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Letter: Extremely wealthy are just following the law

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Posted: Tuesday, January 14, 2014 12:00 am

This is a response to John Lucas’ letter “The extremely rich are the moochers,” Jan. 8, where he apparently blames the rich (specifically Mitt Romney) for paying a lesser percentage of their income than the middle class. The reality is that it is not the rich person’s fault for this never ending cry of inequality. They are merely taking deductions that the law prescribes through the Internal Revenue Code.

Early in President Barack Obama’s first term, the Democrats had the authority of all three branches of government. They could have passed laws relative to the Internal Revenue Code to rectify this inequality in the tax laws, but they chose to pass the Affordable Care Act instead.

I grow tired of hearing liberals, and even the president, constantly complaining about the rich not paying their fair share of taxes. They (the so-called rich) are only following the law as it is written and published.

F.W. “Bill” Stamos

Lodi

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16 comments:

  • John Lucas posted at 6:50 pm on Wed, Jan 15, 2014.

    John Lucas Posts: 2726

    If we adopted the policies of FDR we might again build the best middle class in the world. What you want is for people who disagree with you to not stand up and fight the mindlessly stupid economic ideas of Ronald Reagan which you so enthusiastically support. We have watched these ideas hollow out the middle class and put impossible pressures on those trying to live a decent life style. There is a disagreement over what to do about our economy. Those on my side will not sit by and watch this nonsense. You know why? It is because we also fear for your children and their progeny.

     
  • John Lucas posted at 6:37 pm on Wed, Jan 15, 2014.

    John Lucas Posts: 2726

    You have a very good point. It is what it is. Unless people stand up and shout about it nothing will happen. This has nothing to do with Democrats or Republicans, It has to do with basic fairness. I condemn any politician who is not against this nonsense no matter what party he is from. On the democratic side you have those that are close to the DNC. Shumer and Hillary come to mind.

     
  • Christina Welch posted at 6:18 pm on Wed, Jan 15, 2014.

    Christina Welch Posts: 94

    I couldn't agree more, Kevin. This massive debt is like the elephant in the room (or is it gorilla?) No one wants to address it as an interwoven piece of the economic picture and it has to be a consideration in any fiscal policies. And, it isn't just a problem unique to America. According to the IMF, this is a global issue.

    Check out: http://www.imf.org/external/pubs/ft/fandd/2012/06/claessens.htm
    "Until financial institutions, households, and governments in advanced economies return their balance sheets to sustainable levels of assets and debt, recovery from the worst global economic downturn since the Great Depression of the 1930s will be retarded."

    I agree with your TARP comment; it still disgusts me to think about all those bailouts and subsidies to corporate America. And now we are saddled with tons of debt as a nation, not just personally. And we have issues of income inequality, job creation, education, a slow recovery, etc etc etc. I wouldn't pretend to know the answer to all this. I do like some of your tax ideas to raise revenues, but I hope the politicians won't ignore the debt when figuring out how to spend it.

     
  • Kevin Paglia posted at 3:56 pm on Wed, Jan 15, 2014.

    Kevin Paglia Posts: 1881

    Thank you Christina. These are thoughts I had posted a few months back, last time this was discussed.

    I believe in trickle UP economics. That policies and education have to focus on creating more consumer disposable income WITHOUT creating more debt. Unfortunately in this society we are bombarded with the message that debt is good, that in order to be happy we have to spend money we don't have. I do not see our economy turning around until personal debt is addressed and dealt with.

    A side note: With Bush and Obama's massive TARP spending, I was saying should have gone to the lower class to pay off mortgages and car payments to free up more cash ad cause a purchasing spree that would have paid off in no time. It would have stopped MANY foreclosures, banks still would have gotten their money AND people would have seen immediate benefits.

     
  • Christina Welch posted at 9:07 am on Wed, Jan 15, 2014.

    Christina Welch Posts: 94

    Some really great ideas, Kevin. The really wealthy are paying about 15% on their iinvestment incomes, and I personally think it should be taxed like regular income. I know many economists say that will stifle investment in our economy, but I don't see how a modest, reasonable increase could hurt that much. Interesting idea with the sales tax; kinda like the VAT in Europe. And, yes, spending is definitely out of control, and I do see a connection between taxes and spending in our economy. Thanks for your thoughts!

     
  • John Lucas posted at 10:55 pm on Tue, Jan 14, 2014.

    John Lucas Posts: 2726

    Interesting. Kevin, how many extra hours do you have to work to pay taxes you would not have to pay if the uber wealthy paid their fair share? Those extra hours are time you put in for free because they do not pay their fair share. Working for free is slavery.

     
  • Bill Stamos posted at 7:54 pm on Tue, Jan 14, 2014.

    skilos Posts: 93

    The politicians are not likely to change the tax laws as they would create a firestorm of lobbyists who would certainly attack them. Not to mention the people who pay thousands of dollars for a plate at one of President Obama's fund raisers. Do people really believe the President's rhetoric?

     
  • Joanne Bobin posted at 6:20 pm on Tue, Jan 14, 2014.

    Joanne Bobin Posts: 4313

    Typical. Mr. Lucas mentions something that used to be legal and is no longer and all of the cons immediately think he is comparing slavery to the tax code. What a joke.

    If you really want to recognize division, Mr. Kinderman, look at what the TEA Party has done to the Republican party. Even the cons can't agree on what they want.

    The problem lies with the "so-called progressive movement?" No it doesn't. And to dismiss any racial motives? You must be kidding!

    Had a great time once again listening to a different coffee clache at Raley's discussing which racial epithets were suitable or acceptable to use these days...all the way from the N word to the D word for people of Italian heritage (for whom they held particular scorn).

    Here's a sample: "Did you see the article about the priest who molested boys?" "Oh, yeah - he's a D..a..g..o, isn't he? That figures - you can't trust Italians."

    And if you think this group was of the left-leaning inclination, think again.

     
  • Joe Baxter posted at 5:28 pm on Tue, Jan 14, 2014.

    Joe Baxter Posts: 1799

    Ever notice the liberals only offer up rich conservatives in their fist shaking rants? NEVER mention rich liberals. Wonder why that is?

     
  • Kevin Paglia posted at 2:28 pm on Tue, Jan 14, 2014.

    Kevin Paglia Posts: 1881

    I have been giving Mr. Lucas a hard time over this subject, but mainly because of his terminology. In previous discussions I have laid out what I would do to balance the scales.

    1) Investment income should be on a progressive scale just like regular income, peaking at 50%

    2) Sales tax on larger items should also be an increment. Starting with purchases over 10K, increase the % by 1% every 10K. Peaking at 20%

    3) A luxury tax on all properties after he primary residence, increasing with each property peaking at 20% over primary residence tax.

    BUT there also needs to be a change in mentality in the spending of the US. The federal government HAS to be held accountable to keeping a positive budget. Failure to do so should cost them their jobs. This is unlikely to happen since Liberals leaders love spending other peoples money.

     
  • Jerome Kinderman posted at 10:22 am on Tue, Jan 14, 2014.

    Jerome R Kinderman Posts: 2255

    So now conservatives are being likened to slavery?

    When will this utter nonsense end? For a number of years now anyone who would dare oppose this president because of his policies and ideology have been labeled as racists when clearly we are not. This kind of political dishonesty must end.

    I’m sick and tired of this so-called progressive movement that is doing nothing but divide this nation far deeper and wider than any conservative has ever done. Is this really the “hope” and “change” Barack Hussein Obama wanted? Since he’s never tamped down the dishonest rhetoric I would have to conclude that he is the leader and he must be quite happy with it.

    I fear for my children and their progeny. What kind of country are they going to be left with once the movement has completed it’s mission? These are dark times indeed.

     
  • Joe Baxter posted at 9:09 am on Tue, Jan 14, 2014.

    Joe Baxter Posts: 1799

    Obviously, there are many, many liberal very wealthy that didn't want the tax laws changed so they paid more so they didn't. It makes better press to demonize the wealthy people, incorrectly inferring most are conservatives, to further the liberal agenda. And, the low information voters eat it up like candy. Gimme some of that evil rich mans money. "Teach a man to fish and he will eat for a lifetime, give someone somebody elses fish and they will vote for you" . The Democratic ideology at its finest.

     
  • Joanne Bobin posted at 9:00 am on Tue, Jan 14, 2014.

    Joanne Bobin Posts: 4313

    Mr. Stamos claims the wealthy are "just following the tax laws."

    They are aided by the Republican Congress members who have continually refused to address the issue of changes to the tax code and closing loopholes that allow them to get away (figuratively) with murder at tax time. Along with all the other obstructionism they have committed for the past five years.

    The better tack for Republicans is to cut food stamps and unemployment benefits.

    Imagine the outcry if President Obama played politics like Chris Christie and his "either you support me or I cut you off at the knees" tactics.

    Too bad Christie will be out of contention for the 2016 election and the Republicans will be once again stuck with a clown car of candidates.

    Hope all the cons are ready for another 8 years of Democratic leadership in the White House!

     
  • Kevin Paglia posted at 8:13 am on Tue, Jan 14, 2014.

    Kevin Paglia Posts: 1881

    I see, now not only are hard working, successful people who manage hundreds, thousands or millions of jobs in their respective businesses "immoral" and "moochers". But according to Mr. Lucas, they are slave masters.

    I see the Liberal Political leaders are successfully doing their job in the vilification of anyone who is successful.

     
  • John Lucas posted at 2:31 am on Tue, Jan 14, 2014.

    John Lucas Posts: 2726

    I am tired of Conservatives whining about Liberals complaining about tax laws that are clearly unjust, unfair and immoral. Slavery used to be legal and the law got changed. The forcing of middle class taxpayers to take up the slack of moochers like Mitt Romney is a form of slavery. It is time to put an end to it.

     
  • John Lucas posted at 2:25 am on Tue, Jan 14, 2014.

    John Lucas Posts: 2726

    You are absolutely right, Mr Stamos. Mitt Romney is not the problem it is the law. It is way past time to change the law.

     

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