Share on Google Plus Share on Twitter Share on Facebook 4 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit 1 Share on StumbleUpon Tell A Friend 1 (6 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   No comments

OpEdNews Op Eds

Why We Have To Raise Taxes On The Rich And End The Bush Tax Cuts For The Wealthy (And Bill Clinton Agrees)

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H3 6/7/12

Become a Fan
  (105 fans)
- Advertisement -


I was on CNBC Tuesday when Bill Clinton gave an interview saying that, given the deadlock between Republicans and Democrats on Capitol Hill, it seemed likely the Bush tax cuts would be extended in 2013 along with all spending. When asked to comment, I said Clinton was probably correct.

But, of course, Republicans have twisted Clinton's words into a pretzel. They say the former president came out in favor of extending the Bush tax cuts to the wealthy -- in sharp contrast to President Obama's position that they should not be.

It's typical election-year politics, except for the fact that the Republican megaphone is larger this time around due to all the Super PAC and secret "social welfare" organization bribes, er, donations that are filling Republican coffers.

Here's the truth. America has a huge budget deficit hanging over our heads. If the rich don't pay their fair share, the rest of us have to pay higher taxes -- or do without vital public services like Medicare, Medicaid, Pell grants, food stamps, child nutrition, federal aid to education, and more.

Republicans say we shouldn't raise taxes on the rich when the economy is still in the dumps. This is a variation on their old discredited trickle-down economic theories. The fact is, the rich already spend as much as they're going to spend. Raising their taxes a bit won't deter them from buying, and therefore won't hurt the economy.

In reality, Romney and the GOP are pushing an agenda that has nothing whatever to do with reducing the budget deficit. If they were serious about deficit reduction they wouldn't demand tax cuts for the very wealthy.

We should have learned by now. The Bush tax cuts of 2001 and 2003 were supposed to be temporary. Even so, they blew a huge hole in the budget deficit.

- Advertisement -

Millionaires received a tax cut that's averaged $123,000 a year, while the median-wage worker's tax cut has amounted to no more than a few hundreds dollars a year.

Bush promised the tax cuts would more than pay for themselves in terms of their alleged positive impact on the economy. The record shows they didn't. Job growth after the Bush tax cuts was a fraction of the growth under Bill Clinton -- even before the economy crashed in late 2008. And the median wage dropped, adjusted for inflation.

Let's be clear. Romney and the Republicans are pushing a reverse-Robin Hood plan that takes from the middle class and the poor while rewarding the rich.

According to the nonpartisan Tax Policy Center, Romney's tax plan would boost the incomes of people earning more than $1 million a year by an average of $295,874 annually.

Meanwhile, according to the Center on Budget and Policy Priorities, Romney's plan would throw ten million low-income people off the benefits rolls for food stamps or cut benefits by thousands of dollars a year, or both. "These cuts would primarily affect very low-income families with children, seniors and people with disabilities," the Center concludes.

- Advertisement -

The rich have to pay their fair share. Period.

Take a look at this video, in which I provide the three key reasons. (And pass it on.)

 

http://robertreich.org/

Robert Reich, former U.S. Secretary of Labor and Professor of Public Policy at the University of California at Berkeley, has a new film, "Inequality for All," to be released September 27. He blogs at www.robertreich.org.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon


Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Republican's Big Lies About Jobs (And Why Obama Must Repudiate Them)

Paul Ryan Still Doesn't Get It

What Mitt Romney Really Represents

The Minimum Wage, Guns, Healthcare, and the Meaning of a Decent Society

Why the Right-Wing Bullies Will Hold The Nation Hostage Again and Again

The Gas Wars

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
No comments