Monday, August 10, 2009

Reverse the Bush-era Tax Cuts

A group of rich people, who call themselves Wealth for the Common Good, have started a campaign calling for an immediate rollback of President Bush's tax cuts. I can already hear the cries of protest from people like Mitch Albom, Mike Bishop and other defenders of the rich.

The group believes that "Obama’s election demonstrates broad public support, even among the wealthy, for the idea that the wealthiest Americans should pay more. As a presidential candidate, Barack Obama pledged to raise taxes on households with incomes over $250,000 by reversing the 2001 and 2003 Bush tax cuts. A majority of these high-income individuals, 52 percent, still voted for him."

Here's their statement:
Our country is facing the worst economic challenge since the Great Depression and an urgent need to make a long overdue investment in bringing jobs and stability back to our communities. This investment should be paid for, in part, by repealing the Bush-era tax cuts our country cannot afford.

Those of us with taxable incomes over $235,000 benefited from the upside of the economy during the last decade and profited for eight years from a 2001 tax cut. Now is the time to give back.

We would see a minimal tax increase—from 35% to 39.6%, a rate still far lower than the one under President Reagan—but the increased revenue would raise an estimated $43 billion per year. This would affect a very small fraction of U.S. taxpayers—about 2.5 percent.
Let the weeping and gnashing of teeth from defenders of the rich begin.

(Cross-posted at Blogging for Michigan.)

4 comments:

K. said...

It beats me how the right can work up a frenzy among middle class and lower middle class people over this. But they've always been able to pull it off. That's one of things at the heart of the health care reform opposition -- that the wealthy might actually have to pay a little more in order for the country to have meaningful health care reform.

Lew Scannon said...

What I find interesting is how the "Freedom Isn't Free" brigade suddenly become anti-government when it's time to pay for the privilege of having access to the largest free market in the world.

Kathy said...

K, the right has their supporters convinced that the government is evil and incompetent. Sadly, thanks to the Bush administration, people believe that to be true all of the time. They also believe that trickle down paplum they've been fed for years.

Lew, they're like chameleons. They change their talking points to suit their needs.

victor said...
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