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Congress: Let My Tax Cut Expire
Mar 29, 2010
As Congress begins debate over what to do about the Bush-era tax cuts
for the wealthy, I hope it has the courage to let my tax cuts expire.
It would be the right thing to do.
Back in 2001, Congress voted for President Bush's tax program,
including substantial tax reductions for those of us with incomes over
$250,000. According to the Center on Budget and Policy Priorities, our
nation had to borrow more than $700 billion over the last decade to pay
for those cuts.
When these tax cuts were enacted, congressional forecasters
projected budget surpluses totaling more than $5 trillion over the
ensuing decade. In the meantime, as we all know, the fiscal situation of
the nation has dramatically deteriorated.
But the cuts were never meant to be permanent. They are now due
to expire at the end of this year, but some lawmakers want to preserve
them. I would pay less in taxes if Congress extended my tax cuts, but as
a citizen I think it would be irresponsible.
Retaining the tax cuts for another 10 years would cost our nation
$826 billion. No one is suggesting I pay back the tax breaks I've
already received, but we cannot afford to continue them.
The good news is that there were benefits built into the Bush tax
program that affected middle-income families, too. Congress should take
steps to preserve these tax cuts, because for half a century we've been
shifting taxes off the wealthy and onto the middle class. We've cut top
income tax rates and taxes on capital gains and inheritances, tilting
the system in favor of taxpayers like me and further exacerbating the
great inequalities in wealth and income in our society.
Preserving the cuts for middle-income families and eliminating
tax breaks for incomes over $250,000 is a solid first step toward
rebalancing our nation's tax code.
No one likes to talk about taxes in a positive light, but the
truth is that our nation has built a remarkable marketplace for
enterprise and wealth creation. Taxes paid for the public investments in
research, education, infrastructure and technology that made this
possible. They paid for law enforcement and orderly marketplaces. These
public investments buoyed my personal opportunities and wealth. I am
certain they have done the same for millions of other Americans.
We should remember this on Tax Day, as Congress debates what to
do about tax cuts. Some of our leaders will argue that allowing the tax
cuts for the wealthy to expire will have an adverse effect on the
economy, job creation, and that it will punish success. They will argue
instead for deeper spending cuts in Medicare, Social Security,
education, and social spending.
But our country needs the estimated $45 billion in annual revenue
that these taxes would generate.
Those of us who have benefited the most during abundant times
have a duty to our country during lean times.
Yes, I can voluntarily pay more taxes, just as I choose to give
more money to charity. But that won't address the magnitude of the
problem we are leaving to future taxpayers. The issues before Congress
are the structure of the tax code and the question of how we, as a
nation, take responsibility for the reckless debts of the past.
Congress can take a responsible step in the right direction: Let
my tax cut go.
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As Congress begins debate over what to do about the Bush-era tax cuts
for the wealthy, I hope it has the courage to let my tax cuts expire.
It would be the right thing to do.
Back in 2001, Congress voted for President Bush's tax program,
including substantial tax reductions for those of us with incomes over
$250,000. According to the Center on Budget and Policy Priorities, our
nation had to borrow more than $700 billion over the last decade to pay
for those cuts.
When these tax cuts were enacted, congressional forecasters
projected budget surpluses totaling more than $5 trillion over the
ensuing decade. In the meantime, as we all know, the fiscal situation of
the nation has dramatically deteriorated.
But the cuts were never meant to be permanent. They are now due
to expire at the end of this year, but some lawmakers want to preserve
them. I would pay less in taxes if Congress extended my tax cuts, but as
a citizen I think it would be irresponsible.
Retaining the tax cuts for another 10 years would cost our nation
$826 billion. No one is suggesting I pay back the tax breaks I've
already received, but we cannot afford to continue them.
The good news is that there were benefits built into the Bush tax
program that affected middle-income families, too. Congress should take
steps to preserve these tax cuts, because for half a century we've been
shifting taxes off the wealthy and onto the middle class. We've cut top
income tax rates and taxes on capital gains and inheritances, tilting
the system in favor of taxpayers like me and further exacerbating the
great inequalities in wealth and income in our society.
Preserving the cuts for middle-income families and eliminating
tax breaks for incomes over $250,000 is a solid first step toward
rebalancing our nation's tax code.
No one likes to talk about taxes in a positive light, but the
truth is that our nation has built a remarkable marketplace for
enterprise and wealth creation. Taxes paid for the public investments in
research, education, infrastructure and technology that made this
possible. They paid for law enforcement and orderly marketplaces. These
public investments buoyed my personal opportunities and wealth. I am
certain they have done the same for millions of other Americans.
We should remember this on Tax Day, as Congress debates what to
do about tax cuts. Some of our leaders will argue that allowing the tax
cuts for the wealthy to expire will have an adverse effect on the
economy, job creation, and that it will punish success. They will argue
instead for deeper spending cuts in Medicare, Social Security,
education, and social spending.
But our country needs the estimated $45 billion in annual revenue
that these taxes would generate.
Those of us who have benefited the most during abundant times
have a duty to our country during lean times.
Yes, I can voluntarily pay more taxes, just as I choose to give
more money to charity. But that won't address the magnitude of the
problem we are leaving to future taxpayers. The issues before Congress
are the structure of the tax code and the question of how we, as a
nation, take responsibility for the reckless debts of the past.
Congress can take a responsible step in the right direction: Let
my tax cut go.
As Congress begins debate over what to do about the Bush-era tax cuts
for the wealthy, I hope it has the courage to let my tax cuts expire.
It would be the right thing to do.
Back in 2001, Congress voted for President Bush's tax program,
including substantial tax reductions for those of us with incomes over
$250,000. According to the Center on Budget and Policy Priorities, our
nation had to borrow more than $700 billion over the last decade to pay
for those cuts.
When these tax cuts were enacted, congressional forecasters
projected budget surpluses totaling more than $5 trillion over the
ensuing decade. In the meantime, as we all know, the fiscal situation of
the nation has dramatically deteriorated.
But the cuts were never meant to be permanent. They are now due
to expire at the end of this year, but some lawmakers want to preserve
them. I would pay less in taxes if Congress extended my tax cuts, but as
a citizen I think it would be irresponsible.
Retaining the tax cuts for another 10 years would cost our nation
$826 billion. No one is suggesting I pay back the tax breaks I've
already received, but we cannot afford to continue them.
The good news is that there were benefits built into the Bush tax
program that affected middle-income families, too. Congress should take
steps to preserve these tax cuts, because for half a century we've been
shifting taxes off the wealthy and onto the middle class. We've cut top
income tax rates and taxes on capital gains and inheritances, tilting
the system in favor of taxpayers like me and further exacerbating the
great inequalities in wealth and income in our society.
Preserving the cuts for middle-income families and eliminating
tax breaks for incomes over $250,000 is a solid first step toward
rebalancing our nation's tax code.
No one likes to talk about taxes in a positive light, but the
truth is that our nation has built a remarkable marketplace for
enterprise and wealth creation. Taxes paid for the public investments in
research, education, infrastructure and technology that made this
possible. They paid for law enforcement and orderly marketplaces. These
public investments buoyed my personal opportunities and wealth. I am
certain they have done the same for millions of other Americans.
We should remember this on Tax Day, as Congress debates what to
do about tax cuts. Some of our leaders will argue that allowing the tax
cuts for the wealthy to expire will have an adverse effect on the
economy, job creation, and that it will punish success. They will argue
instead for deeper spending cuts in Medicare, Social Security,
education, and social spending.
But our country needs the estimated $45 billion in annual revenue
that these taxes would generate.
Those of us who have benefited the most during abundant times
have a duty to our country during lean times.
Yes, I can voluntarily pay more taxes, just as I choose to give
more money to charity. But that won't address the magnitude of the
problem we are leaving to future taxpayers. The issues before Congress
are the structure of the tax code and the question of how we, as a
nation, take responsibility for the reckless debts of the past.
Congress can take a responsible step in the right direction: Let
my tax cut go.
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