Income tax adjustment would provide security

The Gazette Opinion Staff
Published: March 9 2014 | 1:43 pm - Updated: 1 April 2014 | 9:21 am in

There is a vast plunder on Wall Street and across America which is impoverishing Main Street under a mountain of public and private debt.

Despite the hypocritical rhetoric, a large segment of the middle class is unable to find full-time work because of skewed financial policies. Domestic small-business entrepreneurs, the core of American commerce, have been devastated by counterproductive global policies favoring non-union hundred-billion-dollar multinational conglomerates that manipulate in effect U.S. zero percent tax rates.

However, there is a clear financial solution. The most reasonable and practical action, which will result in a boon for the middle class and economy, is adjustment to the U.S. income tax. All taxpayers with taxable income under $50,000 for the tax year should have a zero percent tax rate. The tax rates for taxable incomes $50,000 and higher should increase progressively on a scale to be determined.

The proposed middle class tax reduction provides a desperately required cushion of security favoring the employer and employee, which will break a continuously shrinking labor force and increasing dependency on the dole and concomitant federal debt.

The dynamics of the above U.S. tax adjustment will improve the economic status of middle class workers and enhance prospects for employment as well as more disposable income to the advantage of the economy.

George Black

Iowa City

 

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