Posted November 26, 2010 at 12:00 pm, in From Campaign for America's Future
By Isaiah J. Poole
Executive editor of the blog site OurFuture.org
Most of the media this week ignored two significant mass defections from the Chamber of Commerce line that the Bush tax cuts for the wealthiest 2 percent of Americans must be extended indefinitely, even though doing so will worsen the federal deficit and won’t help produce middle-class jobs. President Obama and and Democrats in Congress should take this as a sign to stand firm against a “compromise” that locks in what has already proved to be disastrous economic policy.
On Thursday a group calling itself “Patriotic Millionaires for Fiscal Strength” set up an online petition calling on Congress and the White House to end the Bush tax breaks for people earning more than $1 million. Their statement is signed by 41 “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.”
On Tuesday, a group comprised mainly of small-business owners, Business for Shared Prosperity, had gone even further, saying that Congress should allow the Bush tax cuts to expire on families earning more than $250,000 a year. Their statement is significant because a key Republican talking point is that small businesses need the continued tax break as an incentive to hire new workers. Not true, this group’s statement says.
“Congress should not let Wall Street and big business CEOs hide behind small business to justify a budget-busting $700 billion tax giveaway over the next decade that would be even more harmful for Main Street than it was the last decade. Instead, Congress should build on constructive action like the Small Business Jobs Act and the overdue infrastructure investment we need to create jobs and stay competitive in the global economy,” the statement says. (more…)