New Castle News
NEW CASTLE —
Editor, The News:
On Oct. 18, you published an article about the consequences of President Obama’s deficit reduction and tax plans.
I think it was lacking some big-picture perspective, so here is an overview of the president’s balanced approach to deficit reduction.
First, the plan includes significant spending cuts and asks those most able to pay to pay a little more by allowing the Bush era high-end tax cuts to expire.
Second, independent analyses have shown that fewer than 4 percent of small businesses would be affected by the expiration of those tax cuts.
Third, Obama has cut taxes and prevented tax hikes for small businesses 18 times during his first term. Those are just facts.
Obama has said over and over that the corporate tax rate is too high. That’s why he has worked to reduce the marginal corporate tax rate to 25 percent and limit the deductions/loopholes that allow multibillion-dollar corporations to pay almost no taxes at all.
His plan also limits deductions companies can take for outsourcing jobs to other countries. Your article suggested that the president’s leadership on deficit reduction made him anti-business. Smaller deficits are good for small businesses and their workers in this great country.
Thank you for your continuing coverage of this year’s elections.
West Neshannock Avenue