Can you believe that the Bush and Clinton tax cuts are still
in effect, even as the country is facing its worst economic recession in
decades?
Are you curious about your share of the tax cuts?
You can use our 3-minute Tax Cut Calculator to estimate your 2009 tax cuts and pledge to redirect that money toward tax fairness organizing. If you prefer, you can also use our printable 1040RW Worksheet or the "EZ Tax Table" (see below) to estimate your tax cut.
TAKE THE RW TAX FAIRNESS PLEDGE TODAY!
Background:
It’s been nine years since George W. Bush inherited a $5.1 trillion 10-year projected surplus and gave away half of that surplus ($2.5 trillion) in tax breaks, over half of which went to the top 5% of households, the very folks who least needed a tax cut. Similarly, folks in the top 5% got 80% of the benefit of Clinton's capital gains tax cut.
Each year since 1997, upper-income households have benefited handsomely from the capital gains cut passed under Clinton and the Bush tax cuts. In 2008 alone, the Bush tax cuts saved households in the top 5% a total of $110 billion. These tax cuts continue to drain our nation of its capacity to preserve vital services, fund education, invest in research and infrastructure, build a strong and sustainable economy, and assure fairness and opportunity.
Since 1998, Responsible Wealth members and others have calculated their savings from the Clinton and Bush tax cuts and pledged to redirect those tax savings toward efforts to promote progressive taxes at the state and federal level.
Please take a few moments now to estimate your tax savings from the Bush and Clinton tax cuts, and redirect those savings to tax fairness efforts. All you need are 3 rough numbers: your taxable income, capital gains and dividends.
It's time to restore the 39.6% and 36% rates on upper-income taxpayers and end the preferential treatment of dividends and capital gains.
By taking the Tax Fairness Pledge, you are rejecting tax cuts for the wealthy. Make a bold statement that such irresponsible tax cuts don't reflect your values, and that you want to make sure they stop.