Congress must end tax cuts for the rich

President Obama is proposing to extend the [Bush] tax cuts for lower and middle income taxpayers. But he wants to end the cuts for 2 percent of taxpayers: Couples with incomes over $250,000 and singles with income over $200,000. This would bring in $40 billion in additional tax revenue in 2011 and o...

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Bibliographic Details
Published inThe Philadelphia tribune (1884) Vol. 127; no. 2
Main Author Rasell, Edith
Format Newspaper Article
LanguageEnglish
Published Philadelphia, Pa Philadelphia Tribune 23.11.2010
Subjects
Government
High income
Legislators
Tax cuts
Taxpayers
United States > US
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Summary:President Obama is proposing to extend the [Bush] tax cuts for lower and middle income taxpayers. But he wants to end the cuts for 2 percent of taxpayers: Couples with incomes over $250,000 and singles with income over $200,000. This would bring in $40 billion in additional tax revenue in 2011 and over $600 billion over the next ten years. So what is a responsible member of Congress to do? Should the skewed Bush tax cuts that bestowed the greatest benefits on our wealthiest citizens be extended, allowing the wealthiest to keep the $40 billion next year? Or should this money be used for job creation? Of eleven options examined by the nonpartisan Congressional Budget Office, extending the tax cuts for the wealthy was the least effective way to create jobs. Providing a job-creation tax credit for businesses would generate four to six times as many jobs, and providing financial aid to state governments to minimize layoffs would create two to three times as many.
ISSN:0746-956X