To the Editor:
The deficit could be reduced by trillions of dollars when the 2010 Bush-Obama-era tax cuts expired, but if Congress extends these big tax cuts to 2021, the deficit will be $11.6 trillion, with interest. If ended, the deficit will be halved, or under a manageable $6 trillion, which is CBO’s figure.
Halving the deficit can be done without gutting the New Deal programs, such food stamps and Medicaid.
The richest 1 percent had 21 percent of total U.S. income in 2011.
The wealthy also pay less on capital gains than wage/salary earners pay on personal income tax.
Other ways to reduce the deficit without endangering health, lives and society’s safety, many by increasing revenue from the wealthiest five percent:
The top 1 percent have only 22 percent effective tax, but doubling to 45 percent over a decade would add $3 trillion in taxes to reduce more deficit.
Closing individual tax loopholes would save another trillion over a decade. Business transaction fees on stocks and derivatives would add revenue, therefore cutting the deficit.
The deficit is used to eradicate the New Deal social safety net. Warren Buffet noted his class-level tax equals his $50,000 secretary’s, so this is not progressive taxing. Right-wingers should find all these trillions to reduce the deficit.