A Short Memory

So now, when Congress isn't busy wiping out our civil liberties under the guise of patriotism and anti-terrorism, they're working up a big pile of corporate welfare style tax breaks.   Big tax cuts for corporations, some retroactive going back years!   This is to "stimulate the economy by enabling employers to create jobs."   This sounds suspiciously like the trickle-down economics of the early 1980s.

In theory, it may sound like a good way to go, but in fact, we've already seen what happens.   In the 1980s, companies took advantage of their enhanced financial position -- not to create jobs, but to buy up competitors -- and lay off employees. This all went on while the lost tax income caused the budget deficit to skyrocket.

If folks on Capitol Hill really want to boost the economy, I suggest they move the income tax brackets upward.   This should have been done a year ago, instead of the make the rich richer approach.   Raising the brackets would increase the amount of money low income families could make without paying any taxes.   In general, such a move would benefit the largest number of people and boost consumer spending.

D. W. Thomas 27 October 2001