It is not a panacea
and it is not a solution to our economic problems and it is not fair. In fact,
it would be destructive to the future of our country. It would worsen the
terrible recession that we are struggling with. It would discourage the
creation of new beneficial industries such as Microsoft, Google, and Apple
which have spawned the rich people who pay most of our taxes. The latest data
show that a big proportion of the federal income tax burden is shouldered by a
small group of the very richest Americans! We need more incentives for smart, innovative
people to get rich.
The wealthiest 1 percent of the population earns 19 percent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent now earn 13 percent of the income but pay just 3 percent of the taxes. A sense of fairness says that we should decrease the taxes for the rich. That would stimulate the entrepreneurs to invest more in new businesses, hire more employees, and create a stronger stock market. The economy is growing at half the pace of 2010 and unemployment is rising. Raising taxes on the rich will only make things worse.
No comments:
Post a Comment