2017-11-16 / Letters

Dynastic, corporate wealth hurts USA; why exempt churches?

To the editor:

A Northport resident recently wrote that the wealthy pay their “fair share” of taxes. He pointed to the tax restructuring in the Kennedy era that doubled down in the Reagan years with a cut that benefitted the wealthy even more. What he did not mention was Reagan’s golden gift to the super rich: The Dynasty Trusts. Previously, family trusts were for 90 years only. Under Reagan’s Rodeo Drive giveaway, those trusts are now protected in perpetuity; thus allowing the super-rich to pass on money and property largely free from taxes. Our imagined meritocracy is systematically being replaced by a permanent aristocracy. Today, 6 out of 10 of America’s wealthiest did not earn their fortunes, but instead inherited them. Like our “president”, business “success” was having won the sperm lottery by being born to parents with wealth to pass along. Where do these inheritors invest the money they allow to show on their tax returns? Corporations. Big news this week: Apple may have hidden up to $252 billion in profits in offshore accounts. Hidden. From taxation. U.S. corporate wealth hiding in off shore accounts is estimated at around $2.1 Trillion. Churches “earn” $82.5 billion annually- tax free; even though they regularly violate the nontaxable rules by throwing their weight around elections, candidates and issues on a regular basis. If there is no taxation without representation, there should be no representation without taxation. Our democracy is not being undermined by middle and lower income families asking “too much” from our own government. It is being undermined by dynastic and corporate wealth that can afford the teams of attorneys and accountants whose sole job is finding ways to hide their massive wealth from taxes; the only source of federal funding that allows this country to continue functioning. So “fair share”, my rear end.

Mimi DiFrancesca Heberlein
P.O. Box 719
Northport

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Oh, she understands. And yes,

Oh, she understands. And yes, there is no one representing the rest of us. Let's do something about that.

Couldn't have said it better,

Couldn't have said it better, so true Brad

The writer is correct on all

The writer is correct on all counts. The only thing she doesn't understand is the regular US citizen has no one representing their interests. We should start in our voting districts to weed them out.