To the Editor:
In the presidential election, it is construed that the people voted for collective bargaining rights of unions, traditional Medicare, Social Security, Obamacare and ending the Bush tax cuts, which would raise tax rates on especially the richest 1 percent, preferably also on millionaires, back to rates under President Bill Clinton.
Nationally, wage and salary earners pay income-tax rates up to 35 percent maximum, while the capital gains tax rate is 14 percent maximum.
Republicans, favoring the rich, want to take from earned benefits, namely Medicare and Social Security, in order to cover the Bush tax cuts on investment income for 10 years again.
The richest 1 percent will report 67 percent of total capital gains next year. The richest one-fifth of taxpayers will report 94 percent of such gains. Multimillionaire Mitt Romney proposed cutting taxes for the wealthiest more than President Barack Obama. Wage and salary earners pay higher tax rates than stock, bond owners who pay just 14 percent maximum.
The Bush tax cuts for the rich did not improve the economy and will not.
People also voted for reliable Medicare without privatization. And Obamacare is urgently needed.
Conservatives create more wealth for the very rich by taxing investment income 14 percent maximum, and squelching collective bargaining rights of unions.
Taxes enable revenue for public services of firefighters, teachers.
Revenue from taxes also is needed to lower the deficit.