I was heartened to read Larry Brophy’s letter regarding the upcoming end of the Bush tax cuts. I was beginning to think that everyone actually believed the picture the Republicans paint of themselves as fiscally conservative.
Not one Republican president has had a balanced budget since Nixon. Their allegiance to the wealthiest of Americans has wreaked havoc on our economy, allowing them to prosper at a time when the rest of us are suffering. That tax cut has been in effect over the last 10 years and what has it brought us? We have had our manufacturing base disappear, our workers have been laid off while companies have earned record profits and our jobs have been shipped overseas where labor is cheap so that CEOs can be paid exorbitant salaries and bonuses.
Just take the Social Security tax. If you are the average American making $45,000 a year, you pay $2,790 annually or 6.20 percent of your salary. However, if you make $20,000,000 a year, you pay only $6,621.60 annually or .00033 percent of your salary. Now why do wealthy Americans pay a smaller percentage than the middle class? How is that fair? If the limit on those taxes was removed, our Social Security system would be solvent forever. But Republicans would rather privatize the system, lower benefits or raise the retirement age instead of asking every American to pay the same percentage of their income.
Enough tax relief for the rich, they are doing just fine. Let’s help out the rest of us now.