Letter: Tax breaks on wealthy increased debt
Tuesday, September 27, 2011
President Obama has called on us to put the well-being of our country ahead of our personal self-interests. I strongly support the president’s call to raise revenue as well as reduce spending with wise cuts and increased efficiencies.
It is only appropriate that we raise taxes on millionaires and high-income households. Their effective tax rate, as Warren Buffett revealed, keeps going down, while the income, and stability of the country continues to decline. The 2001 Bush tax cuts for this group added almost $1 trillion to the national debt over the last decade, yet they have benefited enormously from the public investments that we all make in infrastructure, public education, health and property protection.
Fairness has always been a core American value. The wealthiest taxpayers must do their part to contribute to maintaining this foundation and infrastructure in order that future generations can have the possibility of the opportunities provided by the American Dream.
I call on Congress, especially our local representatives, to enact the president’s plan to end tax cuts for the wealthy today. They are no longer affordable. American needs a balanced, fair tax system, and this is a good start.