(Updated at 10:35 a.m.) One would expect that most demonstrations outside IRS headquarters in D.C. involve calls for lower taxes. This afternoon, however, congressional candidate Del. Patrick Hope (D) held a press conference outside the IRS to call for higher taxes on the wealthiest Americans.
Hope, who’s one of 10 Democratic candidates running for the congressional seat of the retiring Rep. Jim Moran (D-Va.), said he supports the budget put forth by the Congressional Progressive Caucus, which raises taxes on Americans making more than $250,000 per year and creates a new, higher tax bracket for those making more than $1 million. It would also close corporate tax loopholes and tax individuals making more than $100 million annually at 48 percent.
The budget also would eliminate the tax difference between long-term capital gains income and regular income from salaries and wages. It also would reverse the effects of the sequester, which would mean more jobs for federal workers. Hope circulated a petition trying to draw support for what he calls the “Millionaire’s Tax,” and said he gathered 33,000 signatures.
A tax hike on the wealthy “solves our revenue problem very simply, by bringing in more revenue,” Hope said. “Our future is at stake in the upcoming Congress. Will we pass a grand bargain that cuts our social safety net? Or will we close the loopholes and demand the wealthiest 1 percent of Americans pay their fair share? That’s what the 2014 election will be about all over the United States — and that is where we have our biggest differences in our primary in the 8th District.”
The higher tax rate could hit residents of the district Hope seeks to represent particularly hard. Arlington has consistently ranked among the five richest counties in America in recent years, even landing at No. 1 by some metrics. Hope’s campaign, however, argues that a relatively small number of Arlington residents are in the very high income bracket that would be impacted by the Millionaire’s Tax.
Hope, a resident of Arlington’s Buckingham neighborhood, also released his tax returns and called upon his opponents in the June 10 congressional primary to do the same. Hope, who works as a healthcare attorney in addition to his part-time duties as a member of the Virginia House of Delegates, earned $231,197 last year — $197,621 from work as a lobbyist for a nonprofit healthcare association, $28,176 from the Commonwealth of Virginia and $5,400 from Johns Hopkins University. He paid $38,645 in federal taxes, or 16.7 percent.
“Transparency is something that is very important in politics,” Hope said. “The people we seek to represent deserve to know everything about us.”