Tuesday, August 11, 2009
(photo: Glowlab)
Not every wealthy American is opposed to paying more taxes to help the country resolve its problems during these recessionary times. A group calling itself Wealth for the Common Good is calling on President Barack Obama and Congress to immediately rescind the tax break passed during the Bush years that lowered the top federal income tax rate from 39.6% to 35% for those earning more than $235,000 a year. This tax cut is scheduled to automatically end in 2011.
“The Bush-era tax cuts gave $700 billion in breaks over eight years to those of us with annual incomes more than $200,000,” wrote Arul Menezes, a member of Wealth for the Common Good, in an Op-Ed published by The Cleveland Plain Dealer. “The United States borrowed money to make these tax cuts possible, even as our schools, infrastructure, research institutions and social services were in need of new investments.”
One of the group’s co-founders is Chuck Collins, great grandson of hot dog magnate Oscar Mayer, who has been a vocal proponent of the rich sharing more of their wealth with society. In 2003, he co-authored the book Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortuneswith William Gates Sr., father of the founder of Microsoft.
-Noel Brinkerhoff
Wealthy Group Pushes to be Taxed More (by Tom Petruno, Los Angeles Times)
Fighting for Right to Pay Higher Taxes (by Bill Nemitz, Portland Press Herald)
Why I Should Pay More Taxes (by Arul Menezes, Cleveland Plain Dealer)
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