Letter - Live within your means?
To the editor: After reading Mr. Jensen's letter ["Give President Obama a chance, March 11 Echo Press], I did a little research. Information in 2004 and 2008 claim that more than 80 percent of millionaires in America earned their wealth and didn'...
To the editor:
After reading Mr. Jensen's letter ["Give President Obama a chance, March 11 Echo Press], I did a little research. Information in 2004 and 2008 claim that more than 80 percent of millionaires in America earned their wealth and didn't inherit. That may explain why so many of them feel that the government should not take more of their hard-earned money.
We have the highest corporate tax rate in the industrialized world, and it's not a secret that businesses pass their costs on to the consumers. So, any increase in their taxes will result in more expensive products, more outsourcing or layoffs as the company attempts to handle higher costs.
Many of these "rich" people donate generously to charity, and are the ones that furnish the jobs. The top 5 percent of income earners are paying more than 50 percent of the taxes collected. If we continue to punish people for achieving, their incentive to increase or expand will certainly be less, if they stay in business at all.
One of the proposals in the early round of the farm legislation was going to eliminate program payments for "wealthy" farmers, and the number used was $500,000 in sales. About 1,000 acres of 150-bushel corn at today's prices will put a farmer at that level - and almost all of the farmers I know that are this size are not "wealthy."
Every increase in spending by our elected officials is something that will need to be paid by future generations. Maybe it's time for them to "live within their means," instead of taking more from the producers and achievers.
The interest on our national debt is $500 billion/year, and that's at the low interest rates we are currently experiencing. China currently holds half of our debt and a few other nations hold most of the rest. What happens if they can't or won't continue to lend this money to the U.S.?