Professors start website for rich to give back tax cuts
A new website is encouraging the richest Americans to give their tax cuts to charity.
Four professors from Yale and Cornell universities created the Give It Back for Jobs website after Republicans forced President Barack Obama to extend Bush-era tax cuts for even the wealthiest Americans.
“Quite possibly, the President had no good alternative,” the site noted. “All the Bush tax cuts, not just those for the wealthy, were scheduled to expire at the end of this month, jeopardizing an already fragile economic recovery.
“But we citizens need not abandon ourselves to this failure of government. Instead, ordinary Americans, acting together, can create shadow fiscal policy. By acting together, we can set the country moving toward a just prosperity.
“Americans who have the means should refuse to surrender to Senate Republicans. We should act, together, to give back our Bush tax cuts, by making donations to organizations that promote fairness, economic growth, and a vibrant middle class,” the site added.
The site uses the Urban Institute and Brookings Institution Tax Policy Center Microsimulation Model to calculate the tax savings. For example, a single person making $200,000 would see an addition tax savings of $5,476.
Suggested charities include Habitat for Humanity, The Salvation Army, Children’s Aid Society and Nurse Family Partnership. A custom charity may be selected as well.
“We can, in this way, begin to redeem candidate Obama’s promise that ‘we are the ones we’ve been waiting for,’” the site concluded.