Tuesday, Feb. 27, 1996 | 11:59 a.m.
Forget about tax cuts. The only ones to benefit are the rich, who should be taxed more. The pro-rich argue that tax cuts for the rich will produce more jobs. Baloney. Reagan's "trickle down" experiment flopped in producing jobs. It only made the rich richer.
Forget the flat tax, too. Again, the rich would benefit, and the middle incomers would be hurt one more time.
The tax code needs restructuring to wipe out all the loopholes for the rich.
And progressivity must be maintained and improved. Somehow, the rich must be taxed more in order to pay off the Reagan deficit and to narrow the poor-rich gap. If the present pro-rich income tax code continues, the result will be a few very rich and the rest of us poor.
A wealthy Las Vegan is said to have come up with a solution. He proposes that everyone pay a 22 percent tax on all income, plus an additional 10 percent for every dollar earned in access of $1 million yearly. He says this would lower the deficit immensely.
I have one better. More progressivity. The rate should be 22 percent for those earning less than $100,000 yearly; 35 percent for those earning less than $1 million; and 45 percent for those earning more than $1 million. And the mortgage deduction and the family deduction must be retained in order to provide a safety net for the middle incomers. With this kind of federal income, we could maintain a good environment, have a better economy and a happier citizenry.
Orville Goplen
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