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Wednesday, 22 December 2010 20:38

Let the tax cuts for the wealthy expire

Written by 

To the Editor:

Give the wealthy $700 billion over the next decade?

Absolutely, say the Republican politicians led by Rep. John Boehner. It would be unfair to allow their tax rates to return to the pre-Bush rates. Giving the rich more money will help the economy. Really? How has it helped the economy the last 10 years?

David Stockman’s (budget director under Ronald Reagan) says, “Let the temporary tax reduction expire for the wealthy.” It would cost $700 billion over the next decade if extended. Stockman says over the past 10 years while the rich have benefitted from reduced taxes how has it helped the economy? Hello?

Warren Buffett and Bill Gates also say let the temporary tax reduction for the rich expire. They believe the rich should help pay to reduce the deficit.

The rich spend their money on stocks, bonds and real estate. The middle class spends theirs on goods and services that help everyone, including the wealthy. Leading economists Thomas Piketty and Emmanuel Saez agree.

But, my friends, remember that the Republican politicians receive large donations from the rich. Wake up America.

Ron Rookstool

Maggie Valley

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