To the editor:
I would like to extend my thanks to Congressman Mike Michaud for his vote against the recently passed “millionaire tax bailout.” Although the final outcome was not what he and many others wished, his support was smart and admirable.
The Bush tax breaks have been on the books for eight years, and since then we’ve seen nothing but job losses. Reminiscent of the old trickle-down Reagan era theory, tax breaks for the rich don’t create jobs or help the economy — ever. And the opportunity to restore the federal coffers by the injection of billions of tax dollars paid by the rich has been lost for now.
This deal has not one but two millionaire bailouts: it will also slash the estate tax, known as the “Paris Hilton tax.” This second bailout will give a gigantic tax giveaway to a few thousand of the richest families in the country and add hundreds of billions to the national debt.
In addition to cutting income taxes for the rich, the bill threatens Social Security by lowering the payroll tax, which funds Social Security.
Republicans have been coming after Social Security for years, and this cut is the biggest threat to the program in decades. Why do they want to starve the retired, disabled and indigent?
Please continue to urge your representatives to consider the short- and long-term consequences of extending this law any further. The numbers speak for themselves. Let’s see Democrats and Republicans unite over this issue in two years, and ask the rich to pay their fair share, helping to restore the coffers of our country to a prosperous level.
Connie Tucker
Madawaska Lake Twp
