Sunday, October 17, 2010

Mr. Hatch, tax cuts aren't going to do any good...

This is a letter I wrote to Orrin Hatch, our esteemed senator:

Mr. Hatch,

A few days ago, I read this article and I haven't been able to stop thinking about it since. You can find it here: http://www.tax.com/taxcom/taxblog.nsf/Permalink/UBEN-8A6TUW?OpenDocument

The article makes a startling assessment of the economy with the following statement: 85% of all the wealth is owned by the top 20% earners in the nation. With all this talk about how extending the tax cuts of the Bush Administration is going to help the economy, little notice is taken of this evidence. It is also worth noting that corporate America is sitting on a $2 Trillion pile of cash and they're not hiring.

What this shows is that for at least the last ten years, the rich have not been spending their money, they've been hoarding it. This confirms Robert Reich's statement that, "Giving tax breaks to rich people to get them to spend their money doesn't work. They've already spent all the money they want to spend."

So, I ask you, what makes you think that extending the tax cuts is going to help the economy?

Sincerely,

Scott Dunn
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