Tax cuts are just windfalls for wealthy

Richard J. Mundy, Las Vegas

Tuesday, Feb. 5, 2008 | 2 a.m.

When President Bush and congressional Republicans pushed through their previous tax cuts, critics claimed that they favored the wealthiest among us. Republicans never really denied that, but said the increased tax money to these rich individuals would result in their investing in business operations, thereby resulting in more jobs for Americans.

So how has that been working?

Well, it seems that many of these millionaires took that extra money and used it to close down their operations here and move their companies overseas. Others closed down their plants and licensed factories in countries such as China to make their goods.

By closing down their plants here, they avoided paying decent wages to American workers, as well as health and retirement benefits, and of course federal and local taxes. A win-win situation for them, not for us.

Now presidential candidates Sen. John McCain and Mitt Romney want to make Bush’s tax cuts permanent, meaning the wealthy can keep squandering this windfall. The Republicans try to scare you by claiming the Democrats are going to raise your taxes, but don’t be a fool and believe them.

What some Democrats have proposed is to rescind some of Bush’s sweetheart tax cuts for those making more than $500,000, while allowing taxes on the middle class to either remain the same or be cut even further. The choice this November is easy: Either let the rich get richer, or make them pay their fair share of taxes.