The Commercial-News, Danville, IL

January 2, 2013

We pay too many taxes


Commercial-News

DANVILLE — Editor:

As to Robert Mathews’ letter in the Dec 21 Commercial-News, he states that confiscated wealth is an illusion and more or less I do not understand the tax system.

I am 80 years old and have been retired for several years. I have had a small business for around 35 years and still have this business. I served in the Army during the Korean War and have paid taxes since my first job in 1950.

At the present time, I am paying a large amount to the IRS and real estate taxes and other hidden taxes, as we all do.

I have been fortunate and have some investments that we all have to pay 15 percent tax on, and this is on capital gains, which is not a loophole but a legal deduction that was passed and signed in law by a president.

This investment means security for later on and will mean that my wife or I will not have to go on state aid and use some of your tax dollars to keep us.

I might also note that Warren Buffett has investments in other countries and pays no taxes in our country on those investments. Also Jeffery Immelt, the CEO of General Electric, a company that pays no taxes, has been appointed by President Obama as his top outside economic adviser and has been asked by the White House to guide it in attempts to jump-start job creation.

William Engle

Danville