Dear President Obama & Members of Congress --
According to your statements as reported in the media and your own press releases, it appears that President Obama and the senior leadership of both parties in both the House and Senate agree that the Bush Tax Cuts should be extended on all annual income up to $200K for singles and $250K for couples through at least the end of 2013. We, the American people, agree with you.
Where you appear to differ is whether or not those same tax cuts should be extended on all income above those limits. Your differences have thus far prevented you from taking necessary action required to serve 98% of all Americans.
With all due respect, we feel as though we are being held hostage and are being used as a bargaining chip on behalf of the most wealthy & financially secure of this country.
We'd like to propose this deal:
1) You immediately pass a bill extending the Bush Tax Cuts through 2013 on all income up to $200K for singles and $250K for couples. Add nothing else to this bill. No amendments, no riders, no waivers, no earmarks, no nothing.
2) You immediately pass the current small business relief bill which would provide a 10% tax credit, up to $500,000, on annual payrolls of $5 million, for firms that hire new employees or expand payrolls. This bill is coupled with a provision that would allow companies to write off 100% of the value of new capital investments this year, rather than 50% under current law. This law should apply through 2013 and 2014 to allow for as much certainty as possible.
As we understand it, your concerns about not extending the Bush Tax Cuts on income beyond the proposed limits is that it will hurt small businesses, hurt job growth, and further extend our slow recovery from the most recent recession. Rather than reward all income from all sources used for all purposes with a tax cut, we suggest you deal with this concern by passing tax incentives that specifically target American job growth and business investment; the above bill does this and future bills should as well.
3) The GOP will have a bill ready to be voted on immediately after the November elections that extends the Bush Tax Cuts for incomes above the $200K/$250K limits. The GOP can include whatever limits and provisions they desire as long as they are directly related to the Bush Tax Cuts and are no more generous than the Bush Tax Cuts.
If the GOP has a majority in both the House and the Senate after the elections, we direct the Democrats in the current Congress to allow the vote to proceed without obstruction and to do so without amendment or debate.
If the GOP candidate for President wins the November election, we then direct President Obama to sign this bill and make it law. There's no reason to wait until January after the voters have spoken in November.
That, dear members of Congress, is our petition to you. Stop holding us hostage. This may all be politics to you, but it is critical to us, to our families and to our economic recovery.
We The People (and we vote !)