FISCAL POLICY
High earners, make your specific case
Now that the election is over, the "fiscal cliff" dominates the news. One particular point of contention is whether to raise taxes on the wealthy. It occurred to me that while corporate America in general is not bashful about expressing opinions, we have a real shortage of wealthy people who are willing to make their case.
Just a few moments on Google reveal that the CEO of Target, Gregg Steinhafel, and the former CEO of 3M, George Buckley, both had compensation of roughly $23 million in 2011. Each received about $1.5 million in salary (taxed at normal rates) and the rest in bonuses, stock options and other compensation, much of which is taxed at capital-gains rates of 15 percent.
I invite them to explain to us voters in Minnesota why we should urge our U.S. senators and representatives to renew the Bush tax cuts for people making more than $250,000. Tell us how many personal employees you have now, and what you plan to do with them if taxes go up. How many additional personal employees you will hire if your taxes do not go up? We are told (endlessly) that raising taxes on the wealthy is a job killer. Please confirm or deny.
JOHN DEITERING, BUFFALO
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A fair and balanced approach to the debt crisis does not include cutting Medicare, Medicaid and Social Security. These programs are not the real problem, and should not be part of spending cuts. Republicans are attempting to take advantage of the debt crises to damage and destroy these programs, as they have attempted to do since the programs' inception.
The middle class and working poor have fared poorly these past 30 years, as reflected in flat wages, decreased or eliminated benefits, diminished bargaining power, loss of jobs or underemployment, and stagnant mobility. At the same time, the economic elite, especially the top 1 percent, have influenced policies that have ensured excessive wealth, resulting in extreme income inequality, while negatively impacting our general well-being and democracy.
There would be nothing "fair" nor "balanced" about asking the already hurting middle class and working poor, to say nothing of the very poor, to pay their so-called fair share. The debt crises was not caused by Main Street, but by Wall Street and corporate and CEO greed, the Bush tax cuts, two unpaid for wars, deregulation, tax subsidies to big oil and big agriculture and the like, and a bloated defense budget, which isn't a defense budget at all, but a profit machine for the industrial-military complex and its associates. Payment has already been extracted from the middle class and working poor. It's time for solutions that are just.