Summary
As I recall, a number of years ago much was made about the "wealthy" yacht owners whose taxes needed to be raised ("Corporate- jet makers take a stand," Web, News, Monday). As a result, the "wealthy" stopped buying yachts and about 100,000 or more middle- class workers who built and serviced the yachts lost their jobs. This meant devastation on middle-class families and a reduction of tax revenues - a double loss.
What will happen if taxes are raised on corporate-jet owners and oil companies as suggested by the president? The workers at the jet manufacturing plants and service industry companies, as well as other service workers, would face the same devastating fate as the yacht workers who lost their jobs. Also, raising taxes on oil companies would be devastating to the middle class. The oil companies would raise the price of a gallon of gas, now hovering at about $3.80 per gallon, in order to recover any tax increase. The higher gasoline prices would lead to higher prices for groceries and other consumer goods because of the increased cost of transportation because of increased taxes.See the full content of this document
Extract
Raising 'Jet Owner' Taxes Hurts Middle Class
President Obama must remember that bu...
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