A group of Ivy League professors is urging wealthy Americans to donate their gains from the controversial Bush tax cuts that should have expired at the end of 2010, only for Republicans in Congress to force an extension. At their site Give It Back For Jobs they explain:
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When the Bush administration took power in 2001, it enacted massive tax cuts that disproportionately benefited the wealthiest Americans. These beneficiaries represented the very segment of American society that had already seen their share of national income balloon over the prior generation.
The cuts were defended in the name of the unexpected budget surpluses produced by the growth of the Clinton years. Even so, President Bush could not convince enough of the Senate that the cuts were affordable to make them permanent, and so they were set to expire next year.
It is now clear that the budgetary consequences of these skewed tax cuts have been dire.