Economic Fairness & Social Justice

Webb: “Recent Headlines” Illuminate the Need to Fix Current Tax System

January 18, 2012
Senator Jim Webb, Official Press Release

“During my time in the Senate I have repeatedly warned against the drift toward greater income inequality in our country. To address this problem, I have supported numerous proposals to close tax loopholes, have argued against raising taxes on ordinary, earned income, and have supported raising the rates on capital gains and dividends to their previous levels.

“Recent headlines illuminate the reality that our present tax system unfairly favors accumulated wealth. Underscoring this point, the nonpartisan Congressional Research Service found that changes in capital gains and dividends were the largest contributor to the increase in overall income inequality over the last decade.

“The average American should have an equal chance to succeed financially in an ever-diverging society. To that end we should ensure that we are not placing the burden of higher taxes on those who make their livings through regular, earned income while protecting the wealthiest investors and fund managers.”