Today’s New York Times reported, in a front page article, that President Obama plans to push a tax plan which will tax any Americans making over a million dollars a year at the same rate at which middle-class Americans are taxed. This new tax system would replace or revamp the alternative minimum tax, and has the backing of prominent investor Warren Buffet, and former President Clinton.
As spokesperson of the Robin Hood Party, a party that I created within the Democratic party (a la the Tea Party but with cooler costumes and rational viewpoints) that advocates for higher taxes on the rich to fund programs for all Americans and reduce our national debt/deficit, I heartily endorse this proposed new tax plan.
It’s about time that this country’s wealthiest citizens shared in the burden of getting us out of this recession. Middle and working class Americans have already sacrificed public services, which have been cut by austerity-minded states, jobs, and retirement funds. The recession, caused in large part by the reckless behavior of our wealthiest citizens on Wall Street, has cut household incomes for middle and working class Americans, increased unemployment, and caused the job market to stagnate. Why shouldn’t America’s wealthiest citizens share the economic burden of getting this country out of the hole ?
Republicans have of course fired back that taxing millionaires at a higher rate will stagnate job growth. Blah, blah, blah. We’ve heard it before. But, when the tax rates on millionaires were higher during the Clinton administration, the American economy was booming.
President Obama, the Robin Hood Party heartily endorses your proposed tax hike on millionaires. Let’s just hope it makes it past all the partisan huffing and puffing, and actually passes in time to do some good.