Letter — Payback for contributions | TahoeDailyTribune.com

Letter — Payback for contributions

Can anyone look at the graph on Page 1 of the Jan. 8 Tribune and not think that George Bush is waging class warfare on middle America? Here are the facts of George’s tax cut plan:

1) Nearly EIGHTY-SEVEN percent of the cuts go to those individuals making between $50,000 and $1 million annually. The White House claims that it’s only fair that the wealthy get most of the cuts because they pay most of the tax. True, but the wealthy are also the MOST ABLE to pay. Tax cuts should go to those who are LESS able to pay.

2) The elimination of the tax on corporate dividends only benefits those who can afford to buy stock, only 40 percent of the people; and most of them keep their stock in retirement accounts, which are already tax exempt.

3) This tax plan does nothing to spur economic growth. Our economy is 66 percent driven by consumer spending. By simple logic, the way to get the economy moving again is to get the most number of people to spend more money. Distribute the majority of the tax cuts to the people right in the middle of the income ladder and a flood of spending will result. Distribute it according to George’s plan and very little will happen.

4) Giving tax breaks to businesses so they will increase hiring is simply a fantasy. Companies hire when they have the business and lay off when business is slow (see item No. 3). Companies that receive tax breaks will not use it to hire, but to shore up their bottom lines and buy back stock.

This one-sided tax reduction plan is a further attempt by the wealthy class to destroy the concept of progressive taxation, which keeps the middle class alive and prevents the development of an aristocracy. This country’s wealthy should be happy, proud, and grateful to pay their taxes. Instead, they whine and go running to the President for help. And George Bush takes care of those who finance his campaigns. His tax cut plan is all about payback to those who have helped him. When is he going to help the rest of us?

Rick Soule

South Lake Tahoe

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