Professor Robert Hockett, Cornell Law, along with two Yale professors, launched a website last week that encourages wealthy Americans to give back their Bush tax cuts. Created after Congress voted to extend the Bush-era tax cuts for all income brackets, giveitbackforjobs.com allows visitors to calculate what their tax break would be and donate that amount to charity. The site is designed to simulate what would happen if Republicans hadn’t ‘hijacked’ Congress, say Profs. Hockett, Daniel Markovits, Yale Law, and Jacob Hacker, Yale Political Science, in the website’s ‘About’ section.
“We’re trying to enable individuals to make happen what would have been if the Bush tax cuts to the rich had not been extended. We’re offering means through which individuals can make happen what would happen without a number of radical members of Congress,” Hockett told The Review this afternoon.
The ‘shadow fiscal policy’ that the professors hope to create allows Americans to donate to a good cause while simultaneously voicing their disapproval of the tax cuts. Hockett hopes that private giving by individuals in top income brackets will mimic what Obama originally promised when he pledged to let tax cuts expire for those earning $250,000 and more.
“We’re not demanding they should [donate] or must or whatever, but it was probably not a good idea to extend those tax cuts to the wealthiest. A lot of the wealthiest Americans don’t even approve of the extension of those tax cuts. Those who don’t approve can use the site because it offers the people in these brackets to control the message of their own giving. They can say, ‘hey we don’t need this money,’” said Hockett. “They’re channeling [the tax-cut money] to the people who are currently suffering due to no fault of their own, in the ravages of an economic calamity.”
Hockett believes that those wealthy enough to participate can best contribute to the struggling economy by donating. The charities on the website were purposefully chosen by the creators because of their ability to provide basic human needs that have to be met for people to have jobs, Hockett said. He also stressed the importance of individuals having a home and healthcare as other basic needs.
“When it comes to the wealthiest tax brackets, these people tend to operate with a lower marginal propensity to consume. They don’t spend their money in ways that stimulate the economy. We’ve chosen charitable organizations that are doing work that is directly applicable to the economy,” Hockett said, citing a job-training program run by the Salvation Army.
GiveItBackForJobs has received widespread media attention so far due to the timing and nation-wide relevance, Hockett believes. A similar website after Hurricane Katrina raised $250,000 according to AP, but Hockett believes this new effort will garner more attention and more donations. The giving started with the three professors, who donated at least their calculated share, according to Hockett
“We’re trying to enable individuals to make happen what would have been if the Bush tax cuts to the rich had not been extended.”
This is a bit misleading. There’s an assumption here that the collected tax money would have been spent towards areas that are as equally “applicable to the economy” as these charitable causes.
“When it comes to the wealthiest tax brackets, these people tend to operate with a lower marginal propensity to consume. They don’t spend their money in ways that stimulate the economy.”
This too is misleading, as it simply assumes spending is what drives an economy.
Je déteste le Keynesianisme.
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