Statement by Eli Broad on President Obama's Call for the Wealthy to "Pay Our Fair Share"

LOS ANGELES, Jan. 25, 2012 /PRNewswire-USNewswire/ -- As President Obama said last night, those of us Americans– millionaires and billionaires – who have been blessed with extraordinary success have an obligation to pay more taxes. We've been protected long enough with tax breaks that 99.9 percent of Americas do not have, and it is not fair.

As a lifelong Democrat and also a businessman, I strongly believe that a more equitable American taxation policy -- one that abolishes excessive tax breaks that provide disproportionate, unnecessary gains for those who are already extremely wealthy -- would benefit the vast majority of Americans and help jumpstart our economy.

I also believe that a fair and equitable tax policy would still appropriately incentivize entrepreneurs and business leaders who play a critical role in our economy by creating jobs and starting businesses.

But paying our fair share is simply the right thing to do.  And there's no more important time for this to be done.

Eli Broad is a philanthropist and entrepreneur businessman who is the founder-chairman of two Fortune 500 companies, Kaufman and Broad Home Corporation and SunAmerica.  He and his wife Edythe are founders of The Broad Foundations and signatories of the Giving Pledge.

SOURCE Eli Broad