Joel is a venture capitalist whose firm invests in the health care industry. He's a wealthy man—but the way he sees it, a fair economy is more important than preserving special rules in the tax code for millionaires like himself.
"Not since the early 20th century has our country experienced the wage gap between the best-paid Americans and average wage earners that exists today," Joel said. "Worse, the concentration of assets in the hands of a few has likely not been worse since the Roaring '20s. At the same time, the average millionaire is paying an effective tax rate of less than 20 percent because of the tax breaks we can use that few average Americans can."
Joel says part of the solution is in President Obama's Buffett Rule, which would make millionaires pay their fair share in taxes. Even though Joel will have to pay a higher tax rate if the law is passed, he understands what improving tax fairness can help accomplish in the long run.
"The revenue from the Buffett Rule should be used to restore and increase investments in education, to make our public schools the envy of the world once again, develop clean energy so we do not spend trillions on foreign sources of oil, and fix the infrastructure that makes commerce move."
To Joel, the Buffett Rule is just common sense. And as it comes to a vote in Congress, Joel thinks it should be a no-brainer.
"Anyone who opposes the Buffett Rule is either among the super-rich and just doesn't care about the future or doesn't understand the economics of what the wealthy pay. Is it really right for a family with income of $1 million or more to pay the same effective rate as one that makes $100,000? And what is the right response? To cut programs for all, or raise rates on those that can best afford it?"
Millionaires like Joel know that paying their fair share is the right thing to do. Commit to stand with him—and with President Obama—to level the playing field for middle-class families.