LETTER: Arm with tax facts before voteOne issue there will be plenty of back and forth on this election season is taxes, so let’s talk some facts about income taxes.
To the Telegram:
One issue there will be plenty of back and forth on this election season is taxes, so let’s talk some facts about income taxes.
First fact, the two highest rates for most successful income earners are 33 percent and 35 percent. President Obama favors changing the two highest rates to 36 percent and 39.6 percent respectively.
Next fact, according to one of the most reputable accounting firms, Ernest and Young, the Obama income tax plan would cause America to lose 710,000 more jobs and would reduce our GDP by $210,000. Another fact, when Republicans understandably oppose this plan, the president inaccurately equates this as them wanting to give tax breaks to only the wealthy.
Of course, successful wage earners should pay their fair share of the tax burden, but they already are.
In 2009, for example, the top 10 percent of wage earners paid 71 percent of all income taxes. Also, is it fair to ask any taxpayer to pay more, when $780,000 of our tax dollars went to study malt liquor consumption of college students? The answer is no. Numbers don’t lie.
Unfortunately, demagoguery and class warfare in regard to tax policy does seem to work when Americans are not armed with the facts. Now you are.