Letter: Thoughts on taxes
Published 8:30 pm Friday, October 4, 2024
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Democrats believe!
“You can tax your way to prosperity.”
“Free handouts make productive citizens.”
Anyone with an iota of common sense would realize the above statements are false.
Democrats are always trying to raise taxes to finance their social programs. Their slogan is “Everyone needs to pay their fair share.” Do you realize the top 1% of American’s pay 45.8% of all income taxes, the top 10% pay 76%, the top 50% pay 97.7%. The rest pay a paltry 2.3% — should that really be their fair share?
Taxes are a fact of life, but how much is one’s fair share? Ten percenters are the job creators. If taxes become too high they move their businesses to countries with lower taxes. This trend is decades old and has decimated America’s manufacturing base, as corporations relocated to China, India and other countries with lower taxes and fewer regulations. At the state level Americans are leaving high tax states for low tax states. Businesses are leaving Minnesota in droves for South Dakota and Iowa.
Why expand one’s business when the government imposes confiscatory level taxes on profits? Democrats don’t understand the potential for profits is the only reason to start a business. Personally I would think twice before investing in Minnesota.
No politician raises taxes on their big donors. If taxes go up you can be assured loopholes will be created for wealthy donors. The middle class always pays.
Kamala is proposing “no” taxes on tips. Strange, Trump committed to this sometime ago, She’s like a little kid shouting “me too.”
Kamala is proposing a major corporate tax hike. What Democrats have never understood is corporations don’t pay taxes. Corporate taxes are passed on to the consumer. Higher corporate taxes equate to higher prices at the checkout counter and more inflation. Corporate taxes are simply hidden taxes on consumers.
Trump’s goal is lower corporate taxes, making goods produced in America cheaper and more competitive on the world market. If Congress passes Trump’s proposal, corporations would bring their factories back and invest in America. They could justify expanding, hiring more workers and paying higher wages.
New employees would become taxpayers covering revenue losses caused by a corporate tax cut.
When a corporation is profitable, the value of their stock goes up. The value of pension plans and individual investments follow. Everyone wins!
It’s time to rein in Democrats’ lust for more taxes. I will wager that if we (the people) could get an honest accounting of waste, fraud, duplicate programs and overstaffing in government, we would be appalled. I believe we could fire one third of all government employees and not see a drop in service. In fact I suspect efficiency would go up once duplicity and over regulation is eliminated. Once the slackers realize their cushy jobs are in jeopardy, they may put in an honest day’s work.
Trump stands for less taxes and smaller government. Democrats for more taxes and a bigger, more powerful, invasive government.
The choice should be simple!
Don Sorensen
Albert Lea