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Updated: March 25, 2013 6:04AM
Balance the budget but fix our broken tax system
There’s talk about balancing the budget? Want to know how?
■ Eliminate tax havens. Each year $100 billion in revenue is lost. Nicholas Shaxson’s book “Treasure Islands” explains it all.
■ Fix the IRS. Pulitzer Prize winning author David Cay Johnston’s book “Perfectly Legal: The Covert Campaign to
Rig Our Tax System to Benefit the Super Rich — And Cheat Everybody Else”
explains it all. Johnston cites simple wording changes in forms would bring
in billions of revenue; antiquated IRS equipment; fewer workers allows billions in lost revenue; tax loopholes for the richest; the poor and middle class tax forms audited and pursued while the richest
get a pass; tax fraud; handcuffing the
IRS; whistle blowers intimidated, fired; powerful super rich controlling congress. And there’s much more in the book.
■ Big oil subsidies. Cutting special tax deductions, preferences and credits would save the government about $45 billion during the next 10 years. Exxon Mobil, which last year reported a record $45.2 billion profit, paid no IRS taxes and received a tax refund. Only one among the oil giants.
■ Taxes? In Britain a .5 percent tax on stock transactions raises about $40 billion a year. Far more would be raised here with no danger to our economy. Indiana citizens pay 7 percent. Wall Street pays nothing. President Sarkozy in France and Chancellor Merkel in Germany recently announced plans to introduce a similar tax in the 27 European nations.
■ Personal income tax rate for top bracket. In 1946-63 the rate was 88 percent and our economy boomed. In 2011 it was perhaps 14 percent, if collected. And our economy now?
Did “Bush” tax cuts, adding $3.3 trillion to the national debt, provide jobs?
Twenty corporations spent more on lobbyists than in taxes in 2010. Eighteen spent more on political contributions than in taxes. Reasonable?
Only an informed, aroused public
berating Congress can balance the
budget without decimating America’s
poor and middle classes.
Don’t do business with stores that sell violent toys
We the people need to be proactive and refuse to do retail business with any store that sells toys that teach our children violence such as guns and video games. Also, we need to refuse to do retail business with any store that sells or trades guns or other weapons that permit the murdering of our children.
Robert C. Perham
GOP wrong to oppose ADA, Violence Against Women acts
Why did the Republicans vote against the Americans with Disabilities Act and the Violence Against Women Act?
The Republicans seem to say and do stupid things.