Raising taxes on rich would boost consumers

Chip Davey was correct in saying that commerce and business will lead the recovery (“Private businesses will lead economic recovery,” Star-Advertiser, Letters, March 12). However, those businesses need consumers. Public employees and other families are consumers. Love’s Bakery did not close due to a sudden tax hike or minimum wage jump. It lacked sufficient consumers.

I am most disturbed by House Speaker Scott Saiki’s quadruple committee assignment to Senate Bill 56, a progressive tax bill. Requiring the bill to be heard in four committees is a subtle way to kill the bill. Does he think he is protecting business?

Taxing top income earners makes sense. They are not hurting in this economy. They are profiting handsomely. According to public radio’s Marketplace Report, the wealthiest 100 people saw their wealth increase by $589 billion during the pandemic.

To save businesses like Love’s, we need to shift tax burden away from consumers who drive commerce, to those who earn so much they save a lot. While saving is good, now is the time to get consumer spending back.