Congress Urged By A Group Of Millionaires To Increase Their Taxes

On June 6, a day before the 10th anniversary when Bush tax cuts in 2001 were enacted, a group of rich Americans recommended that taxes be raised on individuals who earn beyond $1 million.

A conference call to House Speaker Boehner (R-OH) was made by a group of patriotic millionaires suggesting that the Bush tax cuts should be terminated for those who earn more than $1 million. With this, tax rates would increase. These tax cuts were extended in 2010 and to expire within two years.

The group further argued that revenues generated from this tax cuts expiration could then be used for paying down government debt and for investing in modern infrastructures. Paul Egerman, eScription, Inc. founder, said that helping the country by cutting expenses as suggested by House Speaker Boehner and other Republicans is such a crazy idea. According to him, if the country is really broke, then how could it continue giving tax breaks to wealthy Americans?

Addressing the country’s budget deficits has been the subject of debate in the congress. Most Democrats favor revenue increases, while Republicans contended that spending cuts alone are enough. The group, however, foresees that the fiscal problems of the government will not be alleviated by spending cuts, which is a limiting action.

“Sometimes, I think John Boehner and the Republicans have a hard time doing the arithmetic,” according to Egerman. He further added that to understand the idea that a deficit is composed of expenses and revenues does not require a major in mathematics. Eliminating Bush tax cuts to increase revenue is one plausible way of solving the problem, he concluded.

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