Grace of wealth could be removed

Grace of wealth could be removed
 
Date January 31, 2006
Section(s) Opinion
Brief  
 
To the Editor:

If you want to toss out a big number, here’s one — 10 trillion. Yes, witha “t,” $10 trillion. According to a congressman who wants to eliminate corporate taxes, this is the amount of money sitting in off-shore banks. U.S. dollars are considered a stable currency. Ten trillion U.S. dollars. The human mind cannot sufficiently comprehend numbers so big.

Halliburton is among the corporations basing various businesses in the Caribbean to avoid taxation. All those unbid government contracts and no sense of loyalty or gratitude to give back any of it in the form of taxes. All of it outgoing, never to return to the U.S. and recirculate. Talk about no return of tax investment dollars. At least the poor returns tax money by spending it in their neighborhood grocery stores, etc.

How much love of money do you have to sit on all $10 trillion to keep from paying around $3 trillion, all the while crying about the need to cut corporate taxes to spur investment dollars. At any time, they could access $7 trillion by paying taxes. It truly hurts me to hear about President Bush talk about staying the course to keep this “great economy growing.” His bottom line is that the rich must keep more and more.

I would think there would be some kind of limit for even the most staunch capitalist who should say, “enough is enough.”

It may be worth the bribe of eliminating corporate taxes to get that $10 trillion back in the U.S. But there is no guarantee that the money would be re-invented in the United States. Capitalist lovers are taking their money overseas. Where will Whirlpool go with the remnants of Maytag? Mexico, perhaps?

All these years the average investor (middle-class income) was told to invest for the long run. Hold onto your stocks and you will be sure to see a good profit at retirement. Meanwhile, every so often you see “market down because of profit taking.” While you take the advice and not “play the market,” they’re taking out profits and now, pulling out altogether — ruining the stock profiles you have built up.

Don’t let the capitalists run you over with scare tactics, calling you a socialist. Our economy is God-given, not capitalist driven. Abuse it and God takes away his grace of wealth. When Hurricane Katrina hit New Orleans, looting by people called the poor was rampant. The Enron scandal — top to bottom abuses rage. I guess we deserve the future we are building to ourselves.

Stuart Allspach

Baxter

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