Letter to the editor: Tax plan will get population hooked to the government trough | SummitDaily.com

Letter to the editor: Tax plan will get population hooked to the government trough

Henry Rissier

The proposed federal tax and spending are bombs, not in the positive vernacular, but in a very destructive way. With the word trillion being thrown around so often, it’s not easy to understand its immensity. A million seconds is 12 days, a billion seconds is 31 years and a trillion seconds is 31,688 years!

While real infrastructure spending is needed, the extra $3.5 trillion is an attempt to get a majority of the population hooked to the government trough, which will continue to cost trillions more in future years. For example, the proposed child tax credits are not need based, so nearly everyone gets them — the well off and the unemployed. We are told that they will be free because they are paid for by increasing revenue. That’s the same as saying my fancy dinner out was free because I used a credit card.

Just get the wealthiest Americans to pay their “fair share,” we are told. In 2018, the top 1% paid 40.1% of federal income taxes. The top 10% paid 71%. The bottom 50% paid 3%. If the government confiscated 100% of all billionaire wealth, the 2021 total would be $4.1 trillion, still short of the proposed $5 trillion.

Massive taxes and spending contribute to inflation. With an average over the past few decades at around 2%, the Federal Reserve’s August survey expects inflation to run 5.2% in the coming year and 4% for the next three. That’s before the new proposals.

If this concerns you, please let your representatives know.

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