To the editor:
Those pontificating about tax fairness should read a Wall Street Journal article and historical records on tax revenue vs. tax cuts (cuts increased revenue by 40 percent in some cases). The “rich” pay income taxes at an average rate of 35 percent, or around 20 percent of their adjusted gross income to the government. By contrast, the bottom 40 percent in AGI pay an average of 5.9 percent, with 46 percent of all households paying zero, expanding from 40 percent in 2005.
What’s fair? How about everyone paying in something, since everyone gets something in return? When the Congressional Budget Office projects that proposed tax increases on the “rich” will fund the government for eight days, it shouldn’t be about who pays more but about a simple code that everyone can understand and affects everyone equally. Instead of creating a false class conflict (2 percent of wage earners are above $250,000/year), candidates should focus on clear, prudent tax reform and our enormous national debt. Maybe the “rich” should forgo all the exemptions their accountants use when they file.
Do you trust bureaucrats to fix things? The IRS sends out billions to identity thieves. The USPS isn’t suspicious when delivering 2000 returns to the same address. The SSA sends up 18 percent of its checks to dead people. The GSA spends on lavish “conventions” like drunken sailors, and the DOE gives loans to companies that go bankrupt or are bought by the Chinese. This election, demand better.