Most business groups support extending tax cuts for wealthy Americans, but some businesspeople contend the economy would benefit from letting these tax rates go up.
Business for Shared Prosperity and Wealth for the Common Good have sent Congress petitions signed by business owners who support higher tax rates for households making more than $250,000 a year.
“The claim that ending Bush-era tax cuts on income over a quarter of a million dollars will hurt the economy, reduce employment and burden small businesses is patently false,” said petition signer Brian Setlzer, president of TriLibrium accountants in Portland, Ore.
Retired banker Peter Heergaard said “efficient government and adequate tax revenue” are “essential ingredients in fostering the fertile soil for business development and healthy communities.”
Meanwhile, more than 90 millionaires have asked Congress to raise taxes on people making more than $1 million a year. Signers of this petition, organized by the Agenda Project, include Ben Cohen, co-founder of Ben and Jerry’s Ice Cream, and several Google executives.
“We have done very well over the last several years,” their letter to President Barack Obama reads. “Now, during our nation’s moment of need, we are eager to do our fair share. We don’t need more tax cuts, and we understand that cutting our taxes will increase the deficit and the debt burden carried by other taxpayers.”
Copyright 2010 American City Business Journals