To the Editor: Am I the only one confused? President Obama spent most of his campaign and the last two years of his administration “Bush bashing,” stating, more or less, that we are in this mess because of the previous eight years of George W. Okay, I and many others felt that this was an accurate statement.
Now, with the president seeking to extend the “Bush era” tax cuts, he is sending a mixed message. Confused yet? He also plans to extend those tax cuts for the wealthy and extremely wealthy, with the theory that those wealthy will spend those tax savings and create gainful, sustainable employment for us, you, your family and your neighbors. More confusing?
One lesson that has been sadly overlooked is that the flaw with Bush’s original plan was the lack of accountability. And this proposal fails to address that same characteristic.
Therefore, I believe that extending those tax cuts for the wealthy is shortsighted. What would make more sense would be to double the tax deductions for charitable donations of $1 million-plus, making it a $2 million deduction. Those donations could go for everything for assisted living housing developments to green energy.
Given this type of incentive and a process of accountability, employment would bounce back in a heartbeat. Get it?
These people have the money they are not currently re-investing into mainstream America. That is why we have to borrow billions from China. Without such incentives and accountability, the theory of generating sustainable employment opportunities will only be a pipe dream. Happy Holidays.
Ken Lay
Edgartown
