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Morning Sun
  • LETTER TO THE EDITOR: Nation's tax structure has bad foundation

  • Dear editor,



    I don’t know a lot about taxes because I refuse to work and pay them, but I don’t think it’s hypocritical of me to say taxable income of over $1,000,000 should be taxed at 35%, as it is now.

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  • Dear editor,
    I don’t know a lot about taxes because I refuse to work and pay them, but I don’t think it’s hypocritical of me to say taxable income of over $1,000,000 should be taxed at 35%, as it is now. Individuals, small businesses {100 people or less}, medical, legal, financial or other professionals with taxable income of over $500,000 probably should pay 30%, $300,000-$500,000 25%, $200,000-$300,000 20%, $100,000-$200,000 15%, $50,000-$100,000 10% and $20,000-$50,000 5%. Income under $20,000 should be exempt of income taxes. Ronald Reagan believed taxes on capital should be the same as on labor, but some would reduce taxes on capital gains or eliminate them altogether. Some want to lower corporate taxes and one candidate even said “corporations are people too” so if they are, let them pay taxes like people too. Many talk about getting rid of the tax loopholes, but taking away exemptions for home mortgages is bad for homeowners and counterproductive in stabilizing the housing market. Removing charitable deductions would be disastrous for churches and legitimate charities. When it comes to  non-profits I think many  of them should be removed as tax-free institutions. We must have more non-profits than, as we used to say, Carter has liver pills. Most of these nonprofits are part of a political industry that makes a lot of people wealthy and does it with taxpayers money, tax free, including Newt Gingrich who has made millions that way, tax free. If I were in business I would declare myself non-profit.
    Albert Newland
    Pittsburg
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