Bob Marx Endorses Bill to Increase Income Taxes for Millionaires

Democratic Congressional candidate Bob Marx supports a national bill to increase millionaires’ income tax rate to 30 percent. The bill, to be introduced by U.S. Senator Sheldon Whitehouse (D – Rhode Island), would bring in about $50 billion a year.

Bob Marx

Speaking to a group of Kaneohe democrats on Wednesday Bob Marx said:

“It is just wrong that an investment fund manager – who makes more than $1 million per year – pays a lower tax rate than Hawai’i’s hard-working teachers and construction workers. There is too much economic insecurity and debt in America for millionaire investors such as Mitt Romney to only pay a 14 percent tax rate.”

Bob Marx stressed “Legislation that would require multi-millionaires whose earnings are based on investments to pay at least 30 percent of their income in taxes is a good start towards fairness.”

Senator Whitehouse’s future bill would require individuals whose income exceeds $1 million from investments or hedge-funds to pay up to 30 percent of their income in taxes.  The policy group Citizens for Tax Justice estimates that this would provide the U.S. government in about $50 billion a year.

Bob Marx is rallying support for this bill as part of his campaign for Hawaii’s 2nd Congressional District, which represents rural O‘ahu and the neighbor islands. The Obama administration has also supported this bill.

“Corporations have had explosive profits in the past 10 years, while much of America is either unemployed or have had their salaries cut. We need to overhaul tax laws to restore the middle class. Too many Americans have lost their homes and their jobs from this past decade’s recession for millionaires not to pay their fair share.”

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