George W. Bush likes the tax cuts he enacted as President. But he realises that the moniker that has come with the cuts — the “Bush tax cuts” — probably isn’t the best thing for keeping them around. “I wish they weren’t called the Bush tax cuts,” Bush said in opening remarks at the Bush Institute Conference on Taxes and Economic Growth in New York City, according to Politico. “If they’re called some other body’s tax cuts, they’re probably less likely to be raised.”
In his speech, Bush advocating keeping the tax cuts as an essential tool for growth in the private sector. President Barack Obama has pledged to not again extend the Bush tax cuts after doing so in 2010. But Bush said that doing so would stall growth and hiring in the private sector.
“If you raise taxes on these so-called rich, you’re really raising taxes on the job creators,” he said at the conference, according to CNN. “And if the goal is to create private sector growth, you have to recognise that the best way is to leave capital in the treasuries of the job creators.”
The Bush tax cuts have been at the centre of debate since Bush first enacted them. Bush and other proponents say they are necessary for growth in the private sector. Critics say they unfairly skew more of the tax burden on the middle class.
Meanwhile, President Obama is on the road in the swing state Florida on Tuesday, where he will outline his own tax plan on millionaires — a.k.a “The Buffett Rule.” The White House released a report Tuesday outlining why it thinks the rule, which would tax millionaires on 30 per cent of their income, is necessary.
Some of the arguments:
• The average tax rate paid by the very highest-income Americans has fallen to nearly the lowest rate in over 50 years.
• In 2009, a full 22,000 households making more than $1 million a year paid less that 15 per cent in income taxes.
* Nearly a quarter of millionaires pay less in taxes than millions of members of the middle class. “This is fundamentally unfair,” the report says.
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