WV Accountants Support Patriotism in Tax Code and Need for Billionaires to Pay Their Fair Share

FOR IMMEDIATE RELEASE
November 5, 2021

Media Contact: Gary Zuckett
garyz at wvcag.org | 304-437-3701

 

 

WV ACCOUNTANTS SUPPORT PATRIOTISM IN TAX CODE AND NEED FOR BILLIONAIRES TO PAY THEIR FAIR SHARE

Accountants and Tax Professionals in West Virginia Confirm WV Residents Not Impacted

 

(Charleston, WV) – Senator Joe Manchin of West Virginia appeared on CNN last week, stating that he supported making the federal tax code more patriotic by ensuring that ultra-high-net-worth individuals pay their fair share. Senator Manchin told reporters, “…there’s a patriotic duty that you should be paying something to this great country to give you the protection and the support and the opportunities. Everyone should pay their fair share.”

In response, accountants, tax lawyers, and financial services professionals in West Virginia have voiced their support for Manchin’s sentiment that billionaires and the ultra-wealthy must do their part. 

“The proposals being discussed in Washington would close long-standing loopholes used by billionaires and the ultrawealthy to avoid paying taxes. The bar is so high that it will not impact most West Virginians and provide revenue for needed infrastructure investments,” shared Mavery Davis, CPA at New Economy Works WV.

Mr. Davis continued, “The plan is a significant step in the right direction because it ends special breaks for the wealthiest families and largest corporations. The investments from Build Back Better are fully paid for by instituting a fair tax on billionaires and the ultra-wealthy, most of whom reside outside of West Virginia, while creating jobs locally.”

1. Zachary Meyers, CPA, CVA, a forensic economist and qualified accounting, valuation, and taxation expert, confirmed this: “The proposed legislation would help to rebalance the  Federal tax code, which currently generates over 85% of tax revenue from individual income and payroll taxes while less than 15% of federal tax revenue comes from taxes on wealth generated income, appreciated inherited wealth, or corporate profits combined. One can appreciate Senator Manchin’s openness to making Billionaires pay their fair share, as this legislation targets tax provisions and loopholes that benefit the ultra-wealthy who pay lower tax rates on wealth generated income and no tax on appreciated wealth they inherit.” 

Several groups in West Virginia have also voiced their support in response to Senator Manchin’s comments that the tax code should be amended to be more patriotic and that, “Everybody in this country that has been blessed and prospered should pay a ‘patriotic tax.’”

“A patriotic tax on billionaires would affect only a small percentage of West Virginia taxpayers, however the resulting economic impact would be a net benefit to the state. The thousands of jobs created from infrastructure investments in roads, clean water, and broadband would put more people back to work faster, spurring economic growth and countering any inflationary impact found in the rest of the spending bill,” said Gary Zuckett at West Virginia Citizen Action Group.

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About West Virginia Citizen Action Group

 Since 1974, West Virginia Citizen Action Group (WV CAG) has advocated for better public policy, rights of individuals, a clean environment, and a stronger democratic process. The philosophy of WV CAG is that full-time citizen participation in the decision-making processes of our state is absolutely essential. Our staff and members work to increase the voice of the average citizen in public affairs through research, education, lobbying, organizing and coalition building – speaking out on behalf of the consumer, speaking out in defense of a cleaner environment, and speaking out in favor of a government that is honest, open, and accountable to the needs of all its citizens. We work to empower individuals by providing them with resources to be effective advocates on issues that affect/impact their lives.