Open letter to President Obama, Congressional leadership

Dear President Obama,

We are wealthy individuals, business leaders, and taxpayers who are concerned about the perilous state of our economy and who urge you to act now to raise taxes for high-income households. For the past 30 years, tax policies have been designed largely for the benefit of those among us with household incomes over $235,000. Now, as the economic crisis deepens, we believe that it is our patriotic duty to contribute our fair share, and share the sacrifice to help meet our nation’s urgent needs.

During the last eight years alone we were among the households that received more than $700 billion in tax cuts. With the national deficit continuing to swell the time has come to repeal the unaffordable Bush era tax cuts and to invest in America’s future. The simple act of repealing those cuts on households with incomes over $235,000 would generate $43 billion in additional annual tax revenue.

We fully understand that raising taxes is never easy, but we recognize the tremendous financial burden states are currently under. By reversing the reckless fiscal policies of the previous administration, states can continue to provide the important public services, which have been abandoned in the wake of massive budget deficits.

Progressive income tax reform will allow the government, at the state and federal level, to make long overdue investments in infrastructure, health care, new energy systems and jobs. Moreover, it will ensure sustainable economic growth for our country, something we can all be proud of.

The aggressive taxation the government undertook after the Second World War paid for investments such as the GI Bill, first-time homebuyer programs, and substantial public infrastructure. If such policies have worked in the past, they can do so again.

We are asking you to immediately repeal the Bush tax cuts rather than wait until they expire on January 1, 2011. We cannot afford to wait.

Attached is a call to reverse the Bush-era tax cuts on incomes over $250,000 signed by hundreds of individuals who would personally pay these taxes and hundreds more who support the proposal.

Wealth for the Common Good