From LaVern Isely
Monroe
To the editor:
Two authors wrote books concerning capitalism. Has capitalism failed? One of the books was written by an economist, Richard D. Wolff titled "Capitalism Hits the Fan: The Global Economic Meltdown and What To Do About It." The other one was written by John C. Bogle, founder of the Vanguard Group and his book is titled "The Battle For the Soul of Capitalism: How the financial system undermined social ideals, damaged trust in the markets, robbed investors of trillions - and what to do about it."
Since paying income tax should not be a crime, it means having a job that pays enough so one can pay income tax. This is the way the capitalist system is supposed to work. It's not supposed to have a system that has two sets of books, one to present to the shareholders, called cash accounting, to show how good the company is doing and the other one to figure your taxes on, called tax accounting or accrual accounting, is just an act of faith and hope the figures are true.
When any farmer makes out his income taxes on a yearly basis, he pays them on the net profit, not on the gross profit, which takes place after you add up the income you took in and deduct the cost of production. This is the net and the fairest way to know if you are making money and going to get the farm paid for, providing you don't have many bad habits, such as smoking, drinking or gambling, which are not tax deductible.
Bill Moyers on PBS had Richard Wolff on, interviewing him for the second time how our capitalist system is failing. He said the Cyprus banks were going to tax the insured bank accounts to pay off the debt and the government said that wasn't fair and they closed all the banks down for more than a week.
This is not the way any banking system should work and a good example here is the way Jamie Dimon is running JP Morgan, a big investment bank, which is the biggest derivative trader of the five biggest banks that control 95 percent of the derivatives market.
We are going to have to get our bills paid and hopefully not taxing the money in one's bank account, which is ridiculous, but tax the income and close down all of the offshore tax havens worldwide.
Monroe
To the editor:
Two authors wrote books concerning capitalism. Has capitalism failed? One of the books was written by an economist, Richard D. Wolff titled "Capitalism Hits the Fan: The Global Economic Meltdown and What To Do About It." The other one was written by John C. Bogle, founder of the Vanguard Group and his book is titled "The Battle For the Soul of Capitalism: How the financial system undermined social ideals, damaged trust in the markets, robbed investors of trillions - and what to do about it."
Since paying income tax should not be a crime, it means having a job that pays enough so one can pay income tax. This is the way the capitalist system is supposed to work. It's not supposed to have a system that has two sets of books, one to present to the shareholders, called cash accounting, to show how good the company is doing and the other one to figure your taxes on, called tax accounting or accrual accounting, is just an act of faith and hope the figures are true.
When any farmer makes out his income taxes on a yearly basis, he pays them on the net profit, not on the gross profit, which takes place after you add up the income you took in and deduct the cost of production. This is the net and the fairest way to know if you are making money and going to get the farm paid for, providing you don't have many bad habits, such as smoking, drinking or gambling, which are not tax deductible.
Bill Moyers on PBS had Richard Wolff on, interviewing him for the second time how our capitalist system is failing. He said the Cyprus banks were going to tax the insured bank accounts to pay off the debt and the government said that wasn't fair and they closed all the banks down for more than a week.
This is not the way any banking system should work and a good example here is the way Jamie Dimon is running JP Morgan, a big investment bank, which is the biggest derivative trader of the five biggest banks that control 95 percent of the derivatives market.
We are going to have to get our bills paid and hopefully not taxing the money in one's bank account, which is ridiculous, but tax the income and close down all of the offshore tax havens worldwide.
