Letters to the Editor: Tax the rich a lot more. It's the only way to fix our $31-trillion debt (via latimesopinion )
,” makes some good points about the endless avoidance, dishonesty and hypocrisy in all the grandstanding about the national debt.
The top federal income tax bracket was 91% under President Eisenhower, but since then nearly every Republican president has rewarded their rich donors with tax cuts. Now, the top bracket is only 37%, but multiple loopholes can bring that down even further, even to 0%.In addition to increased income taxes and closed loopholes, we need higher taxes on stock buybacks, carried interest, automated stock trades and the obscene wealth that the top 1% has so unfairly accumulated over the decades.
If we face the gross inequities of our tax and budgetary policies, we can secure and even expand Medicare and Social Security.The Republicans have been particularly hypocritical and irresponsible in their actions on the debt. As a fiscal conservative, I saw this underscored by the first bill the Republican majority advanced in the new Congress: rescinding an $80-billion appropriation for the IRS to hire more agents and modernize the tax collection apparatus.
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