The real world
Reader comment on: Obama Versus the Billionaires
Submitted by J.Johnson (United States), Sep 21, 2010 11:13
The fact is, taxes are going to be going up because the govt is deep in debt and getting deeper by the minute. The real question is therefore to decide who is going to get hit first and I can see no good reason to not start with the richest taxpayers and work downward. Ideally, the govt would cut spending and there would be no good reason to raise taxes. This is not going to happen, at least not to the extent that tax increases are also not going to be needed to at least partially close the very deep hole we're getting in. I really don't care what billionaires would do with their tax savings, whether its put to work in the bond market or stock market or yacht market or vacation home market or any other market. It is very sad that our country is in such a financial mess, but it is. So, if taxes are going to go up to reduce debt and offset even more borrowing from the Chinese, then I say that making the highest income households pay more taxes is better than whatever effects flow from their spending and/or investing.
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