Breaking News Bar
posted: 3/1/2013 4:40 AM

Time for wealthy to pay fair share

hello
Success - Article sent! close
 

Time for wealthy to pay fair share

Tax increases and/or elimination of tax loop holes are essential in an effort to reduce the deficit. It has to be a balanced effort of reducing spending and increasing revenues (taxes).

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The major emphasis seems to be solely on reducing spending that primarily affects the middle class and I disagree with this approach. I believe the middle class remembers putting up $780 billion to bail out the many major financial institutions. Did they appreciate our bail out? Evidentially not, as they went back to business as usual greedily pursuing wealth with abandon.

Today, these institutions are spending large sums of money with their lobbyists to fight hard against any type of government regulations and any new taxes. Their complaint about regulations is that it involves too much red tape and government interference.

Well, I believe many will agree that the banks need to be monitored to insure correct conduct. Regarding taxes, most financial institutions have done an excellent job of avoiding taxes by establishing off shore subsidiaries in tax havens. Bank of America, JP Morgan Chase, Goldman Sachs and many other U.S. corporations have established off shore subsidiaries in countries with 0.0 percent corporate tax rate

This is not illegal but, when it comes to paying American taxes they want nothing to do with the good ol' U.S. of A. Offshore tax abuse is not just limited to Wall Street. Each and every year corporations and the wealthy are avoiding more than $100 billion in U.S. taxes by sheltering their income offshore.

It's not fair to balance the budget on the backs of the middle class. It is time for tax fairness that involves corporations and the wealthy to pay their fair share.

Ron Fuchs

St. Charles

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.