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Soaking the rich doesn't help us in long run
The Gazette Opinion Staff
Nov. 17, 2010 1:02 pm
Scott Burns' Sunday column put the national debt in perspective. Using the Forbes 400 list of wealthiest people and taking both Bill Gates' $54 billion and Warren Buffett's $45 billion and applying it to our national debt would cover the deficit from Nov. 1 to Thanksgiving! The remaining $398 billion would take care of the deficit until mid-June 2011.
After that, the businesses these people owned will be shuttered and they'll join the rest of us in waiting for our sustenance from the government. It seems that taxing the rich more is not going to help us in the long run.
James Iverson
Cedar Rapids
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