$1.6 Trillion Revenue Goal Would Ensure Wealthy Americans Stop Sticking Working Americans with the Tab
(Washington, D.C. - November 14, 2012) Americans for Tax Fairness campaign members today expressed strong support for President Obama's goal to raise $1.6 trillion in revenues to help reduce the deficit.
"President Obama's goal to raise $1.6 trillion in revenues includes ending the Bush tax cuts for the richest 2 percent, a modest increase in the estate tax that will affect 3 out of 1,000 families and limiting deductions on wealthier Americans, which is similar to what Mitt Romney proposed during the campaign," said Frank Clemente, campaign manager at Americans for Tax Fairness, a diverse campaign of over 225 national, state, and local organizations united in support of a tax system that works for all Americans. "This goal will ensure that the wealthiest 2 percent start paying their fair share to reduce the deficit, while extending the Bush tax cuts for the other 98 percent of Americans will ensure that we don't short circuit our economic recovery."
"The election gave the president a mandate to ask the wealthiest Americans to pay their fair share and that's exactly what he's doing," said Neera Tanden, president of the Center for American Progress. "The president's proposal for $1.6 trillion in new revenue is in line with the balanced approach that voters endorsed last week. By contrast, voters rejected Mitt Romney's approach, which Republican leaders are now attempting to recycle and repackage as a compromise."
"President Obama's victory last week sent a clear sign that voters want our leaders to pull together to find real solutions to this country's economic problems," said AFSCME President Lee Saunders. "The House of Representatives should enact the middle-class tax cut that has already passed the U.S. Senate. The voters also sent a clear message that they do not support cuts in Medicare, Medicaid and Social Security."
"For the past few years, MoveOn members have made tax fairness a top priority," said Justin Ruben, executive director of MoveOn.org Political Action. "It was great to watch President Obama take on this fight during the campaign and awesome to see him win re-election with such a resounding mandate on the issue. Now it's time for Republicans in the House to follow the lead of the President and the Senate by keeping taxes low for middle class families while asking the top 2 percent to finally pay their fair share."
"President Obama is making the tough choices and the right decisions on behalf of the middle class and students," said National Education Association President Dennis Van Roekel. "His balanced approach to fixing our nation's long-term financial woes is timely and necessary because we believe it's time to extend the middle class tax cuts and stop giving tax breaks to the wealthiest two percent--while sticking kids and working families with the tab."
"Raising at least $1.6 trillion in revenues as President Obama has proposed is the right approach for women and their families," said Nancy Duff Campbell, co-president of the National Women's Law Center. "Requiring the wealthiest Americans and corporations to start paying their fair share of taxes will help protect Medicare, Medicaid, Social Security, child care and other programs that are especially important to women."
"We applaud President Obama's determination to seek increased revenues from the wealthiest among us as a responsible step towards solving our budget problems while restoring economic growth and protecting people in need," said Deborah Weinstein, executive director of the Coalition on Human Needs.
"President Obama is putting forward a balanced approach that will put our nation on a strong and sound strong fiscal path," said Nancy Zirkin, executive vice president for policy of The Leadership Conference on Civil and Human Rights. "Asking wealthy Americans to pay their fair share is essential, and so is not cutting Medicare, Medicaid and Social Security. Voters gave the president a mandate to protect our future through sound policies that protect working people and the middle class. That's the only way our country can successfully move forward."
"As the President and Congress discuss the best way to address the nation's fiscal wellbeing, we welcome the President's framework for generating revenue from the top 2 percent while protecting low income families," said Peter V. Berns, CEO of The Arc. "Medicaid, Medicare, Social Security, and Supplemental Security Income, which are lifeline programs for people with disabilities, should not be at risk in these budget negotiations. This approach from President Obama would help keep our nation's commitment to people with disabilities."
"The American people know a strong economy is vital to programs like Social Security, Medicare, and Medicaid," said Max Richtman, president/CEO of The National Committee to Preserve Social Security & Medicare. "President Obama's tax proposal is an important element in delivering on America's promise that if you work hard and play by the rules, all Americans can live the American dream--not just the wealthy. Contrary to the political rhetoric, we don't face an 'entitlement crisis' but we do need to re-examine our nation's priorities and roll back tax breaks millionaires don't need and our nation simply can't afford."
Here is a detailed analysis of President Obama's plan by the Tax Policy Center and a simpler summary by Mother Jones' Kevin Drum. According a new poll released today by the Small Business Majority, nearly twice as many business owners (57%) believe that cutting spending for education, healthcare and infrastructure would do more harm to the economy than raising taxes on the wealthiest 2 percent (32%). The non-partisan Congressional Budget Office last week concluded that extending the Bush tax cuts for the richest 2 percent would boost the economy by less than 0.25%. Election Day exit poll data showed that 60 percent of voters supported either ending the Bush tax cuts for those Americans who make more than $250,000 a year or ending them for everyone.