I very seldom find that I agree with former Gov. Robert L. Ehrlich Jr.'s column, but I heartily endorse his last sentence, "Where's our Reagan?" ("Drawing insults, not fear, from our foes," March 30). If President Barack Obama's administration had the same IRS tax rates as did President Ronald Reagan, the United States would have close to a $1 trillion budget surplus rather than a $600 billion deficit.
How is that possible? Well, if we compare Mr. Obama's sixth year in office with Mr. Reagan's sixth year in office, we find that under President Obama the highest tax bracket is 39.5 percent whereas under President Reagan the highest tax bracket was 50 percent. Under President Obama, the long term capital gains tax is 15 percent whereas under President Reagan, it was 28 percent, almost twice the current rate.
If we were under President Reagan's tax rates, IRS collections would be close to $4.9 trillion and our current $3.9 trillion budget would provide the U.S. Treasury with about a trillion dollars that could be used to begin to pay off our national debt. That's a process that would erase our debt in less than 17 years, freeing future generations from having to shoulder this burden.
L.P. Gartner, Reisterstown-
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