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More progressive tax rate would be helpful
The Gazette Opinion Staff
Oct. 13, 2010 5:44 pm
You have heard, over and over again: We should not raise taxes in a weak economy
Records show President Ronald Reagan got taxes cut in 1981, yet he later raised taxes 11 times. The two-term effect was that low- and middle-income earners paid a higher rate and high earners paid less. George H.W. Bush raised taxes in the 1990 budget agreement.
President Bill Clinton significantly raised taxes in 1993 and cut taxes modestly in 1997. President George W. Bush cut taxes significantly in 2001 and 2003, benefiting high earners the most.
Tax cuts do not make an economy strong.
By 2007, 10 percent of the population received over 49 percent of total earnings, and today income inequality is even worse. Recovering from the current economic crisis has been hard. The wealthy keep most of their tax savings but spend to buy influence. There are too few people with a decent income to buy goods and services that would make businesses need to hire, invest, or expand.
A more progressive tax rate would get more dollars into the economy and reduce government borrowing. Show the world that the United States has the will to remain strong. If we don't, our dollar will continue to buy less.
Your most powerful vote is for candidates who will increase taxes and will cut spending.
Roger Schnittjer
Mount Vernon
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