Favoring the rich burdens others

In election 2010, Democrats were significantly outspent by Republicans financed primarily by Wall Street, corporate America, oil, insurance and pharmaceutical companies and the very rich – all hoping to further their own well-being. Those contributions have, of course, resulted in a “quid pro quo” – legislation to serve their insatiable corporate and personal greed.

Republicans would cut taxes for the wealthy, even though in 2010 the 400 richest paid an average of 17 percent (less than half of the 35 percent highest rate).

Republicans would cut corporate taxes and provide tax breaks for money earned outside of the U.S., even though corporations have outsourced millions of jobs (over half of IBM’s employees are in other countries), they buy most goods from non-U.S. companies, they pay little income tax now (GE paid zero in 2010), and they already receive subsidies ($4 billion to oil companies in 2010).

Republicans would privatize programs, including Social Security and Medicare, and reduce government regulations, although that could result in outsourcing a huge number of jobs and in another deep recession.

Such “buying of America” will result in “a government of the rich, by the rich, and for the rich,” financed by the rest of us.

William E. Mahaney

Spokane