I am replying to Gary Fitzpatrick [“Income Equality,” April 17], as he seems to not know the value of money. He says that “commoners and rich are pretty equal.” He says that money is only useful for buying stuff like smartphones and TVs. The rich “only have worthless money” that is “useless until it is spent.”
Let me correct him. Money spent or not is power. Power is the ability to achieve purpose. A few of America’s richest families own more than half of U.S. wealth while paying little in taxes. They hide income in shadow corporations that pay tax only on their zero earnings. He and I can’t do that.
Amazon reported $11 billion in profit to shareholders but reported zero taxable income to the IRS. Netflix reported $845 million profit to its shareholders but got a tax rebate from the IRS.
Millennials are the first generation in American history who will make less income than their parents. I’ll bet he didn’t graduate with tens of thousands of dollars in student loan debt. I graduated from college in 1969 with zero debt by working for fifty cents an hour. His children will not do that. My parents cared for the next generation. Mr. Fitzpatrick does not.
But how do Republicans propose that the trillion-dollar tax cut to corporations and the wealthiest families get paid for? Their answer is to cut from the bottom. Cut Medicare and Medicaid and veteran benefits. The Waltons will just let their money come flowing down to help us after their collections of 18th century wine and fine art.
Mr. Fitzpatrick is very naive. He thinks the lazy rich Walton heirs and Kochs will generate great jobs for us. Ha!
Jerald Cogswell
Eureka