ClickBack asked editorial page readers if the Democrats ought to stick to their guns in advocating for the Bush-era tax cuts on the wealth to expire. The response was nearly unanimous in the affirmative.
Should Democrats fight to let tax cuts for the rich expire?
Despite differing opinions, the rich receive greater benefit from government than do the poor. We fight wars to open trade, we fund airports that cater to business class patrons, we subsidize the ports and rails and infrastructure that allows people like Bill Gates, Steve Forbes and Bernie Madoff to become rich. We bail out big banks, insurance firms and auto companies while those in upper positions continue to get bonuses. We make our foreign policy conform to the business requirements of major firms.
People who live off inherited wealth pay a capital gains tax of 15 percent while working people pay a payroll tax 5 points higher. The rich itemize their taxes and thereby reduce their burden by deduction losses (even at the casino) and tax credits in a number of areas where middle class folks have no access.
Taxes are onerous. No one likes them. So let’s at least make them affordable. People who own 80 percent to 90 percent of all assets should pay 80 percent to 90 percent of all taxes. Simple stuff, really. In the 1950s. a time of great U.S. prosperity, the super rich paid a 70 percent tax. Today they pay about 30 percent.
This is a fight the middle class must win, if the middle class is to continue.
The president campaigned on raising taxes for those making over $250,000 annually with no increase for those making less. That means letting the tax cuts expire for the former but not the latter. If he doesn’t hold to that commitment, middle and lower income Americans will hold it against him in 2012. The GOP will jump on the bandwagon with this. Remember Mitch McConnell has flat-out stated his number one objective is to make Mr. Obama a one-term president.
So the President should push to let the tax cuts expire in accordance with his campaign promise. It is time for the president to stand up and show he is the person who was voted into the White House.
The disproportionately lower taxes on the wealthy beneficiaries of taxpayer largess in the face of Wall Street pillage, bailouts and constant war is reprehensible. Yet, the cries of “don’t tax my wealth” go unchallenged on moral grounds.
According to Bill Gates and his father, Bill Gates Sr., the tax cuts for the rich should expire. I should think they might know something about the subject. According to them, the very rich would not miss that amount of money taxed, and in the process, the deficit in this country could be lowered considerably. How could anyone really argue persuasively against that?
I’d be all for the elimination of taxes if I had seen a vast improvement in the economy since the Bush tax cuts were enacted. Problem is, I haven’t. What I have seen is us getting involved in two wars: Afghanistan, where we went in half-heartedly in the futile attempt to find bin Laden; Iraq, where we went in for oil.
In all my life, this is the only time that I can recall when job numbers went down when this country was at war.
Let the tax breaks expire.
You can’t talk about wanting to cut the deficit and then also advocate tax cuts for the billionaires of America — it’s just not compatible. If the tax cuts expire completely, I think it’ll be pretty obvious that it was because of Republicans being unwilling to compromise.
Of course we all need to make sacrifices, but the top 1 percent of Americans hold 24 percent of the country’s wealth and it’s not a matter of who is working harder anymore.
There has been much rhetoric from many parties about the evils of deficit spending. We will continue deepening our debt until we either raise taxes or severely cut our bloated military budget (or both). We should let all the Bush tax cuts expire. I will pay my extra share gladly as it will be for the betterment of America. I would be much happier to see my tax dollars spent on productive rather than destructive enterprises however.