Enact tax code that brings growth, cuts debt

We have a serious debt issue in this country. Our annual deficit will be $1.1 trillion and, when that is added to the national debt, we will be $16 trillion in arrears. The Obama administration presided over $5.3 trillion of this amount in its first term. One of the president?s key platform planks is raising federal taxes on the wealthy. He feels millionaires should pay a minimum of 30 percent in income taxes and wants the Bush tax cuts for the wealthy to expire at year end. Yet the 30 percent minimum tax would yield only $5 billion a year while letting the tax cuts expire altogether would garner $67 billion more per annum. These are paltry sums when compared to the fact that the U.S. debt grows at a rate of $4 billion a day.

In addition, many of the wealthy are small business owners, entrepreneurs and investors who create jobs, invest in growing business and provide seed money for inventions and improvements that benefit all. Increasing taxes in a struggling economy is counterintuitive and counterproductive. The president has framed the tax increase as a fairness issue. The top 1 percent of earners already pays more than 38 percent of all federal income taxes while 47 percent of us pay no federal income taxes. Does that seem fair enough?

This country does not have a revenue problem. We have a spending problem that must be addressed with serious reform of entitlement and welfare programs while getting the unemployed back to work to fund revenue increases in a positive way.

Ron Eppert

Westfield

Source: http://blogs.indystar.com/letters/2012/10/22/enact-tax-code-that-brings-growth-cuts-debt/

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