I find it appalling, although not surprising, that the liberal columnist Robert Samuelson, from the liberal Washington Post got his panties in a twist over the Romney tax plan (Herald, Aug. 12). These guys have no problem at all with the fact that 50 percent of Americans do not pay any federal income tax and clearly intend to keep it that way. On the other hand, they can’t wait to increase the capital gains and dividend tax from 15 percent to 28 percent, as that change would affect rich folks who buy hedge funds.
Samuelson neglected to mention that a very large part of the taxpayer community is made up of middle-class retirees who were smart or fortunate enough to have actually built during their working years an investment nest egg as part of their retirement plan. The nest egg is, almost always, after-tax money, i.e., the nest egg investments are accumulated after income tax – federal and state – has been paid. So, when income derived from investments is taxed, in effect you have been taxed twice. That is the reason the investment tax rates were lowered in 1997.
To raise these taxes is to damage those retirees who have taken responsibility for financing, to one degree or another, their own retirement. It is, once again, just another piece of the liberals’ redistribution of income plan. Unfortunately for those of us who believe in taking care of ourselves, that plan is patently unfair and just another stride in the liberal march toward socialism at the expense of capable, independent, tax-paying American citizens.
Brian Van Mols