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April 19th, 2011 WW Editorial Staff | Letters to the Editor
 

Inbox: 9 Things About Taxes

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 9 Things The Rich Don't Want You To Know About Taxes

“…The tax code is mind-bogglingly complex…and really needs to be simplified.

…You seem to be proposing some sort of tax on savings like an undistributed profits tax, but this seems like a bad idea. [The companies’] savings act as an insurance, allowing companies to survive through tough times, decreasing the chance that they’ll go bankrupt. Forcing them to spend is very short-sighted; it might produce a boom in the short run, but will make them more vulnerable in the long term and thus kill jobs.

I also wonder what you have in mind in terms of reform. If you think we should just raise the tax on the rich, I think you’ll find that the rich are very clever and will figure out ways to keep their tax rates low due to the complexity you’ve discussed. If you think we can close every loophole, then I think you underestimate the complexity of the tax code and the ingenuity of those who would like to circumvent it. If you propose simplifying the tax code, I totally agree, though we all have to admit, that’s politically unfeasible (too many special interests who benefit from various exemptions and such).” —Joseph


“I created 50 jobs last year in the restaurant business. Each job took $50K in investment. The banks aren’t lending, so where is the money coming from? My high-income investors. So, you want to tax money away from high-income earners that I used to create jobs that pay from $10 to $40 per hour because you think high-income people just consume or waste it? Tell me again how many jobs TARP created at 300 million per? If you do not know how jobs are created, start a business and find out how difficult it is to create one.” —Eric Hoffer


“…The truth is, much of the job creation, especially coming out of the recession, is from…new businesses opened by poorer (as in unemployed) individuals. Many are sole proprietorships. What we are not seeing is corporations that are flush with cash, hiring. At least, not in this country. Some of these are building new factories in Asia and hiring many there, but that doesn’t help our own recovery unless you count the shareholders in the equation. That was supposed to be the goal of subsidizing businesses, so I have to agree with Dave—supply-side economics has simply funneled most of the money to large corporations and the rich with little return to the U.S. economy.” —Hal


CORRECTION: Last week’s story “Lost in Transition” gave an incorrect name for Tea Gillis when she began work at Northwest Natural Products, and erred in the agency to which Gillis has filed a complaint. Gillis went by Todd Mock, and Gillis’ complaint was filed with the federal Equal Employment Opportunity Commission. WW regrets the errors. 


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