Taxing the rich

Democrats love to make a political football out of taxing the rich more. However, if the rich have more money to spend as they see fit, it would help our economy more than having the government confiscate more of it. When President Ronald Reagan lowered the tax rate on the rich, the government actually collected more money from them since it was probably smarter for them to pay more than use more loopholes.

It’s a matter of simple math. Even a flat tax rate on $1 million is 40 times more than the same rate on $25,000. So, even with a flat rate, the rich would pay considerably more in taxes. A flat tax rate would stimulate our economy much more than any stimulus package coming from our president.

Is it just a negative position that the Democrats espouse? Would they really want the rich to pay more taxes, even if it hurt our economy?

Michael A. Smith
Rockford

From the Oct. 22-28, 2014, issue

2 thoughts on “Taxing the rich

  • October 22, 2014 at 10:16 am
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    We had a robust economy when the wealthiest were paying 70 to 90 percent. Trickle down doesn’t!

  • October 26, 2014 at 6:22 pm
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    Michael, please pull your head out of the sand!! The rich do NOT pay their FAIR share of taxes, EVER!! They use all the loopholes that Bush gave them, they hide money in offshore accounts and corporations, like GE, haven’t paid taxes AT ALL in the past 10 years. The rich ARE NOT spending ANY money that helps our economy. Bush gave them tax breaks with the “understanding” more jobs would be forthcoming. Guess what…there have NOT been any new jobs created by the rich. They have their wealth but they are not reinvesting in America. We will see that there will be only two classes in America, the rich and the poor. The middle class is disappearing and that IS EXACTLY what the rich want!! He who has the money, has the power and the control. As Albert wrote, when the wealthiest were paying 70-90%, our economy was booming. Do your research Michael, study your history before you stick your foot in it!

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