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Wall Street owes us

Published: Monday, Aug. 19, 2013 5:30 a.m. CDT

To the Editor:

What is going on in this country? We have the revenue to rebuild Iraq, but can’t rebuild Detroit?

Republicans say the poor on welfare and teachers, police and firefighters’ pensions are bankrupting the country, but what about the wealthy on welfare? Even though corporations are making record profits, one in four pays no taxes. Many oil companies do not pay taxes yet receive government subsidies.

We could save billions by getting rid of these subsidies, taxing capital gains, stop letting companies defer taxes on offshore profits, and closing loopholes and offshore tax havens.

The gap between rich and poor is growing. Salaries of CEOs are now over 200 percent higher than workers. The tax rate for the rich has gone from 70 percent under President Ronald Reagan to 35 percent, and the GOP wants to lower it more.

We didn’t have these problems when the wealthy paid their fair share. We bailed out Wall Street, why can’t they help us now?

Cecile Powell


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