Support the Caucus Position to Renogotiate on Bush Tax Cuts for the Rich
We’ve Been Cutting Taxes on the Rich for Decades:
91% – Top Marginal Federal Income Tax Rate Under Pres. Eisenhower
72% – Top Marginal Federal Income Tax Rate Under Pres. Nixon
69% – Top Marginal Federal Income Tax Rate Under Pres. Reagan
35% – Current Top Marginal Federal Income Tax Rate
The Result: A New Gilded Age with Record Levels of Inequality
23.9% – Share of National Income Going to the Top 1% in 1928
8.9% – Share of National Income Going to the Top 1% in 1976
23.5% – Share of National Income Going to the Top 1% in 2007
35% – Share of State Income Going to Top 1% in New York State in 2007
44% – Share of City Income to Top 1% in New York City in 2007
Trickle Down Tax Cuts for the Rich Don’t Create Jobs:
According to the Economic Policy Institute, one dollar in tax cuts for the wealthy leads to 32 cents of economic activity. The same dollar spent on public services produces an average of $1.75 in economic activity. That’s because rich people save nearly 70% of their tax cuts; teachers and construction workers and others who get jobs from public services spend every dollar, creating still more jobs. If trickle down tax cut economic policies worked, we’d have full employment right now.
We Need Good Jobs, Not $113 Billion in Tax Cuts for the Rich:
When the Estate Tax expired in 2009, it affected only the richest ¼ of 1% of estates, those worth $3.5 million or more. The Obama-Republican deal will reduce that to covering just .14 of 1%, or $5 million estates. It amounts to $23 billion in lost revenue over the estate tax scheduled in 2011. The Bush-era income tax cuts for the 2 – 3% of Americans making over $250,000 cost approximately $33.5 billion per year. The two year total of these 2 major tax cuts is $110 billion. If Congress re-directed the $67 billion in income tax cuts for the wealthy into public investment instead, it would create 493,000 jobs over two years, according to the Economic Policy Institute.
Do Not Embrace Failed Bush-era Policies:
The Bush Administration’s trickle down policies destroyed jobs and the economy. Returning to such policies is a fundamental economic mistake. It is also obscene: under the tax deal, those in the top 1% will enjoy an average yearly tax cut of $76,949, while the average American will receive $1,521. CWA District 1 urges you to support the House Caucus’ position to renegotiate the tax deal.
Call Your Representative at 202-224-3121 (it’s the switchboard, so ask for your representative’s office) Tell your Rep. to Stand Strong and Fight for a Tax Package that Benefits Working People, Not Just the Super-Rich