Wealthiest Americans hardly overtaxed

Lifestyles
Sept 21, 2010
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Here’s a needed perspective: President Eisenhower taxed the wealthiest at 90 percent and helped create the middle class; Ronald Reagan taxed the wealthiest at 50 percent during his first term; Bill Clinton taxed these folks at 39 percent; George W. Bush cut these taxes to 35 percent, and President Barack Obama just wants to return taxes for the wealthiest to near 39 percent again.

Taxing the wealthiest is nothing new. Such taxes are fair and have supported our middle class for decades. The elimination of the tax cuts that Republicans scream about are just tax cuts for the top 2 percent of the country (those who make more than $250,000 a year). Period.

These wealthy few also use tax loopholes that frequently keep them from paying as much of a percentage of their income in taxes as do the rest of us. Taxing the top 2 percent helps make up for that.

Soon after he took office, President Obama gave all families making under $250,000 a year (and individuals making under $200,000) a huge tax cut by decreasing the federal deductions in our paychecks. These substantial tax cuts are actually paid for in the budget.

The middle class declined under Bush, and Republicans still want the same failed policies. Remember, these Bush tax cuts didn’t trickle down — no jobs were created. And Republicans did nothing to stop corporations from sending jobs overseas.

Patricia L. Vogt

Piqua

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