Tax cuts for the rich benefit the rich - Ahwatukee Foothills News: Valley And State

Tax cuts for the rich benefit the rich

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Posted: Thursday, October 21, 2010 12:00 pm | Updated: 4:54 pm, Thu Nov 15, 2012.

Dear Editor:

The plutocrats' hysterical propaganda denouncing President Obama's plan to nullify the Bush tax cuts for the top 2 percent ($250,000 couples' income) comprises gigantic lies. This limited tax hike, they claim, would deter "hundreds of thousands" of small businesses from hiring additional employees. This rubbish collides head-on against the economic facts. According to the Joint Committee on Taxation, only 3 percent of business owners would be affected by the higher rate, and the overwhelming majority of those affected are sole proprietors - entertainers, hedge-fund managers, etc.

Here's another economic fact demolishing the argument that tax cuts for the rich help the overall economy. Bill Clinton raised the top tax rate 26 percent (from 31 to 39.6 percent). His eight-year administration added nearly 22 million private-sector jobs. Bush 43 cut the top tax rate by 12 percent (to 35 percent). During Bush's eight years, private-sector employment declined by 700,000.

Conclusion: Tax cuts for the rich benefit the rich, no one else.

C.W. Griffin

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