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1. Billions of dollars in tax breaks for the wealthy is just about the least efficient use of that money.
Extending the Bush tax cuts for the wealthy will cost about $80 billion over just the next two years, and frankly, that $80 billion could be put to much better use than simply giving it to the richest 2 percent of Americans.
2. The Bush tax cuts didn't deliver what they promised.
They didn't deliver. The economy boasted 132 million jobs in June of 2001, the month that the first of the Bush tax cuts was signed into law. Three years later, in June of 2004, there were just 131.4 million jobs. The economy did not add a single new job during three years under the Bush tax cuts.
3. The tax cuts for nearly all Americans and American small businesses would stay in place.
Of course, conservatives often argue that we will harm small businesses if we let the tax rates for these richest 2 percent go back to what they were under President Clinton. The data belie that claim. A recent report from the Joint Committee on Taxation points out that less than 3 percent of all taxpayers with any positive business income at all—big or small—would be affected by the increase in rates.
