Posts Tagged ‘Tax Cuts’
A new campaign/website has come together in an attempt to end the tax cuts for people making more than $1,000,000 per year. It is signed by patriotic millionaires that favor having their tax cuts expire (as was intended) in the name of fiscal responsibility. I think it has been signed by about 87 millionaires so far. Here is their message:
We are writing to urge you to stand firm against those who would put politics ahead of their country.
For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you allow tax cuts on incomes over $1,000,000 to expire at the end of this year as scheduled.
We make this request as loyal citizens who now or in the past earned an income of $1,000,000 per year or more.
We have done very well over the last several years. Now, during our nation’s moment of need, we are eager to do our fair share. We don’t need more tax cuts, and we understand that cutting our taxes will increase the deficit and the debt burden carried by other taxpayers. The country needs to meet its financial obligations in a just and responsible way.
Letting tax cuts for incomes over $1,000,000 expire, is an important step in that direction.
Here are some facts they would like you to know:
- Only 375,000 Americans have incomes of over $1,000,000
- Between 1979 and 2007, incomes for the wealthiest 1% of Americans rose by 281%
- During the Great Depression, millionaires had a top marginal tax rate of 68%
- In 1963, millionaires had a top marginal tax rate of 91%
- In 1976, millionaires had a top marginal tax rate of 70%
- Today, millionaires have a top marginal tax rate of 35%
- Reducing the income tax on top earners is one of the most inefficient ways to grow the economy according to the non-partisan Congressional Budget Office
- 44% of Congress people are millionaires
- The tax cuts were never meant to be permanent
- Letting tax cuts for the top 2% expire as scheduled would pay down the debt by $700 billion over the next 10 years
So why exactly is Obama compromising and why exactly are Republicans so stubborn on this issue? The tax cuts were designed as a way to spread the surplus out over a few years; they were not designed to be permanent. If they were going to be such a great means of creating jobs, why is there such a struggle to find jobs? If reducing the deficit and debt is so important, why would we not let these expire? How is a compromise increasing spending while reducing revenues fiscally responsible?
So many questions, and we won’t ever get answers.
They also have a quote from Nebraska hero Warren Buffet: “There’s class warfare, all right. But it’s my class – the rich class – that’s making war, and we’re winning. I’m a conscientious objector.”
Enjoy Minnesota’s home game in Detroit.
This is a question posed in a recent article by Michael Cooper. And it is an interesting question.
I guess the answer is that a ton of people who had their taxes cut assume they were raised because that’s what Republicans want them to believe. Then many of these people go an protest unfair taxes while not sensing the irony of protesting the same person who just lowered taxes for 95% of Americans.
It’s so fun to crap on the stimulus (though it worked), but it is odd that conservatives and tax cut lovers failed to notice that much of it (roughly a third, according to the article) was made up of tax cuts. Somehow the supposed liberal media has failed to impede the Republican narrative that Democrats raised everyone’s taxes, though it’s not true.
A big reason the tax cut went unnoticed was how it was carried out.
Actually, the tax cut was, by design, hard to notice. Faced with evidence that people were more likely to save than spend the tax rebate checks they received during the Bush administration, the Obama administration decided to take a different tack: it arranged for less tax money to be withheld from people’s paychecks.
They reasoned that people would be more likely to spend a small, recurring extra bit of money that they might not even notice, and that the quicker the money was spent, the faster it would cycle through the economy.
The Obama administration purposely made it smaller hoping that they would stimulate the economy. Whether or not this tact worked is debatable, but I respect the decision to give it a try knowing the political gains would be less.
Enjoy knowing how many people think the opposite.
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