taxes on the ultra wealthy...
TO: President Barack Obama
July 20, 2011
Subject: Necessity of increasing
taxes on ultra
wealthy individuals: If low taxes are good, why has the 21st century
disastrous for the country as a whole while simultaneously spawning a
a lifetime Republican millionaire
at age 76, I urge that you not depart from your commitment to increase
the ultra wealthy to levels approaching historic norms.
are Larry Page, Sergey Brin, Geoff
Yang, and Mark Zuckerberg? They are a group of young men hardly out of
tennis shoes that have made excessive fortunes on the Internet that was
by the United States Defense Department with hard earned American tax
at a time when they were in grade school.
social importance of taxing these
individuals at a higher rate might exceed that of the current economic
imperative. It would take only a few percent of their wealth to buy out
entire personal assets of the U. S. Congress (541 members), the Supreme
Justices, Federal Reserve Chairman and the President. Their wealth
capable of giving this entire group an extended employment contract of
million dollars each a year without even making a significant dent in
worth. This is power- power that exceeds that of the federal
they choose to use it.
Internet, our wonderful highway
system, the space shuttle and NASA technology, which we can no longer
were developed by the government during a period when high income
were taxed at a rate of 70-90%. Increasing taxes on the wealthy, whose
are products of technology funded by government tax dollars, is
the norm over the last half of the 20th century that has made this
great. These funds should only be used to return the nation to solvency
allow the government to fund projects worthy of the 21st century.
E. Reier MD