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 … Read the rest

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.

Bush Tax Cuts Do Not Need a Tax Extension

According to the Economic Policy Institute (EPI) it has been ten years since the tax cuts from former President George W. Bush were passed into law, and people are still unhappy about the outcome of the tax reductions.  People believe that the tax cuts were useless, very expensive, and not fair to all Americans.

EPI wants what is best for the economic status of the middle- and low-class Americans.  While doing some research, they found ten things about the Bush Tax Cuts that are important to know and understand.

1. The tax cuts helped out the wealthy more than anyone, … Read the rest

According to the Economic Policy Institute (EPI) it has been ten years since the tax cuts from former President George W. Bush were passed into law, and people are still unhappy about the outcome of the tax reductions.  People believe that the tax cuts were useless, very expensive, and not fair to all Americans.

EPI wants what is best for the economic status of the middle- and low-class Americans.  While doing some research, they found ten things about the Bush Tax Cuts that are important to know and understand.

1. The tax cuts helped out the wealthy more than anyone, and they are the ones that needed help the least.

2. Low-income families only received around 1% of the tax cut benefit, and some of these families did not see any improvement at all in their overall tax situation.

3. Wages were lowered and there was no trickle down of opportunities like there was hoped to be.

4. The stimulus was very poorly designed.

5. The economic growth that was likely to happen was not long-term and the recession increased as time passed.

6. The tax cuts were so widespread that it made the national debt even greater than previously anticipated.

7. The cuts were more expensive than they promised to be.

8. They were more expensive than promised, and they still continue to be expensive.

9. Much Federal revenue was reduced by these tax cuts as estate taxes were removed.

10. Finally, the cuts have increased interest spending by America, even today. Much of the new debt is required to pay the interest on the new debt accumulated.