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DAILY NEWS ROUNDUP- AUGUST 22ND, 2012

By Morgan Currier

In today’s news highlights, one small business owner defends ending the Bush tax cuts for the richest 2 percent, wealthy CEOs save millions, and taxes are looked at under a moral lens.

 

Take it from this business owner: Tax cuts for rich don’t help

Charlotte Observer, Eric Henry, 8/21/2012

If anyone tells you that ending the Bush tax cuts for the richest 2 percent would hurt job creation, tell them to talk with me.

When the first Bush tax cuts passed in 2001 our nation had a budget surplus and we were told the tax cuts would pay for themselves by boosting economic growth and job creation. Many people thought that was bunk. You’d think the economic meltdown and large budget deficit would have shown that giving tax breaks for the best-off Americans makes them richer – it doesn’t pay for itself, it doesn’t trickle down and it doesn’t create jobs, at least not in America.

I know firsthand that investment is the key to keeping my business healthy. I know that the taxes I pay allow the government to reinvest in teachers, roads, clean water and other infrastructure and services that my business depends on to succeed.

As a small business owner, taking money from the budgets of families struggling to make ends meet and giving it to the most prosperous families won’t help my business or our economy. Instead it will continue us down the path of subsidizing the already well off instead of making the investments in our economy and our people that truly strengthen our nation and our homegrown jobs.

 

CEOs won big with Bush tax cuts

Detroit News and Courier JournalScott Klinger, 8/22/2012

The debate about President Barack Obama’s plan to end Bush-era tax cuts for the wealthy is riddled with references to “the richest 2 percent.” But who exactly are these well-off Americans?

A new report from the Institute for Policy Studies, which I helped research, reveals some of their names. It identifies 57 CEOs who saved at least $1 million on their 2011 taxes thanks to the Bush-era tax rates.

As vice chair of the Business Roundtable, Cote regularly urges Congress to maintain the Bush tax cuts for the wealthy.

We’ve seen our teachers go from the classroom to the unemployment line. We’ve seen libraries close, roads and bridges crumble, and public safety threatened with police and firefighter layoffs.

And we’ve heard CEOs and politicians declare that cutbacks in Medicare and Social Security are essential.

Meanwhile, wealthy CEOs are enjoying million-dollar tax breaks. It’s time to change course.

 

Tax fairness is a family value – and a civic virtue

Washington Post, Alan van Capelle, 8/20/2012

Fair taxation means that we all benefit. Without implementing fair taxation for all Americans, future budget cuts that federal, state and municipal governments make will continue affecting lower-income residents adversely and disproportionately.

Fiscally and morally, fair taxation is the right thing to do. Fair taxation is a value – an action – the United States must implement to assist people struggling right now to provide for their families, let alone reach the middle class. Fair taxation will enable society’s most essential services to function uninterrupted.

Expiration of the tax cuts alone will save some $829 billion over the next decade – money urgently needed to protect our social safety net, build education and intensify job growth.

Let’s not create a society where essential services become luxuries available only to those who write a check on the spot.

 

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