As you are well aware, tax rates are one of the largest topics of this year’s presidential election. According to the Election Center on CNN Politics, one option considered is to not raise taxes on the middle class, but to raise taxes on the wealthy. That option also involves extending the Bush tax cut (for individuals earning less than $200,000 and for families earning less than $250,000). This option is not fair to many hard working Americans, and I hope you chose to deal with the tax rate situation differently. If an individual earns more money through hard work and dedication, they should not be punished for their success by having to pay a higher tax rate.

The option of raising taxes on the wealthy and extending the Bush tax cut only for people earning below a certain income would hurt small businesses and the economy. CNN Politics stated the majority of small business owners make over the $200,000 limit to receive the Bush tax cut. This means that small business owners and their families would have to pay more in taxes in the next four years. Small business owners would struggle to pay the increased amount, and that will hurt their business and eventually the economy. If there is even a slight dip in the economy it could too much for small businesses, and they would have to start laying off employees just to pay for bills and their increased taxes. This would leave more people unemployed and hurts the economy as a whole.

Why not just extend the Bush tax cut for all income? It’s definitely possible and is the best option in my opinion. This way not only is the middle class getting a needed tax cut, but so is the wealthy. The wealthy worked hard and earned their money, so it is only fair that they get the same tax cut. This also helps the small business owners who wouldn’t have qualified for the tax cuts under $200,000. Small businesses would be able to continue without having to worry about how they are going to pay for their increased taxes. They won’t need to lay off employees, and they can continue to help grow our economy.

Extending the Bush tax cut for individuals and families earning below a certain income is not the option that’s best for our country. The tax cut should be extended for all incomes. The middle and lower class will still get their tax cut, but the wealthy won’t be punished. Small businesses can continue to grow without needing to worry about higher taxes and that will have a direct positive effect on our economy. I hope you choose this option, because it is what’s best for America. Thank you for your time and consideration.