Don’t Cut Wall Street Bums’ Taxes

The Wall Street bums who demanded bonuses for wrecking their companies and the U.S. economy, don’t deserve a tax cut. Congress should even consider raising taxes on them and other members of upper income groups to replace the money that would otherwise be collected from those earning far less.

Republicans who argue that cutting taxes for the upper income group would allow small business owners to create new jobs, ignore the fact that most of those who make over $250,000 a year don’t own small businesses. Executives of Wall Street and other large corporations aren’t going to reinvest their money to expand their business. If they invest in stocks, it will be to bid up the prices of existing stocks.

Neither overpaid athletes nor entertainers.are likely to use their money to create jobs.

Congress can encourage small business owners to invest in new jobs without giving everyone else a tax cut. All Congress has to do is authorize small business owners to deduct investment in buildings and equipment immediately instead of requiring them to spread out the deduction over several years through depreciation.

Congress has already “rewarded” the Wall Street bums by giving them bonuses for wrecking their companies and the economy. It shouldn’t reward them again by cutting their taxes.

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