Saturday, Dec. 1, 2012 | 2:02 a.m.
There is wide belief from our president to most who voted for him that raising taxes on so-called rich people (those who earn more than $250,000) would bring about economic recovery and the ship would be headed for clear sailing.
Some believe the economy boomed when President Bill Clinton raised the top tax rate. And as Jim Riley pointed out in his recent letter, Republicans will never vote to raise the top tax rate because “greedy anti-tax millionaires are their biggest campaign contributors.”
As a retired federal employee whose pension is less than $100,000, I along with those “greedy millionaires” do not want to raise taxes on anyone. Those greedy millionaires currently pay for the largest chunk of the taxes already.
Our national deficit during the past four years has been more than $1 trillion per year, and the Congressional Budget Office says the next four years will continue in the same manner.
Let’s say we raise the taxes on the greedy millionaires. This will increase the tax revenue less than $100 billion per year. We then still need more than $900 billion to balance the budget.
We don’t have a taxing problem in this country; we have a spending problem. The government does not manage our money we send them very well.
Lastly, it was the dot-com boom of the 1990s, not President Clinton raising taxes, that made the economy soar.