Tuesday, September 23, 2014

Letter to the Editor

Congressman Andy Barr's infrastructure "jobs" plan shows just how completely he has been bought and paid for by big money. A lesser-known reason why the rich oppose tax increases is that it forces the government to borrow from them, and they of course make interest on the loans. So instead of paying a necessary and fair share as taxes, they lend to the government and make more money! This drives up deficits, but they really don't care about deficits. In fact they like deficits, because they can use them as an excuse to cut social safety net programs.

Barr's plan calls for government bonds to be purchased by multi-national corporations. And not only will the corporations make interest on the bonds, they get tax breaks on the deal as well! Pretty sweet!

If the last 30 years have taught us anything, it is that the supposed trickle-down effects of Reaganomics are pure fantasy. Instead what you wind up with is trickle-up economics. The wealth of the top 1% and particularly the top .01% is skyrocketing. Corporate profits are at record high levels. Meanwhile everyone else struggles to keep their heads above water.

Barr's plan is more of the same - a sweetheart deal for corporations. How about some real tax reform instead?

1 comment:

Chris Heinz said...

This letter was published (edited) in the Herald Leader Wednesday, October 1, 2014.