Letter: Tax fixes
Well Congress passed legislation to avoid us falling over the fiscal cliff. But what they really did was just temporarily postpone it. There is no question we have to collect money to pay our expenses and pay off our national debt. By raising the amount to let the Bush tax cuts expire from $250 to $450, Obama lost a big share of the money he needed to balance the budget. But that was only a raise of 4.6 percent, which is only a fraction of what we need.
We could save some money by cutting expenses, but that would be only a fraction of what we need and if we overdo it, that would gut our national defense system and cost us a lot of jobs. What we need is a 35 percent net income tax over $250,000 with a 1 percent increase for every additional $100,000 up to 75 percent. That being a net income tax, it shouldn’t hurt anybody very bad. After we get our budget balanced and our debt paid off, we can probably reduce our tax bill by close to 50 percent.