Everyone, not just the rich, should kick in more in taxes if the country is going to dig its way out of debt, Mayor Bloomberg said Tuesday.
The mayor called for the end of the Bush-era tax cuts not just for the wealthy, as President Obama wants, but for all taxpayers.
“Opponents will yell and scream about taxes and cuts destroying the economy,” Bloomberg argued. “But the same people said the same thing in 1993 when President Clinton and Congress adopted those rates as part of a deficit reduction plan. And I think everyone would agree that turned out pretty well,” he noted.
Bloomberg laid out what he called a middle-of-the road, pro-business approach in a speech sponsored by the Center for American Progress, a Democratic policy group, and the Republican-oriented American Action Forum.
“A year ago, I was among those who urged the President to extend the Bush tax cuts for a couple of years, allowing the economy to recover,” Bloomberg said.
But Washington hasn’t used the time to solve the problem and has only gotten more bogged down in partisan gridlock, he added.
The mayor said he doubts his idea will gain much traction with the congressional supercommittee tasked with crafting a deficit reduction plan by Nov. 23.
So if Congress won’t do it, Bloomberg urged Obama to veto any more extensions for the Bush-era tax cuts and “throw politics aside and lead — not follow — the conventional wisdom.”
“For too long, Washington has operated on the ‘something for nothing’ principle. Both parties have promised their constituents the world — and given them debt and a sluggish economy and anemic job growth,” Bloomberg said.
If America doesn’t dramatically change course, the national debt will grow to $21.5 trillion in 10 years, or $72,000 per U.S. resident, the mayor added.
The country can avoid the crisis through a combination of tax reforms and cuts in health care and Social Security, Bloomberg said.
Cry baby! Lets get the wealthy to cough up some money first and boost the economy a bit. They have enjoyed tax cuts they should never have gotten to begin with. Truly it is disgusting watching how some people just flaunt it and throw their money away just because they can. Well if they paid taxes like everyone else maybe they couldn’t!
Yes even amongst us. When people go home from a vort speaking about how it must have cost $50,000 or more, there is a reason to feel sick in your stomach. It has nothing to do with who could have used that money, or what else they could have done with it. But everything to do with why do they need a tax break if they don’t value the money they have? Spending $50,000 on a vort is akin to flushing it down the toilet.
Business are calling for a lower tax in order to put people to work and this multi multi millionaire calls to raise tax. Bloomberg pay more we won’t stop you. but to stimulate you need lower taxes. Regan proved it; and things like obamacare
has frozen the economy
Bloomberg, maybe if people like you paid their fair share, you wouldn’t have closed so many hospitals and fire stations.
Aries: You are just a liberal who is dripping with jealousy. Fair share? Who exacly pays taxes in this country. It is certainly not the poor. Do rich pay the same rate as everyone else? No. Hence they are paying MORE than their fair share. You just can’t “fargin” that the rich should have what they are blessed with.