First let me say that I don’t mean to pick on Edward Golden, (Wednesday letters, “Trust fund money already spoken for.”) He is just representative of those who have been suckered by the liberal Kool Aid drinkers. His letter hit me just after my reply to Rep. Rick Larsen on the subject of his proposed use of the Social Security trust fund.
First, Golden is correct: there is no money in the trust fund. It has been spent for decades by mostly Democrat-controlled Congresses, but the Republicans must shoulder some share of the blame, as it continues today.
However, as for the tax rate cuts pushed through by President Bush, Golden has been misled. Every income tax paying American got a tax cut. The biggest recipients of these tax cuts are the lowest income Americans; they now pay no income tax at all. A family of four earning under about $40,000 now pay no income tax. You can’t get a bigger tax cut than that.
As a result of these tax rate reductions, referred to by many leading Democrats as “a risky scheme,” we are seeing a huge increase in revenue to the federal government. This is the same result seen by Presidents Kennedy and Reagan when each of them instituted similar tax cuts. Economics 101; some people just don’t seem to learn.
Fred C. Howard
Snohomish
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