From LaVern F. Isely
Monroe
To the editor:
If you're in politics, which all voters should be so they are representing the group that best exemplifies the class they are living in, you better understand how politics is working through both political parties - Democrats and Republicans.
This year, since Donald Trump got selected as the Republican candidate, who happens to be the first billionaire that I ever remember to run, which class of people is he going to represent? That would be the richest 1 percent or the 99 percent which are trying to work their way up the ladder, like President Franklin Roosevelt set up with about 10 different income tax brackets, starting out at about 10 percent and working all the way up to 90 percent.
He wanted to make sure the bills got paid, as well as the fact that we're going to win World War II when we were fighting at the same time - Germany and Japan. The wealthiest 1 percent didn't mind paying at 90 percent because they knew they would lose the most if we lost the war. Since we had about 10 different income tax brackets, all based on their ability to pay, everyone was carrying their fair burden.
The problem we have today with the political parties, especially the Republicans, is that they want a straight 10-percent flat tax like Sen. Ted Cruz and Carly Fiorina were advocating. If you were to follow that logic, what I read is that you would have to have at least a 23 percent flat tax to get the bills paid. That would have nothing to do with ability to pay or fairness.
Also, I hear the flat tax is based on earned income and those with unearned income pay no income tax. So, if you would be a retired billionaire, with $10 billion or even $50 billion, which Forbes 400 list says we have in this country, as well as around the world, that they would be exempt from paying federal income taxes.
Now all of this might sound legitimate if you believe all those billionaires make their money honestly and paying their federal income tax along the way but I've heard stories about all those tax loopholes and the foreign countries they are hiding their money in to evade taxes.
Then came the Panama Papers and you find out those greedy billionaires were ruthless.
Monroe
To the editor:
If you're in politics, which all voters should be so they are representing the group that best exemplifies the class they are living in, you better understand how politics is working through both political parties - Democrats and Republicans.
This year, since Donald Trump got selected as the Republican candidate, who happens to be the first billionaire that I ever remember to run, which class of people is he going to represent? That would be the richest 1 percent or the 99 percent which are trying to work their way up the ladder, like President Franklin Roosevelt set up with about 10 different income tax brackets, starting out at about 10 percent and working all the way up to 90 percent.
He wanted to make sure the bills got paid, as well as the fact that we're going to win World War II when we were fighting at the same time - Germany and Japan. The wealthiest 1 percent didn't mind paying at 90 percent because they knew they would lose the most if we lost the war. Since we had about 10 different income tax brackets, all based on their ability to pay, everyone was carrying their fair burden.
The problem we have today with the political parties, especially the Republicans, is that they want a straight 10-percent flat tax like Sen. Ted Cruz and Carly Fiorina were advocating. If you were to follow that logic, what I read is that you would have to have at least a 23 percent flat tax to get the bills paid. That would have nothing to do with ability to pay or fairness.
Also, I hear the flat tax is based on earned income and those with unearned income pay no income tax. So, if you would be a retired billionaire, with $10 billion or even $50 billion, which Forbes 400 list says we have in this country, as well as around the world, that they would be exempt from paying federal income taxes.
Now all of this might sound legitimate if you believe all those billionaires make their money honestly and paying their federal income tax along the way but I've heard stories about all those tax loopholes and the foreign countries they are hiding their money in to evade taxes.
Then came the Panama Papers and you find out those greedy billionaires were ruthless.
