Letter to the Editor
News reports say that President Obama is considering a value added tax. That would be a really bad idea. A value added tax is really a national sales tax and it is a tax paid mostly by the poor and middle class because they spend all their money and the rich don’t. Instead, I would rather see them rais taxes on the rich to pay off the deficit because the deficit was caused by the rich.
During the Bush administration the deficit ballooned because of the huge tax cuts for the rich. The bank bailout was to bail out the rich. Subsidies for the housing market were to keep housing prices up for the benefit of the rich. So why should we tax the poor to pay the debt of the rich?
The poor and middle class already pay taxes the rich don’t pay. We pay medicare, medicaid, and social security taxes on the wages we earn where the rich pay no payroll taxes on their capital gain income, which is taxed at a lower rate. And finally Mr. President, you pledged not to raise taxes on people making less that $250,000 a year and we expect you to keep that promise.