Taxes

On Monday, a guest column appeared in the Opinion section of The Oregonian, titled "What the numbers tell us" and written by Ray Link, a CPA and chief financial officer of FEI Company. He begins by stating that "Unlike Joe [Biden], I have no real issue with high-income people paying more taxes, although I can't say I ever felt it was my patriotic duty." His contention is that higher taxes are not a duty for wealthy Americans, but they make financial sense for those individuals when the broader economic picture is looked at. He writes:

The key then seems to be a combination of modest tax rates coupled with modest deficits, and it's hard to have a modest deficit with really low tax rates.

As one of those "fat cat" Republicans in the maximum marginal tax rate, I'd gladly pay another 4.6 percent in tax on income above $300,000 if it resulted in higher returns on my investments and helped lower the deficit that otherwise is eroding my purchasing power.

In Link's opinion, he and other high income earners stand to gain more than they lose when their taxes are raised, particularly by such a small percentage.

Link finishes his opinion with an apology, to that other Joe, Joe the Plumber, saying, "So sorry, Joe, I'll pay more. Not because it's my patriotic duty. It's just good business."