Skip to main content

It is time to quit picking on the rich

By
Community

Dear Editor,
Jerry Baird wants the rich to pay taxes like the low income people do. (Re: “It is time to come up with a new ‘ism,’” NLJ, March 14, 2019, page 3)
How is it that when 10 percent of the people pay 90 percent of the taxes and the bottom 50 percent pay less than 10 percent of the taxes that the rich are not paying enough. 
The rich pay about 40 percent on their taxable income. Taxable income is not gross because they are able to deduct business expenses. If people cannot deduct their cost of doing business, then why should they start a business if it does not make a profit for them.  No one starts a business just to provide jobs for other people.
Warren Buffett made a big mistake when he made the statement that his secretary paid more taxes than he does. He has stated that he only makes a salary of $100,000 a year, but you can be sure that his secretary makes more than that. Buffett  owns a large part of Berkshire Hathaway and as manager he can charge anything he wants as expenses to the company.  
The company can avoid many taxes by reinvesting its profits in other companies and increasing its net worth.  
When shareholders then sell their shares, they then pay capital gains tax in their profit. Wealthy people also contribute large sums to various charities and schools which reduces their taxable income. Many of our benefits are derived from these charities.
It is no secret that many people do every thing they can to avoid paying tax but sooner or later the IRS generally gets them
—Don Thorson

--- Online Subscribers: Please click here to log in to read this story and access all content.

Not an Online Subscriber? Click here for a one-week subscription for only $1!.