"We're going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. … they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying 10 percent of his salary – and that's crazy. Do you think the millionaire ought to pay more in taxes than the bus driver, or less?"
President Obama threatened to veto any deficit reduction package that doesn’t include higher taxes on the wealthy. It’s a welcome sign that Obama is demanding that wealthy Americans -- that have seen their incomes and wealth increase dramatically while working families are falling further behind -- do their part.
Republicans, conservative think tanks and pundits are trotting out their standard, and getting somewhat tiresome message points about how taxes on the wealthy will be a “job killer” and that asking the wealthy to do their part for the country is somehow “class warfare.”
By: Jake Blumgart, Donald Cohen, and Peter Dreier. Posted in the Huffington Post. December 1, 2010.
Will raising income taxes on the rich hurt or help the economy? That's the key question that Congress will be debating as they consider whether to extend the tax cuts enacted by President George W. Bush in 2001 and 2003, which are set to expire at the end of the year.