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.Let the weeping and gnashing of teeth from defenders of the rich begin.
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.
(Cross-posted at Blogging for Michigan.)