Well-to-do dine on China

Republicans have been cutting taxes for 30 years. Has your tax burden decreased? The richest Americans have seen their tax rates cut in half.

Republicans tell us the rich need big tax breaks so they can invest and create jobs. They recently extended the Bush-era tax cuts for the wealthy, handing the rich an extra $4 trillion to invest over the next 10 years.

The rich invest where they make the most money. Jeffrey Immelt, General Electric’s CEO, stated in 2002: “When I am talking to GE managers, I talk China, China, China, China, China.”

A few recent headlines: “General Electric Plans to Invest $2 Billion in China,” Bloomberg, Nov. 9, 2010.

“Coca-Cola to Invest $2 Billion in China,” Bloomberg, March 6, 2009.

“Microsoft Plans $1 Billion Investment in China R&D,” Industry Week, Nov. 3, 2008.

“PepsiCo to invest $2.5 billion more in China,” Reuters, May 21, 2010.

And the list goes on.

This single Republican tax-cut extension for the rich will, by itself, send America $4 trillion deeper into debt ($27,000 per household) over the next 10 years.

Where do you think the rich will invest that money? And where will the resulting jobs go, Spokane or Shanghai?

Vern Stevens

Kellogg