Labor & Employment Law

?Absolute Insanity? to Keep Bush Tax Cuts for Wealthy

By James Parks

Republicans on Capitol Hill want to extend the Bush-era tax cuts for the rich, which are set to expire at the end of the year. President Obama and congressional Democrats want to extend the cuts for middle and lower income families, but not for persons making $250,000 or more.

The Bush tax cuts never came close to living up to the promise that they would create jobs–we actually lost private-sector jobs under the Bush administration. Extending the tax breaks for the wealthy also would add billions to the national deficit.

In a statement today, AFL-CIO President Richard Trumka  said it is ?absolutely insane?  that in these tough economic times some people want to continue the ?tax give-aways to millionaires while working families are losing their jobs, their benefits and their homes.? 

We need to focus on creating jobs by giving tax breaks only to middle-class families and investing in rebuilding our crumbling infrastructure and green technologies. Millionaires and Wall Street already had their party, which tanked our economy and left Main Street stuck paying the bill. 

He urged the lame-duck session of Congress not to compromise on this issue.

The election is over and now it?s time for politicians to show courage and stand and fight on these issues for working families.  Let the millionaires fend for themselves for a change.

Read Trumka?s entire statement here.

Full post as published by AFL-CIO NOW BLOG on November 12, 2010 (boomark / email).