SHOULD THE new administration in Washington prevail, the United States is in for the largest redistribution of wealth since the advent of the income tax or the New Deal.
According to IRS data, the top half of tax return filers already pay 97 percent of total income tax collected. The other half, earning less than about $16 per hour, pay the remaining 3 percent. The top 10 percent, earning in excess of $100,000 per annum, contribute more than 70 percent of income tax revenues. Many small chapter S corporations, which employ millions, fall into this last category. The self-serving definitions of "middle class" and "rich" established by the administration are intended to distort the picture of taxpayer equity.
The proposal to phase out some deductions for charitable contributions and mortgage interest for the "rich" is blatant, ill-advised wealth redistribution, which would harm many charities hard hit by the economic downturn.
The so-called stimulus package, which is filled with pork, must eventually be paid for.
As a recent retiree who worked diligently for 45 years, lived within my means, invested conservatively, saved wisely, and paid bills in a timely manner without credit card debt, I resent the plans being put forward by Washington. I know that I am not alone. Is this the beginning of a new "silent majority"?