1. United States
  2. Ind.
  3. Letter

Raise taxes on the wealthy and close “basis shifting” loophole

To: Pres. Trump, Sen. Banks, Sen. Young, Rep. Messmer

From: A constituent in Leavenworth, IN

April 19

Would you explain why it is a problem to up the tax rate on millionaires? Everyone wants the deficit paid down and that seems like a pathway to help. Just because millionaires in Congress and on Fox News protest, that is not a good reason to not proceed for our country’s health. All of us are going to suffer because of tariffs we will have to pay on something as simple as a tea bag. Why shouldn’t the ultra wealthy pay their share relative to income? Often the wealthy shield their income under deducts on business returns and pay less than the $8000 I paid in taxes this year. I can’t manipulate my income like that. My income is transparent. Also the change to stop loopholes in taxes would benefit our country especially basis shifting. “The Internal Revenue Service and Treasury Department announced the decision in a notice that received little attention in the mainstream press. The notice states that the administration, guided by an executive order President Donald Trump signed in February, intends to scrap so-called basis-shifting regulations that were finalized at the end of former President Joe Biden's White House term.” After Net What are you doing to help the average Americans and pay down the debt?

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