The Advocate front-page Associated Press article on Oct. 27, “Top 1% income climbs 275%,” is classic class warfare in support of the Obama administration’s efforts to raise taxes.
Yes, the pay of the top 1 percent has climbed. I, for one, am astonished at the compensation of professional athletes, movie stars, some CEOs and others. However, the compensation earned by the top people is what the market will pay for their services. This is our system — the land of opportunity. The lower-paid people should aspire to climb the income ladder.
More taxes on the top 1 percent is not the answer to the country’s fiscal problems. The problem facing the country is too much spending. More tax money will only lead to more spending. We need the government to control the spending, not the earnings of its citizens.
The Associated Press article further states, “Those at the bottom experienced an 18 percent increase.” However, the minimum wage in 1979 was $2.90 and in 2011 is $5.85 — an increase of more than 100 percent. So numbers can be skewed to make a point. After all, the bottom 40 percent do not pay any income tax. So the top 60 percent already are loaded with 100 percent of the income tax.
The class-warfare campaign is in full swing.
retired corporate benefits director