President Obama was re-elected based on his stated intention to extend the so-called “Bush tax cuts” only for middle and lower income Americans. Those with upper incomes don’t need tax cuts and it’s time to make them pay their fair share with a balanced approach to increasing revenues and reducing spending.
We’re rapidly approaching the end of the year when those tax cuts expire for everyone. If nothing is done, the tax bill for Americans next year will increase by over $400 billion, with a disproportionate share falling on those who can least afford to pay it. Not only will the middle class end up paying much higher taxes, but arbitrary spending cuts will go into effect across the board. These cuts will directly impact those who can’t find a job and who depend on the federal safety net for their very survival. Most Americans simply cannot afford the country to go over the Fiscal Cliff. Read more →