This is not the time to give tax cuts to the wealthy and freeze spending, as John McCain has proposed. The time to cut spending was when George Bush took office. He and the Republicans borrowed and spent record amounts. They took a surplus and piled up eight years of deficits. We now owe more than 10 trillion dollars and huge interest payments are going overseas.
The oil companies can do with fewer tax breaks and subsidies and still make good profits. The very wealthy can afford a tax increase and feel little change in their life style.
Now that the country is spiraling toward a deep recession, this is the time to give small business a tax break and start public work projects to keep people working.
When people earn money, they spend money, they pay more taxes and the economy rises from the bottom up. Two thirds of the money flows in a circle from workers to business and from business to workers.
Obama”s plan to cut taxes for the middle class and small business is a sound plan. It will help people keep their homes and send their kids to college.
The last eight years have put an unequal burden on the working class and increased the wealth of the wealthy. It is not class warfare to put balance back in the system; it is good economics.
The middle class runs most of the small business and they make up most of the work force. They pay more sales tax, payroll tax, property tax, social security tax and they also pay income tax. They buy most of the cars, and trucks, T.V.”s, appliances, etc. They and the poor buy most of the food and clothing, gas and oil electricity, medicine and so forth. If people loose jobs or fear for their jobs they will spend less and the circle will be broken.
Give the middle class job security and a tax break and they will lift the economy from the bottom up. McCain”s tax plan is a warmed over Bush plan. Obama”s plan is best for most of us.
L. R. Prather
Lakeport
