Letter to the Speaker
I live in the 8th Ohio CD. The Speaker of the House, John Boehner represents the Ohio 8th CD (but not me). I dropped this letter off at his Troy, Ohio office about 1030 28 Nov 12.
The Honorable John Boehner
12 South Plum Street
Troy, Ohio 45373
I am a resident of Miami County (Ohio) and a loyal citizen of the Republic. After successfully completing Navy Boot Camp in 1958, I went on to complete a 21 year career in the U.S. Navy.
I have been retired for some ten years now and am enjoying the benefits promised to me by previous congresses and federal administrations. But I do have some thoughts on the overly hyped, so-called, fiscal cliff.
If you are the CEO of a large corporation or you run a hedge fund and you are earning $15 – $20 million a year, you don’t need the last five million to buy beans and put a roof over your head. Nope, you sure do not.
The highest marginal tax rate needs to be 70% or higher. If that CEO or hedge fund manager cannot live on a half-mil a year, I have just the person who can show her or him how to do it. Just have them send me their email address and I will gladly show them how.
And when it comes to capital gains – a 15% rate? That is all that Mitt Romney paid last year, on dividends and capital gains income of over $21 million.
People with capital gains did not lift a finger for the increase in value of the item they sold. It doesn’t make any difference whether it is a house or ‘X’ numbers shares of stock or a 500 acre farm. The receiver of this most generous tax treatment did not lift one finger or experience one drop of sweat in reaping the capital gains and then only pay tax on the gain at a 15% rate. Outrageous.
Capital gains tax should be the same as for ordinary income, at least 70% or higher.
I understand when one of your staff reads this, it will be discarded and you will never see it. But someone on your staff will know how different some opinions in Miami County can be.