Las Vegas Sun

March 28, 2024

Letter to the editor:

Generosity to rich will never pay off

In 2001 and 2003, tax reductions were given mostly to the rich. These are the people currently called the job creators. In the past 10 years, let’s review what happened.

The job creators, in the form of large corporations, have amassed $2 trillion to $3 trillion in cash; so much so that the banks are saying they don’t want any more cash.

Large corporations have made record profits, laid off hundreds of thousands of employees, sent those jobs overseas and given massive bonuses to CEOs for the improved bottom line while leaving their employees with fewer benefits and additional work and responsibilities with no more salary. The job creators don’t seem to share with anyone except themselves. Wasn’t there a lesson there?

Giving the rich more money does not benefit anyone but the rich. The above-mentioned bottom line improvement was at the expense of the workers. Now the Republicans want to reward rich people and corporations by continuing more of the same.

The IRS, by offering an amnesty program with no jail time to people with offshore accounts, has collected almost $2 billion.

If the Republicans are trying to create jobs using Gov. Rick Perry’s example, they will be all minimum wage jobs (unless they do away with the minimum wage law) with no benefits and no health insurance. Then the unemployment problem will go away and the rich will get richer.

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