Letter: Smart tax reform
To the Editor:
Over the past few decades the U.S. tax code has become a significant obstacle to prosperity and opportunity for, not only CT citizens, but all Americans. Any attempt at reducing taxes is met by opposition cries of “favoring the rich at the expense of the poor,” revealing their total lack of economic knowledge. The image conjured up is of Scrooge sitting on a pile of gold while everyone else is in rags.
In reality, lowering corporate and business taxes means they have funds for expansion, which provides new jobs. Wealthy individuals invest their money in venture capital for new businesses which provide opportunities and new jobs for the rest of us. We have the highest corporate taxes in the world which has caused many corporations to relocate overseas to lower tax regions. How does that help us?
Reducing taxes benefits middle income families when they can decide how best to spend or invest their hard-earned dollars. Instead we have politicians who use tax dollars to fund businesses that give them campaign money and boondoggles that fill volumes.
Not to mention, Americans collectively spend 9 billion hours just filing and complying with the IRS tax code. That is equivalent to building the Empire State skyscraper over 1,200 times!
History has shown that reducing taxes has been a boon for prosperity for all of us, including the poor. JFK’s tax cuts, enacted posthumously, Ronald Reagan’s tax plan, and even George Bush’s tax reform to some extent, all resulted in greater GDP and large increases in tax revenues.
Congressman Jim Himes should support a tax plan which provides individual and corporate tax relief, remove cronyism, and remove double taxation on profits made abroad.
Then watch our economic growth leap out of the 1% to 2% rate we’re told is the new norm.