By Jessica Chau
Today, we hear from someone who belongs to the wealthiest 2% in America, we’re reminded of what is driving our federal budget deficits, and we have a word about the Bush tax cuts from Nancy Pelosi.
NJ Today, Joel Kanter, 9/2/2012
People like me would not have our wealth if we had been born in a country that lacked the vital services government provides— like federal support for schools and universities that have educated us and our employees, for roads and public transit, for our judicial system, for law enforcement and national defense, as well as funding the creation of the Internet and other crucial research and development that benefits industry and productivity. We would not even have our good health without government safeguarding our food, water and medicine, preventing epidemics and helping find cures for disease.
It’s only right to expect me to chip in my share to the country that has given me so much, so others can have the same opportunities I have had. The richest Americans already receive the biggest tax breaks. The Bush tax cuts that only go to the richest 2 percent give an average additional $150,000 to each household that makes more than $1 million a year. That’s on top of an average $1 million we millionaires have already reaped from a decade of these tax cuts. Ending the special tax cuts that go only to the top 2 percent would save nearly $1 trillion over the next 10 years, money desperately needed to get America’s fiscal house in order. Bankrupting the government by providing endless tax cuts for the wealthiest is not right and is not smart.
Press TV, James R. Horney, Center on Budget and Policy Priorities, 9/3/2012
The events and policies that pushed deficits to these high levels in the near term were, for the most part, the making of George Bush If not for the Bush tax cuts, the deficit-financed wars in Iraq and Afghanistan, and the effects of the worst recession since the Great Depression (including the cost of policymakers’ actions to combat it), we would not be facing these huge deficits in the near term.
By themselves, in fact, the Bush tax cuts and the wars in Iraq and Afghanistan will account for almost half of the $20 trillion in debt that, under current policies, the nation will owe by 2019. The stimulus law and financial rescues will account for less than 10 percent of the debt at that time.
The President and Congress could make major progress toward stabilizing the debt for the coming decade by letting all of the Bush tax cuts expire on schedule at the end of 2012. That would just be a first (although a substantial) step. To keep the debt stable over the longer run, when the fiscal impacts of an aging population and rising health care costs will continue to mount, policymakers will need to take large additional steps on both the expenditure and revenue sides of the budget.
Huffington Post, Ryan Grim, 09/03/2012
CHARLOTTE, N.C. — Democratic Minority Leader Nancy Pelosi said Monday that her earlier call to extend the Bush tax cuts for anyone making less than a million dollars was an attempt to “smoke out” the GOP, as part of an effort to determine whether there was any level at which Republicans would come to a deal.
“The only reason I was saying a million was to smoke out the Republicans to see if there was any figure, no matter how high, that they might agree to,” Pelosi said. “And it sends a strong message to the public that they won’t even agree to a million dollars.”
We hope you’re following Americans for Tax Fairness on Twitter and Facebook. Right now is the best time to spread far and wide that we just can’t afford to continue the Bush tax cuts for the richest 2 percent.