Subject: Tax Reform Comment Comment: The tax reforms that I mainly hear about, basically are a windfall for the rich. We all know that the wealth in this country is being accumulated by fewer and fewer people, it's documented. The European style changes being proposed, will only lock in the wealth to those few, because they will only be taxed on the small portion they spend, most of it gets saved and passed on to their heirs. This is what happened in Europe and led to the vast wealth of it's leaders, and to the poverty of it's citizens which led to the 1st two world wars. In America, we developed a system in which the middle class could prosper. The tax as you spend systems, will not only destroy the middle class spirit, it will pit the blue states against the red states and cause lasting damage to this country not seen since the civil war. The wealthy have to be taxed on what they earn, even if it's at a reduced rate. And the local and state tax deductions are as sacred as the mortgage tax deductions. I saw an idea on taxing brokerage transactions, now there is a step in the right direction. We should only make minor changes to the tax system to eliminate loopholes, not to give a windfall to the rich under the guise of "a investment friendly" tax system which will destroy the middle class. Our economy, unlike Europe, relies on a strong middle class to build housed, refurbish houses, and have multiple vehicles. If we have a regressive tax system like Europe, our economy is destined for a major catastrophe. |