For Immediate Release
Thursday, August 05, 2010
Tax Coalition: Senators, Let Bush Tax Cuts for Wealthy Expire on Schedule
Campaign Supports an End to Irresponsible Tax Breaks for the Wealthy, Help for Working FamiliesWashington, DC —
Fifty national organizations today joined a letter from Americans for Responsible Taxes (ART) urging members of the Senate to allow the high-end Bush tax cuts to expire as scheduled at the end of 2010. The ART campaign is committed to eliminate tax loopholes for big corporations and the very wealthy, ensure economic security for working families, and stop ineffective and wasteful tax cuts.
Senate Majority Leader Harry Reid (D-Nev.) has expressed his determination to tackle the tax issue in September before mid-term elections. The coalition calls on Senators to protect responsible tax relief for millions of working families, while allowing the Bush era tax breaks for the wealthy to expire. This would avoid a $1 trillion increase in the debt—at a critical time of increased pressure to address the nation’s growing deficit.
“With millions of Americans out of work and struggling to make ends meet, even as corporate profits and Wall Street bonuses are soaring, we need to get our priorities right. It’s time to end tax giveaways to the wealthy and powerful and invest in our families and communities to promote a shared recovery,” said National Women’s Law Center Co-President Nancy Duff Campbell.
The Congressional Budget Office (CBO) categorizes tax cuts for the wealthiest as the least effective way to stimulate economic growth.
“The Bush tax cuts were a gift to the wealthiest people in this country. They contributed to the crisis that left us with the worst economy since the Great Depression. It’s time to let the bulk of the tax cuts expire, especially those for the wealthy. They are nothing less than a transfer of money from the middle class to the rich,” said Gerald W. McEntee, President of the American Federation of State, County and Municipal Employees.
“Common sense says that we cannot afford to continue the stagnant policies of the past decade that have proven to do little or nothing to benefit the economy. Protecting the middle class, the backbone of our economy, must take priority,” said Cassandra McKee, USAction Education Fund Program Director.
“We’re calling on senators to extend tax cuts for middle class families who’ve been hit the hardest by the economic crisis. We need to end the Bush tax cuts for the rich—now,” said Service Employees International Union President Mary Kay Henry.
The letter’s other signatories include the AFL-CIO; American Federation of Teachers; Alliance for Retired Americans; Center for American Progress; Citizens for Tax Justice; Coalition on Human Needs; Main Street Alliance; National Association for the Education of Young Children; NOW, National Organization for Women; National Education Association; NETWORK, a National Catholic Social Justice Lobby; United Church of Christ; United for a Fair Economy; and YWCA USA.
The full text of the letter can be seen here: http://www.responsibletaxes.org/responsible-taxes-matter-now/.