Eliminate tax cuts for the wealthy

I support the Obama administration's proposal to extend Bush tax cuts except the ones applying to the top 2 percent of earners, who average $8 million per year in earnings.

To extend millionaires' tax cuts would cost the treasury over $700 billion in the next decade, an increase in national debt that would be unacceptable. Eliminating the tax cuts on the nation's wealthiest would return their tax burden to what it was under President Clinton, the last president who gave us job growth and a balanced budget.

Eliminating tax cuts for the wealthiest would not significantly affect small businesses, as claimed by Republicans, since economic studies show that less than 3 percent of small businesses would be affected.

Studies by Joseph Stiglitz, the noted Nobel Prize-winning economist, show that cuts in government spending are far more damaging to the economy in terms of job losses than an increase in taxes.

In any event, as a result of numerous loopholes, tax shelters and perks that wealthy folks enjoy and that are not available to ordinary wage earners, millionaires hardly ever pay the established tax rate. No wonder Warren Buffet famously said that in the end, he enjoys a lower tax bracket than his secretary.

Jack Kinstlinger, Baltimore

Copyright © 2020, The Baltimore Sun, a Baltimore Sun Media Group publication | Place an Ad