It's only a matter of time before America is comparing Mitt Romney's "15%" tax rate to that of his employees, including his secretary. Romney was born into wealth, is worth hundreds of millions of dollars, yet, as The Atlantic's Derek Thompson reports, pays the same effective tax rate as a family earning $50,000 a year. This disclosure might be bad news for Romney's campaign, but it's good news for America because, with the economic challenges we face, we very much need to have a conversation about tax policy and sound public investment.
Two months ago, I decided to come out of the money closet as someone who is fortunate enough to benefit from the Romney tax rate, but I would prefer to see tax policies that benefit all Americans. I oppose the preferential treatment given passive investment income (dividends, capital gains) versus wage and salary income. It is simply unfair that the tax rate on passive income is capped at 15%, while money earned from working can be taxed up to 35%. That's why, in addition to my music videos, I am organizing a national initiative called Coffee Party CommonWealth. A lot of people have already signed up, and many are contributing their own experiences and ideas to the project. Perhaps you'd like to join us.
Focusing on the twin issues of tax equity and public investment, CommonWealth seeks to make the national debate on taxes and spending more real and relevant by making it less abstract and more personal. Project participants make the case for greater fairness in the tax code and wise public investments, drawing from their own stories, their values, their feelings about the common good.
The CommonWealth project’s first job is collecting personal “Money Stories,” in which participants describe their personal financial situation in whatever detail they feel comfortable, and go on to describe how national taxing and spending decisions affect themselves and their families. These stories — valuable in their own right — will also be the basis of public advocacy, including letters to the editor, blog posts, op-eds, videos, and communications with elected officials. Already, contributors such as college student Dylan Moore have transformed their Money Stories into published Letters to the Editor.
Money Stories also include Cathy’s (she leads a comfortable “8%” lifestyle in Texas after a modest upbringing), Phil’s (his family had money but lost it, and he now fights for social justice in Maine), Richard's, and Mike's.
Plans are now being laid for a Washington rally for tax justice in April. Stay tuned for more details.
Tax equity and public investment will be central themes of this year’s budget battles and presidential campaign. Make your voice heard by participating in the Coffee Party CommonWealth project; join us on Facebook; and share your Money Story today!
[More from Coffee Party CommonWealth]
