Tax cuts have been tested
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A lot has been said by Mitt Romney and the Republican Party against increasing taxes on the wealthy. They claim taxing the wealthy would hurt the economy because these people are the job creators.
Mitt Romney has said that, if elected, he would push for a 20-percent, across-the-board tax cut, of which the wealthiest, like him, would get the largest cut. He also stated that he would cut the corporate tax rate to 25 percent from the current 35 percent and cut the capital gains tax. This would free up more money for investment by the job creators, thereby creating jobs.
Fortunately, this is exactly what President Bush did, so we can actually see the results. The results are that every person and corporation who received a tax cut kept the money for themselves. The wealthy got wealthier. Now Mr. Romney wants to do it again.
The wealthy didn't hold up their end of the tax cut deal, so raise them back up. Better yet, raise them even higher so that the government can recoup the lost revenue.
First Published July 23, 2012 12:00 am