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.)