Rebuild America Act Support Letter
May 15, 2012
Senator Tom Harkin
731 Hart Senate Building
Washington, DC 20510
Dear Senator Harkin:
We are writing to thank you for your dedication to making real improvements to the economy by creating jobs, strengthening the middle class, and pursuing tax reform. We want to express our solid support for the bill you introduced in late March 2012, the Rebuild America Act (S. 2252), which will give our economy the boost it needs to fully recover.
The Bureau of Labor Statistics reported that in the month of April, 12.5 million people were unemployed with 5.1 million of those considered long-term unemployed. Although the official unemployment rate has dropped to 8.1 percent, many more workers have given up looking for employment, and continue to experience a stagnant economy. Tax reform discussions and proposals have focused on tax breaks, on the disproven theory that lowering taxes for businesses would generate more job growth.
We support many provisions in the Rebuild America Act, including the following:
- a competitive program to promote the creation of renewable energy systems,
- grants for job training in both emerging and existing sectors,
- grants for improving the quality of child care and to subsidize the cost,
- grants for the modernization of K-12 public schools and professional development programs for teachers,
- updates in the Social Security calculation of the Cost of Living Adjustment and phase out the current taxable cap of $110,100 to ensure the all Americans are contributing fairly, and to strengthen the long-term future of the Social Security Trust Fund,
- a standard that would allow workers to earn up to 7 days of paid sick leave annually,
- an increase in the capital gains tax rate to 28% in 2013 for higher income earners,
- a tax rate increase to at least 30% for tax payers with annual incomes over $1 million, and
- a micro-tax (0.03%) on trading financial securities.
As a Quaker organization, we believe strongly in creating an equitable society where every person's potential may be fulfilled. The Rebuild America Act would allow the economy the space and foothold needed to recover fully and to allow access to economic security for all. We applaud your efforts and support the Rebuild America Act as it moves forward in the legislative process.
Associate Executive Secretary for Legislative Programs
Friends Committee on National Legislation