Obama's tax plan "would provide $1,042 in tax cuts for Americans in the middle 20 percent of income," while McCain's plan "would provide about $1,009 -- $33 less." Families "in the lowest" 20% of income "would get an estimated tax cut of $567 under the Obama plan but only $19 under the McCain plan." Families "in the top 1 percent of income" would "pay $115,974 more in taxes under the Obama plan while getting a $45,361 tax cut from the McCain plan" (Tumulty, Gannett, 6/12).Having spent most of my life as a Republican, I have an aversion to tax increases. But what I'm opposed to, in the end, is not tax increases, especially for the wealthy; rather I'm opposed to high taxes. Wealthy people in America can certainly afford to pay an extra hundred thousand dollars a year. But it was unfair when we taxed the rich at a marginal rate of 90%. That's just ridiculous. Even 70% bothers me a great deal. 50% or even 60% is okay with me - it's fair and it won't negatively effect the economy by stifling productivity or creativity or the entrepreneurial spirit, which higher rates would. That's not to say the tax increase that moves us back to 50% of 60% wont hurt the economy. It will - but only temporarily. The help it provides will be permanent - our inexcusable level of debt will be reduced.
We have a lot of things we need to pay for (or pay the interest for) in this country. The wealthy shouldn't be increasing their share of our nation's wealth if it means ignoring that fact.
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