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Re: Increasing taxes on the ultra wealthy...
     
Dear Dr. Reier,

Referring to your “Letter to Mr. Obama,” published on CNO, I must admit that basically you would be right in your reasoning and in encouraging Mr. Obama to increase taxes on the ultra wealthy....

... if there wouldn’t be several problems:

1) the folks you mentioned belong to the group (of ultra wealthy people) of Obama’s greatest supporters (funds as well as in the usage of Internet and Social Media in the 2008 campaign)

2) therefore we cannot expect that he tries to tax them, which anyway is very difficult as

3) these folks know how to avoid paying taxes by moving their money from one foundation to the next, funding even more “progressive” projects. This leads to the fact that Obama will end up...

4) taxing the middle-class (to death) which will

5) get us even deeper in the mess than we are in right now

Based on these facts, I'm against any tax increases (a re-structuring of the whole tax-system would be much more effective and fair). Stop the insane spending orgy, make cuts and get back to conservative fiscal behavior - that's the way to go.

Within the next couple of weeks we will have an historical chance to get this country back on track. G.W. Bush once said that the war in Iraq wouldn’t cost a penny. He was right. His administration had a kind of Marshall-Plan for post-war Iraq (and the Middle East) which was also designed to help our economy. It was planned to pan out during his presidency, which - unfortunately - didn’t happen.

Here are the facts: the pre-war rate of the Iraqi Dinar was appx. $3.22 and dropped tremendoulsy with beginning of the war, making the Dinar literally worthless (right now, 1 Million Dinar is worth appx. $1170). The Iraqi Dinar will be revalued most likely within the next days or weeks. Ernst & Young suggested a rate of $0.86 to $1.34 per Dinar. The UN mentioned a couple of years ago in a document a rate of $1.134 per Dinar, Dr. Shabibi, the President of the CBI (Central Bank of Iraq) wants to have “the strongest currency in the Middle East” (based on their oil and gas) as it was in their “Golden Times” (= pre war = $3.22+). The USA owns appx. 3 to 3.5 Trillion Iraqi Dinar which they got at a rate of lower than the $1170). So, do the math, how much these Dinar will be worth after the re-evaluation!

This money can - no, it MUST - be used to bring this great country back on track! This money must be used to reduce the debt and not for funding of a dangerous agenda, which will only make America a copy of Europe, an Europe 2.0. Believe me, the vast majority of the Americans wouldn’t like it - a lot of Americans don’t know how blessed they are to be living in this great country! And being relieved from some burdens and having some money doesn’t mean that the cuts are not longer necessary. This re-start is a big chance to make real necessary changes!

Kurt J Fritsch
Greenville, OH


 
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