December 6, 2012

CEOs Rallying to Raise Their Own Taxes

by Tatenda Musapatike

As negotiations continue over the expiration of the Bush tax cuts, more and more CEOs and wealthy Americans are making one thing clear: for the good of the country, please raise our taxes. CEOs of some of the most prominent businesses in the country have been making it clear that raising taxes on the richest 2% will not hurt their businesses and is what’s best for the country.  Despite these CEOs standing up for what’s best for the country, many Republicans in Congress have made it clear that they are unwilling to even listen to the very community they claim to be protecting, and are still refusing to consider raising rates on the richest 2% of this country.

Below are excerpts from a Huffington Post article covering the issue:

On Tuesday, FedEx Chairman and CEO Fred Smith, an adviser to Sen. John McCain’s presidential campaign, said that the notion that tax hikes on the richest Americans would kill jobs was simply “mythology.” And on Monday, a gathering of the nation’s top defense executives took a surprising turn when they endorsed tax rate increases on the wealthy and cuts of up to $150 billion to the Pentagon’s budget. Top executives from Northrop Grumman, Pratt & Whitney, TASC and RTI International Metals appeared at the National Press Club at an event organized by the Aerospace Industries Association, the top defense contractor lobbyist…

The CEOs join other high-profile executives who are willing to chip in more. Following a meeting with President Barack Obama last week at the White House, executives emerged to endorse higher rates. “There needs to be some revenue element to this, and [Obama] started with rates,” said Joe Echeverria, CEO of Deloitte LLP. “And he started with rates on what we would define [as] the upper two percent … that we have to pay our fair share. And I think everybody was in agreement with that notion.”

It’s great to see members of the wealthiest 2% of Americans encourage their Representatives to create a fairer tax code – one in which they pay their fair share. We hope that all Americans continue to press their Representatives and let them know that it’s time to end the Bush Tax cuts for the richest 2%.

You can find Americans for Tax Fairness on Facebook and Twitter.