According to some of the wealthy benefactors of Congressional Republicans’ opposition to raising taxes on those making more than $250,000, the claim that increased taxes would kill jobs was “mythology.”
This week, several corporation executives have come out to support increased taxes on the two-percent. On Tuesday, FedEx Chairman and CEO Fred Smith dismissed the job-killing claim, which was a popular talking point during the 2012 Presidential elections. On Monday, several high-profile executives from the defense industry recognized the need to collect more revenue. David Langstaff, CEO of defense contractor TASC Inc., acknowledged the need for increasing revenues by referring to the costly wars in Afghanistan and Iraq. “This is a fairness issue,” Langstaff said in a statement after he and several CEOs met with President Barack Obama last week.
After the meeting, many of the CEOs endorsed higher tax rates. The consensus was that people on the top income bracket should pay their fair share — “fair share” being the tax rates that were imposed under then-President Bill Clinton. They stressed the importance of incorporating revenue hikes with spending cuts, which would satisfy the country’s long-term goals of balancing the budget rather than the “short-term self-interest,” as mentioned by Langstaff.
But the GOP continues to maintain their position that taxes should not be increased for the wealthy. Instead, they say, that revenue could be generated from capping deductions. Sen. John Turne (R-S.D.) mentioned that rate increases would be “counterproductive in terms of growing the economy and creating jobs” for small businesses, though Republicans have been unsuccessful in drawing a strong correlation between increased tax revenue on individuals and cutting jobs for small businesses.