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As the White House presses for the expiry of the Bush Tax Cuts and more progressive taxation, the former president reiterates an old stand: that general prosperity flows from allowing the wealthy to stay wealthy.
NEW YORK – Former President George W. Bush admitted today that his name doesn’t exactly confer popularity.
Speaking at a Bush Presidential Center conference held at the New York Historical Society, Bush said the tax cuts of 2001 and 2003 that are broadly referred to as the Bush tax cuts might fare better in public debate if they had someone else’s name, according video posted online by CNNMoney.
“If they’re called some other body’s tax cuts, they’re probably less likely to be raised,” Bush said. Here is a video of his remarks:
As President Obama prepares to defend the so-called Buffett rule, or progressive tax measures that would require high earners to pay taxes at effective rates similar to those paid by wage earners, Bush defended a signature legislation of his presidency.
"If you raise taxes on the so-called rich, you're really raising taxes on the job creators and if the goal is private sector growth, you've gotta recognize that the best way to create that growth is to leave capital in the treasuries of the job creators,” Bush said.
"But if you raises taxes, you're taking money out of the pockets of consumers and it's important for policy makers to recognize that all the doubt about taxes causes capital to stay on the sidelines.
"Uncertainty means that capital, the fuel for private sector growth, simply won't move."
The Obama administration proposes allowing the Bush tax cuts to expire for households earning more than $250,000.
According to Forbes, which was the media sponsor of today’s conference, the Bush tax cuts are set to expire at the end of this year and have been the cause of investor worries.
Fears that the US will not have the revenue to make pay back bond holders could cause the yield on US Treasure notes to rise, according to Forbes, which noted that the current rate of 2 percent suggests that this has yet to take hold.