Rich Tax Breaks Three Times Less Benefit Than Middle Class Tax Cuts Say Robert Weiner, Ex-White House and Congressional Spokesman, and Analyst Varun Saxena
WASHINGTON, Nov. 2, 2010 /PRNewswire-USNewswire/ -- Former White House and House Government Operations Committee Spokesman Robert Weiner, joined by policy analyst Varun Saxena, today defused the theory of extending tax breaks for the rich and provided data showing that they generate three times less benefit than middle class tax cuts.
In an op-ed piece in the Columbus Dispatch, "Tax Cuts --The Great Debate, Myths and Facts," Weiner states:
"President Obama and most congressional Democrats want to extend the Bush tax cuts for 98% of Americans, everyone making under $250,000. Republicans want to extend the tax cuts for everybody despite Bush's tax bill enacted in June 2001 to suspend the tax cuts at the end of 2010 in order to restore needed revenue.
"Every dollar devoted to the middle class causes the economy to grow three times faster than a dollar for the rich, according to CBO reports. Moreover, Lower taxes for the rich leave deficits that must be paid for by the middle class – taking the very money we'd give working families.
"At a press conference we attended on September 10, President Obama asked, 'Why would we borrow money on policies that won't help the economy and help people who don't need help?'"
Weiner and Saxena continue, "'Trickle down' economics has not worked since Herbert Hoover tried it. Millionaires save more of their income gained by tax cuts. Middle class families spend more.
"There is room to maneuver — Ohio's John Boehner, the House Republican Leader and would-be Speaker, said he'd vote for tax breaks for the middle class without the wealthy if that's the only choice. There is consensus by both parties that the sluggish economy makes this the wrong time to raise taxes on the middle class.
"It's already an odd alliance — Obama and Boehner, though only if both are pushed to the brink." Weiner also calls for a Republican such as Ohio Senator Voinovich to break the Senate Republican filibuster: "Sen. Voinovich's vote in favor of debate would be a vote to end Washington's culture of partisanship and gridlock."
The column was written jointly by Weiner and Saxena.
Contact: Bob Weiner/Gavriel Swerling 301-283-0821 or 202-306-1200
SOURCE Robert Weiner Associates
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