Letters to the Web Editor

Bill Pelland · Joined: 25 Feb 2008 07:34 am Posts: 425

Smith - Actually cutting taxes does not increase revenue in every instance and usually ends up with a loss of revenue. Now if you cut taxes to small business as is in Obama's plan, then you might raise tax revenue as 90 some percent of jobs created are done so by small business.

Therefore, cutting those taxes some, say with a credit for a percentage of the empoyer's share of the payroll tax, then the empoyer may have the money to buy more inventory, increase sales, or maybe even hire an additional employee.

As I see it, and this is opinion, giving tax breaks to the big corporations does nothing to keep them from exporting our jobs to china. It just gives them bigger profits.

Obama for POTUS
Noriega for US Senate

Bill Pelland

Smith Wimberley · Joined: 26 Feb 2008 12:12 pm Posts: 90

The latest IRS data would seem to contradict you Bill. The data shows that the top 1% of taxpayers (those making $388,806 and above) paid 40% of all income taxes in 2006. That is up from 1990 when they paid 25%, 2000 when they paid 37%, and 2005 when they paid 39%. Since 1990 the richest 1% of taxpayers have gone from paying 25% of all taxes to paying 40% of all taxes. And just for fun let me mention that the top 50% of wage earners pay an astounding 97.1% of all taxes.

In 2003 those earning 1 million or more paid $136 billion in taxes. In 2006 that more than doubled to $274 billion. It was 2003 when previous tax increases were rolled back and yet the rich payed more in taxes and the budget deficit was reduced from 3.5% of GDP in 2003 to 1.9% in 2006.

The only reason for denying these facts is so one can play the class envy game and try to get votes by making people think they are going to stick it to the rich. Let people keep more of the money they (I) work very hard for and the results will be even greater than the facts revealed here.

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