Tax code needs changes
An article in the Herald by Stephen Ohlemacher highlighted for me the absolute need for changes in our Tax Code. If we are led to believe the very wealthy are paying a 35 percent tax rate as the tax tables imply, we are very naive.
The article stated that Eric Schoenberg and other members of a very wealthy group of other wealthy Americans called United for a Fair Economy (UFE) has a goal to raise taxes on rich people. The UFE raises awareness that concentrated wealth and power undermine the economy and corrupt democracy.
The UFE feels that "When it comes to taxes, not all income is created -- or taxed -- equal. Despite the time-honored value of rewarding hard work, our tax code gives preferential treatment to income derived from pre-existing wealth instead of income earned from work."
Schoenberg, while now a professor, should know since he inherited money, is very wealthy and paid only 1 percent tax on his income. He asks, "Do you think this is reasonable, that somebody in my circumstances should only be paying 1 percent of their income in tax?'
To quote the article, "Sen. Orrin Hatch of Utah, the top Republican on the Senate Finance Committee said he has a solution for rich people who want to pay more taxes: Write a check to the IRS. There's nothing stopping you."
That kind of arrogance permeates Washington and has no place in America.
Leo A. Dietrich