Left pours on its tax the rich snowjob

The Washington Times Weekly - - Letters To The Editor -

Pres­i­dent Obama’s only hope for win­ning a sec­ond term is through class war­fare, and the me­dia will be only too happy to help him in this en­deavor. Far too many peo­ple be­lieve that all our fi­nan­cial prob­lems would be solved if the rich were forced to pay their fair share.

Ac­cord­ing to IRS data, the top 5 per­cent of tax­pay­ers have an­nual in­come over $160,000, earn 35 per­cent of to­tal ad­justed gross in­come and pay 59 per­cent of the to­tal in­come taxes. In 2008 this group paid $606 bil­lion in taxes. If they were taxed at 90 per­cent of their in­come they would pay an­other $2 tril­lion in taxes. This amount would wipe out the an­nual deficit with $400 bil­lion left over to re­tire the national debt in about 50 years.

Sound too good to be true? It is.

Even if this pu­ni­tive tax rate of 90 per­cent had no im­pact on be­hav­ior (which is a pipe dream), the $2 tril­lion sucked out of the pri­vate econ­omy rep­re­sents 88 per­cent of the an­nual pri­vate in­vest­ment which al­lows the econ­omy to grow and cre­ate jobs.

The econ­omy would not con­tinue to just stum­ble along it would take a nose dive.

The an­swer is to cut govern­ment spend­ing to the point where tax rev­enues will not only pay for cur­rent spend­ing but will grad­u­ally pay down the national debt.

In or­der to pre­vent a near term in­crease in un­em­ploy­ment, the spend­ing cuts must take place over a pe­riod of sev­eral years to al­low a grow­ing pri­vate econ­omy to com­pen­sate for the de­cline in govern­ment spend­ing.

Repub­li­cans must launch and main­tain a mas­sive cam­paign to ed­u­cate peo­ple about these eco­nomic facts of life. Wil­liam H. Clark Spring­boro, Ohio

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