The Goldendale Sentinel - Headlines & History since 1879

By Norm Luther
Underwood 

Balanced package needs more

Letter to the Editor

 


To the Editor:

Maybe I have just lived too long, but historically, a balanced package to avoid the so-called “fiscal cliff” and “sequester” problems, lower unemployment, and eventually reduce the federal deficit would include considerably higher taxes on the richest Americans and much less near-term spending cuts than any of the current proposals.

Here are some reasons why: (1) The top income tax bracket rate was raised from 25 percent to 63 percent in 1933, to 79 percent in 1936, and finally to over 90 percent in 1944, and at 70 percent or above until the Reagan administration drastically lowered it during the 1980s. (2) Beginning with this tax-raising on the rich, the U.S. econ...



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