Questioning Sen. Inhofe's claim of class warfare
Regarding “Obama to push extension of some tax cuts” (Associated Press, July 10): U.S. Sen. Jim Inhofe, R-Tulsa, is claiming President Obama's call for higher taxes on the top income earners is creating “class warfare.” First, only 3 percent of American citizens and small businesses will be affected by the tax increase, according to the nonpartisan Tax Policy Center. As far as small businesses are concerned, according to the IRS, in 2009, among the 400 highest adjusted gross income earners — a group with an average net worth over $200 million each — at least 237 of them qualify as “small-business” owners. These “small-business” owners are actually hedge fund managers and law firm partners.
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Second, Obama has extended tax cuts for small businesses 18 times. If these tax cuts expire, 97 percent of taxpayers would see their taxes increase by $2,200 a year. Third, only one in 50 Americans makes over $250,000 a year. In Congress, almost one in two — 47 percent — are millionaires.
Damien Lodes, Moore
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