Letter | Misinformation about federal taxes
William Ressegue, in his Feb. 30 letter proposing a federal sales tax, repeats the illogical “rich will pay more. Like the top 5% income earners, he favors the rich not to pay their fair share. There are fixed costs of living, housing defense, public roads, law and fire protection and health care that we all pay. The middle class would pay a much higher proportion of their income for these costs than those top earners would under a flat federal tax.
Ressegue also does not mention that we all already equally pay federal taxes: excise, gas, tolls, cable, phone utilities, and in states, sales tax and more utility tax.
FYI: Trump’s tax cut did not get corporations to spend more money on research and development, or new jobs. Already our GDP is falling and so is the job increase numbers. Meanwhile his tax cut will have the US deficit at $1 trillion by the end of this year.
Then there is the myth about our national debt. The federal government’s assets are over $120 trillion, earning power as good as ever, and China, Germany and Japan are our highest US Treasury Bond buyers. We could lower some huge costs, like a military budget with equipment inefficiencies, 10 times the total of all other advanced nations of the world.