Colonel, you’ll pay soon enough
February 25, 2008
Colonel James Callard has cobbled together a bunch of quotes by self appointed experts to the effect that we should get out of Iraq now (Writers on the Range, Jan. 22). What concerns me, is the part of his argument resorting to the oft stated, but even more often, unexamined assertions that taxes on the wealthy have been cut and that class warfare has been created since the tax burden now falls on the less wealthy.
Fact is the rich pay plenty of tax and the Bush tax bill took millions of lower income Americans completely off the tax rolls. Callard is apparently unaware of the fact that tax receipts from dividends and capital gains are soaring and have been swelling the IRS coffers for months. This is called soaking the rich Bush style. Presidents from JFK forward have known that cutting taxes usually boosts revenues.
Callard should take heart. The Alternative Minimum Tax is still in place. With his indexed military retirement pay coupled with pay from two Colorado colleges, plus whatever investment income he has, he will soon be paying the AMT if he does not already do so. His tax bill will increase dramatically, just like the wealthy. That should assuage his fears that he and other millions of Americans are not paying their fair share.