A grassroots organization is trying to rally support for President Barack Obama's mission to end tax cuts for the wealthiest Americans, but Republicans and economists believe it's a mistake to exclude some taxpayers based on their earnings.
USAction launched a day of action last Thursday, advocating for extended tax cuts for middle-income and working-class families and opposing continued breaks for those making more than $250,000 per year. The current tax rates, which were implemented by George W. Bush's administration and which encompass every income bracket, are set to expire on Dec. 31.
According to a survey conducted by CNN.com, the majority of economists believe the cuts should be renewed for everyone.
"Extend tax cuts for all income levels and do nothing else," said Sean Snaith, economics professor at the University of Central Florida, quoted by the news source. "More of the same piecemeal, patchwork policies put forth by this administration will undermine confidence and do little to change the path the economy is on."
Republicans in Congress, including Senate Minority Leader Mitch McConnell (R-Ky.), argue that ending tax cuts for the wealthiest Americans will have a negative effect on the job market. Many GOP leaders cite former President Ronald Reagan's brand of trickle-down economics, which claims that tax cuts for the wealthy strengthen the economy across the board.