Saturday, November 20, 2010

Millionaires Who Want Tax Cuts to Expire

In order to restore fiscal health to the US, dozens of millionaires are requesting an end to the Bush tax cuts for the wealthy:


From their website:

  • Between 1979 and 2007, incomes for the wealthiest 1% of Americans rose by 281%
  • During the Great Depression, millionaires had a top marginal rate of 68%
  • In 1963, millionaires had a top marginal tax rate of 91%
  • In 1976, millionaires had a top marginal tax rate of 70%
  • Today, millionaires have a top marginal tax rate of 35%
  • Reducing the income tax on top earners is one of the most inefficient ways to grow the economy according to the non-partisan Congressional Budget Office
  • 44% of Congress people are millionaires
  • The tax cuts were never meant to be permanent
  • Letting tax cuts for the top 2% expire as schedule would pay down the debt by $700 billion over the next 10 years

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