Tax cut will make the rich richer and the poor poorer

Editor,

In defending his tax cut, President George Bush, and Sen. Pete Domenici, R-N.M., say it is fair because it gives something to everyone.

The truth is that you and I have paid money that will be unfairly given away to those who have not paid as much of a percentage as we have. The widening gap between rich and poor in this country is threatening to destroy the economy and clearly is a nonpartisan issue.

It is much like a Monopoly game, where one player winds up with all the property and eventually all the money, must make loans and forgive them just to continue playing the game for fun.

Higher taxation for the ultra-rich is the only way to reverse this trend, not a tax break. We need to raise rates on income of $1 million per year and more to more than fifty percent. Then lower rates for people earning less than $100,000 per year to 5-10 percent. With the average CEO making more than 400 times what the average employee makes in his company, up from 40 times in 1970, the income gap is out of control.

So much so, that it makes the United States uncompetitive in world mergers such as Daimler-Chrysler. Daimler's multi-billion dollar buyout of the Chrysler chief executive contracts has brought the merged company to virtual bankruptcy.

Give tax cuts to the middle class and see the spending bring back our economy; if not, see the world economy outpace us, and see two types of classes in the United States: the super-ultra rich and their slaves.

Call Congress today or suffer with me!

Enrique Montoya

Daily Lobo reader