After hearing arguments for extending the Bush-era tax cuts for some of the nation’s wealthiest, I thought it would be a long time before I heard anyone publicly argue against it. Turns out that there’s a group of over 40 of the nation’s wealthiest (including Ben Cohen of Ben & Jerry’s fame) doing just that. The group, calling themselves Patriotic Millionaires for Fiscal Strength, has written a letter urging President Obama to let the Bush-era tax cuts expire, but only for the nation’s wealthiest, specifically those making over $1,000,000.
Of course, there are some that don’t exactly agree with what they’re doing. Rob Port of Say Anything Blog has this to say:
If these people want to pay more in taxes…there’s nothing stopping them. If they truly believe it’s patriotic to raise taxes by eliminating the Bush tax cuts (and they clearly due given the name of this group) then they should figure out what they would have paid had those tax cuts not been put in place and cut a check to the IRS for that amount.
I think it can be argued that the Bush-era tax cuts favored the wealthy. I’m in favor of letting most of those tax cuts expire and, while we’re at it, getting rid of AMT. My only concern is whether now is the right time to let them expire. If the tax cuts are done away with completely it may not help with the nation’s economic recovery.
Warren Buffet thinks the wealthy should be paying a lot more in taxes. What do you think?