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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