Although they are not of his making, Jeffrey H. Birnbaum repeats three myths in his Thursday opinion column “Why this election will matter - for a change.” Unfortunately, many politicians and pundits hold these myths to be true.
The first is that “to finance good deeds [by government], taxes need to be increased on the rich.” About 70 percent of small businesses are defined by our president as “rich.” Increasing taxes on small businesses may raise some revenue, but it will shrink the economy and job creation even more.
The second myth is that, as Democrats believe, “taxes need to be increased on profitable corporations.” Although some knowledge of economics helps, it only takes common sense to understand that corporations don’t pay taxes - customers do. Once more, increasing corporate taxes may raise some revenue, but it will shrink the economy and job creation even more.
Finally, the “payroll-tax holiday” is not a reduction of a tax but an insurance premium on an employee’s Social Security pension. How it helps the economy and job creation depends on whether the employee’s holiday benefit is spent or saved. But either way, the holiday hastens the day of the Social Security trust fund’s bankruptcy.
GEORGE F. STEEG
Potomac Falls, Va.