RE “LATE plan offers hope in debt battle’’ (Page A1, July 20): We should all just go to debtors’ prison and get it over with.
The latest debt-ceiling plan offers “hope’’ in the form of lower tax rates across the board, including for the wealthy. How can this reduce debt? By closing “loopholes.’’ Are these loopholes special tax breaks for oil companies, or offshore tax dodges for corporations that pay no taxes? Ha ha. No, the loopholes to be closed or curtailed are tax reductions for “mortgage interest, charitable deductions, retirement savings, and tax credits for families with children.’’ Add in the elimination of the new health care law’s national insurance plan for long-term and nursing care, and reduction of Social Security cost-of-living increases. Oh, and abolish the alternative minimum tax, “created to ensure that wealthy taxpayers paid a minimum amount of tax.’’
To summarize: If you are wealthy, you get your taxes cut, period. If you are not, then your overall taxes go up. If this weren’t so, the plan wouldn’t reduce debt, would it?
It’s almost funny that some Republicans are unsure if this proposal goes far enough. Meanwhile, the stock market had “its biggest jump this year.’’ No wonder.
REGARDING THE proposal of the so-called Gang of Six: Once again a plan to take care of the rich at the expense of the old and poor.
What about a plan to cut government pensions, government pay, and government perks?