Idaho Mountain Express: Why the rich get richer

Wednesday, May 30, 2012

Why the rich get richer

The Republican holy grail of lower capital gains taxes is an abomination to common sense, which according to financial whiz Jim Cramer on CNBC has to do more with voters being uninformed than common sense. Let's change that now.

Many voters don't understand capital gains taxes. Capital gains only apply to those who have more money (capital) than they need.

Say they invest this extra money into a dividend-paying stock such as American Capital Agency Corp. While they sleep, that excess money earns them 16.90 percent while your savings (those of you who have any left) in the bank "earn" about 1 percent.

Those of you who vote "conservative" Republican, I have to ask you why you would want to conserve this gross injustice that is causing your family and 99 percent of the rest of us such financial harm while those who can financially help won't.

Idaho is not a wealthy state, yet Republicans time and time again cut programs that help the least fortunate (maybe you) and you support this with your vote for Republicans.

Why? Since GOP god Ronald Wilson Reagan enslaved us all to debt and cut capital gains taxes, those with excess "capital" can invest and pay less tax than you. Mitt Romney pays 13 percent income tax and is campaigning to reduce even that piddling amount for those who are most financially secure. Shameful.

The rest of us pay 28 percent income taxes or more! Here's why the rich get richer and you don't. If you, without excess money, put your hard-earned $3,000 in your "savings," bankers pay you $30 a year in interest less fees.

Mitt buys 100 shares of AGNC with his excess $3,000 and earns $500 a year in dividends. That's fair? Why shouldn't Mitt pay the same tax as us? No wonder you can't get ahead. Democrats need your vote to change this injustice. Please help vote out Republicans.

MARK COOK

Hailey

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