Cumberland Times-News

Letters

January 20, 2013

There’s no reason these people shouldn’t pay higher taxes

“Our” Treasury secretary has the constitutional power to mint one platinum coin worth $1 trillion and put into “our” Federal Reserve.

There are other revenue sources that’ll absolve “our” budget deficit.

There should be more tax brackets at the top and higher rates in each of those brackets. Unfairly, the top bracket is now set at $388,350 with a tax rate of 35 percent; the second-highest bracket, at 33 percent, starts at $178,650 for individuals.

It’s unfair that the 400 richest Americans should pay an average of 17 percent tax on their incomes, a rate lower than that dutifully paid by most of us middle classers. That’s because so much of the income of the super-rich is considered capital gains, now taxed at a Romney low of 15 percent.

As you know, canceling the Bush tax cuts returns the capital gains rate to 20 percent and the top rate on income and dividends to 39.6 percent.

Sixty years ago Americans earning over $1 million in today’s dollars paid 55.2 percent in income taxes. If they were fairly taxed at that rate now, they’d collectively pay $80-plus billion annually which would reduce “our” budget deficit by about $1 trillion over the next 10 years.

Put a fair 2 percent surtax on the wealth of the richest 1/2 of 1 percent, each with over $7.2 million of assets. This would generate $70 billion annually. Put 1/2 of 1 percent tax on all financial transactions. This would save more than $300 billion annually.

We have close to 1,000 military bases around the globe. Not, cheap! Gut subsidies to profit-drowning monopolies. Resurrect Glass-Steagall. There is no fair reason that Wall Street bankers should be permitted to use “our” deposits, insured by “our” federal government, to place risky bets for exorbitant personal gain.

The entire financial system has turned into a Ponzi-like scam that’s enabled those very same banks to crater the global economy to write off their losses from their toxic deals, further depriving much-needed revenues which could’ve helped homeowners and small businesses.

We should either confiscate their ill-begotten largesse or fine them with jail time.

So, why is the gap between rich and poor greater in the United States than in any other developed country, and why, in “our” country, are those who are driven by personal greed and narrow self-interest empowered over those who extol social values like kindness, generosity, compassion, sharing, empathy, and community building?

“Our” plutocratic idiot-pawns write tax laws.

Bill Arnold

Romney, W.Va.

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Letters
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    April 17, 2014 1 Photo

  • What do we do about those who weren’t criminals after all?

    Now that Maryland has become the 17th state to (finally) decriminalize possession of marijuana, one could say that the legislature and governor should be patted on the back for doing the right thing.

    April 17, 2014

  • Which approach to the school makes sense?

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    I’ve read in the Cumberland Times-News that the current County Commissioners intend to spend $9 million to construct a new high school.

    April 16, 2014

  • H.O.G. Rally coming to Cumberland in June

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    April 16, 2014

  • Access to trout ponds hard for those who have trouble walking

    I took my 5-year-old grandson Easton, who lives in Cumberland, to the Evitts Creek three ponds on March 31, the day it was stocked with trout.He had the joy and excitement of catching his first trout and two more. I have a Maryland fishing license and trout stamp.

    April 16, 2014

  • Wait long enough; they will die off without being cared for

    The letter to the editor of April 14 (“Military veterans have few friends in Washington, D.C.”),  I am afraid, hit the nail on the head — sort of — about this next set of returning veterans.

    April 16, 2014

  • Translations differ, but the message is eternal

    This letter is in response to a recent letter titled “One cannot compromise on God’s word” (April 13 Times-News). I had previously written a letter titled “Why are compromises so difficult to achieve” (April 7).

    April 15, 2014

  • Closing the loopholes will help clear the regulatory waters

    After a decade of uncertainty over Clean Water Act jurisdiction following Supreme Court challenges in 2001 and 2006, the Environmental Protection Agency and Army Corps of Engineers announced a forthcoming administrative rule to close enforcement loopholes, restoring protections to 20 million acres of wetlands, more than half the nation’s streams, and drinking water for 117 million Americans.

    April 15, 2014

  • The first step Remember where your freedom comes from before criticizing

    The deal at Fort Hood could have been avoided if it was caught in time.
    When you think a GI is not acting right, have him or her checked out before you put them back on duty and give them a weapon. Post-traumatic stress disorder is a serious and dangerous problem if it is not taken care of right away.

    April 15, 2014 1 Photo

  • Midterm elections give chance to return to American values

    A movement has been started by veterans of our armed forces to get out the vote in 2014. That includes Coast Guard and Merchant Marine personnel for those not familiar with the history of both and their sacrifice. This is no small special interest  group, but many millions of Americans who can have an enormous impact on the  outcome of the November election if they all respond.

    April 14, 2014

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