Yesterday, Americans for Tax Fairness issued a press release in strong support of President Obama’s goal of raising 1.6 trillion dollars in additional revenues. President Obama’s plan protects the middle class by preserving the current rates for middle class families and also ending the Bush-era tax cuts for the wealthiest 2% of Americans. Here are some highlights from the press release:
“President Obama’s goal to raise $1.6 trillion in revenues includes ending the Bush tax cuts for the richest 2 percent, a modest increase in the estate tax that will affect 3 out of 1,000 families and limiting deductions on wealthier Americans, which is similar to what Mitt Romney proposed during the campaign,” said Frank Clemente, campaign manager at Americans for Tax Fairness, a diverse campaign of over 225 national, state, and local organizations united in support of a tax system that works for all Americans. “This goal will ensure that the wealthiest 2 percent start paying their fair share to reduce the deficit, while extending the Bush tax cuts for the other 98 percent of Americans will ensure that we don’t short circuit our economic recovery.”
“President Obama is making the tough choices and the right decisions on behalf of the middle class and students,” said National Education Association President Dennis Van Roekel. “His balanced approach to fixing our nation’s long-term financial woes is timely and necessary because we believe it’s time to extend the middle class tax cuts and stop giving tax breaks to the wealthiest two percent—while sticking kids and working families with the tab.”
“The election gave the president a mandate to ask the wealthiest Americans to pay their fair share and that’s exactly what he’s doing,” said Neera Tanden, president of the Center for American Progress. “The president’s proposal for $1.6 trillion in new revenue is in line with the balanced approach that voters endorsed last week. By contrast, voters rejected Mitt Romney’s approach, which Republican leaders are now attempting to recycle and repackage as a compromise.”
It’s simple: Congress needs to work with the President to protect the middle class and make sure that the richest 2% pay their fair share. On Election Day, the American people told Washington that massive tax breaks for the richest 2% have to end. We cannot continue to give these handouts at the expense of education, Medicare and Medicaid. We applaud the President taking steps towards fulfilling his responsibility and urge Congress to do the same and make sure that the richest 2% pay their fair share.