Friday, March 20, 2009
Regarding the Obama administration's plan to increase taxes on those with incomes over $250,000 ["Rich People's 'Fair Share,' " letters, March 14]:
Letter writer Laura Pickford listed a number of reasons why the wealthy should not be required to pay more in taxes. The key reason why they should do so, however, can be found on Page 1 of the same edition of the newspaper ["China Worried About U.S. Debt"].
The Chinese now have far greater leverage over us economically and militarily because they have largely financed our federal budget deficits of the past decade. Those deficits, which replaced large projected surpluses, were caused in part by unsustainable tax cuts for the wealthy championed by the previous administration.
Now we face a clear national emergency and the government needs to act to restore our economic system, but its options are limited. Unless those Americans who benefited the most from the last 30 years of changes in the world economy are willing to pay more to help put our fiscal house in order, America's options as a political, economic and military power will continue to be circumscribed.