Las Vegas Sun

March 29, 2024

LETTER TO THE EDITOR:

Higher tax rate was good to everyone

A major issue in the budget fight concerns raising taxes for those making more than $250,000 back to a rate of 39 percent. This was the rate under President Bill Clinton and lowered to 35 percent under President George W. Bush.

Republicans argue that raising taxes on the wealthy would stymie job growth and hurt the overall economy. When the rate was 39 percent, our country flourished. We eliminated our debt and created a surplus, unemployment declined dramatically and the wealthy got wealthier. When the rate was lowered to 35 percent, our country saw the national debt soar, unemployment rise and bank after bank close.

It seems as if one way worked out to the benefit of all and the other way didn’t seem to benefit anyone.

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