To the Editor:
President Obama’s “tax the rich” will indeed hurt the poor and middle class.
Here’s why: The rich, identified as those making $250,000 a year or more, are considered the upper two percent of wage earners. Some are the super rich, but most are not. Most of the two percent have a small business which employs 70 percent of the workers in the United States.
These places are supermarkets, laundries and pizza shops. Those employers file their taxes as individuals or as an “S” corporation. They may work as many as 12 to 16 hours a day to keep their business afloat. When their taxes are increased, their bottom line is such that they will have to let employees go to stay in business. Sure, Uncle Sam will get new taxes, but the laid off workers will stop paying theirs. With the new unemployed people, more tax money will have to be spent to provide their unemployment compensation, food stamps and more.
Raising taxes on the rich will only cause more unemployment and less money coming into the treasury. Companies are cutting back now because of unaffordable tax hikes in Obama Care which is coming next month. You may feel good that the rich will pay more tax, but you or others may lose their job and our country go further in debt.