Letter to the Editor: Taxing the rich won't help, says reader

Doesn’t it seem that all you hear from the President and the Democrats is “tax increase, tax increase,” and “tax the rich, tax the rich.” Well, according to the IRS there are 8,274 people who make over $10 million a year. That is a total of $240 billion dollars. Another 227,000 people earn a million or more a year. If you take all their money, it wouldn’t be enough to run the current government for a period of 20 days. Any tax increase passed by this administration will do nothing for the deficit. Doubling federal income taxes would raise $1.1 trillion – $400 billion shy of the deficit.

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