Howard Moye’s Jan. 26 letter in support of former U.S. House Speaker Newt Gingrich was disappointing. He complains, as do I, about the exporting of American jobs overseas, then ignores Gingrich’s record on the issue. In 1993, Gingrich voted for free trade with Mexico and Canada. In 1994, he voted to create the World Trade Organization. And in 1998, he voted for most favored trade status with China. Both he and former President Bill Clinton destroyed the positives of Reaganomics. Tax breaks to millionaire investors now go to create jobs in Mexico and China, not the United States.
President Barack Obama has done no better. He has signed and bragged about new free trade agreements with North Korea, Panama and Columbia. Both Gingrich and Obama claim U.S. labor can compete with anyone in the world on a fair playing field. True, but the playing field is not fair. American labor costs $34.74 an hour, Mexico $6.23, North Korea at $16.62 and China about $2. On this issue, both Obama and Gingrich are in agreement.
Further disappointment comes from accusations that Obama is ushering in some Marxist/Socialist regime. Asking the mega-rich to pay 30 percent to balance the budget is far less than many presidents have asked including Reagan, Richard Nixon, John Kennedy and Dwight Eisenhower. Obama’s proposed military cuts are not so different than President George Bush’s cuts after the Soviet collapse. Were those presidents Marxist?
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Comments
For now we reap the tax policies of greed & wealth consolidation
As one of those independent moderates, I'm sick of both parties and their self-serving policies of incumbency at all costs, and both parties feed at the same big money banquet. We are reaping the whirlwind of the tax-cut mania under one party Republican rule, whose tax policies tilted the scales toward wealth rather than producing anything such as jobs or products.
Great response
sc9484 is right! Obama wants to raise capital gains or investment taxes to 30%, which will affect ALL investors, not just millionaires. Investing in publicly traded, American companies should be incentivized, not de-incentivized. Mitt Romney is a moderate Republican with the tools necessary to bring both parties together to get the job done.
Our outdated tax code means
Our outdated tax code means that a rich person can find enough loopholes to pay little tax. Obama can raise the rates but until the millions of loopholes and dodges are corrected then tax revenue will not increase much. Best thing to do is have all payroll go directly to the government. The Obama could take what he needed and return to the worker what Obama thinks they need.
Tax rate
The rich you speak of already pay a 35% tax rate. The lower rates (15%) apply only to investments. Obama is assuming, correctly, that most people do not know the differance. And I am sure the percentage of people in this income range would appreciate a 5% reduction in taxes.
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