To the Editor:
A recent letter-writer states, “most Republican politicians will continue to tell you that tax cuts are the solution to most of your problems.”
Does he mean Republican President JFK who pointed out, “… it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now?”
Maybe he means JFK’s Republican Vice President, LBJ, who signed JFK’s tax reduction legislation into law.
Was it Republican President Jimmy Carter he was thinking about? The same president who reduced capital gains tax from as much as 98 percent to 28 percent and asked for tax reductions of $17 billion for individuals and $6 billion for corporations?
Could he mean Republican President Clinton who reduced the capital gains rate to 20 percent? He also reduced tariffs by signing NAFTA, signed welfare reform, increased deductions for the estate tax, established Roth IRAs and increased limits for deductible IRAs.
Or maybe he means Republican President Woodrow Wilson who warned, “high rates of income and profits taxes discourage energy, remove the incentive to new enterprise, encourage extravagant expenditures, and produce industrial stagnation with consequent unemployment and other attendant evils.”
He may have Republican President Harry Truman in mind, who proposed cuts of $30 billion in today’s money.
Does he mean Republican President Obama who realized, “No business wants to invest in a place where the government skims 20 percent off the top?” This is the same Republican president who extended the Bush tax cuts to the tune of $858 billion.
Maybe he means that former Goldwater Girl and current Republican candidate for president who as senator voted to extend the Bush tax cuts in 2005 and 2006.
The writer’s expressed economic policy most nearly resembles John Maynard Keynes’ economic theory of aggregate demand. Even he was forced to admit that “taxation may be so high as to defeat its object,” that in the long run, a reduction of the tax rate “will run a better chance, than an increase, of balancing the budget.”
The recent letter-writer also wrote, “the middle and lower economic classes don’t have extra money to spend ....” But in the next paragraph, he states that the “last 20 years have seen the greatest transfer of wealth in U.S. history.” Since the lower classes don’t have money to spend, how was this miraculous transfer of wealth accomplished? Who exactly is he accusing here anyway? Which party held the White House for 12 of those 20 years?
It’s getting a little tiresome listening to Democrat malcontents who keep harping on the mote in Republicans’ eyes while ignoring the logs in their own and who blame Republicans for the very policies they enshrined into law. Their air of moral superiority while wallowing in the cesspools they accuse Republicans of dipping their toes into is a wonder to behold. Republicans live by North Carolina’s motto: “esse quam videri,” which translates to “to be rather rather than to seem.”
If only Democrats would.
Timothy A. Van Eck