FortWayne.com
 
  Text size  Increase text sizeDecrease text size      
Last updated: Mon. Feb. 25, 2013 - 08:50 am EDT

Letter to the editor: Economics moron

DISCUSS
Comments
 

President Obama has some interesting thoughts on the destruction of private wealth. He rails against millionaires and billionaires not paying their fair share of taxes. There is a huge difference between a millionaire and a billionaire. Only a very few are billionaires. The top 10 percent of income earners already pay more than 70 percent of all income taxes (47 percent pay none).

If a man works a lifetime and saves a million dollars to retire on and invests it at 3.5 percent he will earn $35,000 on his money. Is this millionaire a rich man? I think not.

Private wealth here in Fort Wayne funds such organizations as Matthew 25 health clinic, food banks and rescue missions. Confiscatory taxes that destroy private wealth means less money for charities and more money for government bureaucrats to waste.

We have the highest corporate taxes in the world. More money for government; less money to create jobs.

It is my opinion that the president is an economics moron.

John M. Steinbeck


Comments
 
Saturday
Saturday
High 79 °F
Low 67 °F
71 °F
Partly Cloudy
Sponsored by Masters Heating & Cooling, Inc.
LOCAL BUSINESS SEARCH
Local Search
STOCK SUMMARY
Dow 18010.68-115.44
Nasdaq 5070.03-27.95
S&P 500 2107.39-13.40
AEP 56.29+0.19
Comcast 58.46-0.57
GE 27.27-0.36
EXELIS INC 24.66+0.00
LNC 57.01-0.69
Navistar 26.48-0.97
Raytheon 103.26-1.18
SDI 21.81+0.10
Verizon 49.44-0.10
  Stock Sponsor