I am writing in support of the recent letter from Mary Black regarding what the government can do to actually help small businesses. As a small-business owner, I can tell you that Black’s letter is 100 percent accurate.
The Republicans have talked a good game for the last 30 years regarding the importance of small businesses to the American economy and what should be done to ensure their success.
Now is the time for the Republican Party to do the right thing rather than just talk about it.
A simple majority vote in the U.S. House of Representatives to renew the Bush tax cuts for everyone making less than $250,000 per year would benefit 98 percent of Americans and 97 percent of small businesses. Once the House passes this, the Senate will quickly follow suit and the president will sign off on it immediately. Crisis averted.
However, I do not see this happening for a very simple reason. In spite of the large number of people who have been fooled into thinking that the Republicans have their interests at heart, the real constituents of that party are the ultra rich and big business. The GOP will not take any step that will benefit the rest of us if that faction’s interests are not served.
Republican politicians constantly take the position that benefiting the rich will trickle down to the rest of us in the form of jobs, higher government revenues etc.
Even a brief reading of American history since World War II shows this notion to be totally false. All of our greatest economic booms have come when our top marginal tax rates were much higher than they are now. All of our biggest busts have occurred when tax rates on the rich were low.
Ronald Reagan lowered taxes in the early ’80s on the theory that this would result in higher federal revenues. Instead, the result was a national debt that went from $900 billion to $2.7 trillion in just eight years.
George Bush lowered taxes in 2001 and 2003 and we all know what happened next.
The Republican notion of how our economy works is false. Very few mainstream economists support it. As we have proven over and over again, the only reliable result of lowering taxes on rich folks is that rich folks get richer. The rest of us get poorer.
Contact your representative in Congress. Urge him or her to vote to renew the tax cuts for the middle class today. The ultrarich are quite capable of taking care of themselves.