Let free enterprise reign

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Once again I have to voice my disagreement with Victor Reilly’s comments in his recent letter about Mitt Romney’s finances and his use of the 15 percent capital gains tax (“Romney’s tax rate unfair,” Jan. 27).

Reilly seems to forget that Romney first had to earn the money from salary (taxed at a much higher rate) to invest to receive investment income. Reilly’s entire letter finds fault with Romney’s financial success in spite of the fact that Romney pays a far greater amount of taxes than most of us.

It also implies there is something wrong with being successful. Isn’t that what it’s all about? The opportunity to be successful? The wealthiest 25 percent of Americans pay 87 percent of federal taxes. Romney’s use of the 15 percent rate is the law of the land. President Obama extended this 15 percent rate through 2012 (and it will expire at year’s end) by legislation passed through a Democratic Congress and signed by the president. Can it be all bad if Democrats proposed it?

Here are some additional facts about this preferred rate: It was passed by Congress to provide incentives for investors to make capital investments to fund entrepreneurial activity, and to compensate them for the effect of inflation and the corporate income tax. In other words, it’s seed money to get business going and growing, and a reward for taking a risk on the enterprise becoming profitable.

Incidentally, the Simpson-Bowles bipartisan committee formed by Obama to address the nation’s financial woes recommended elimination of the 15 percent rate. After thanking the group, the report was filed without action by the president.

This republic was founded on the basis of free enterprise. The system has worked well for more than 200 years and is admired throughout the world. People from other countries flock to our shores for the opportunity to better themselves. We should be demanding elected officials to allow Americans to do just that.

Jack Burke

Aiken, S.C.

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Haki
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Haki 02/04/12 - 12:30 am
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Man, I came here to see if

Man, I came here to see if the new job numbers came out. :-)

panamajoe98
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panamajoe98 02/04/12 - 02:52 am
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Senator Marco Rubio, 27 Jan ,

Senator Marco Rubio, 27 Jan , 2012

"We have always been a nation of haves and soon to haves, a people who have made it and people who believe that given the chance they will make it too. And if we lose that, we lose the essence of what’s made us great in terms of economics."

"We've chosen to become like the countries that your parents and grandparents came here to get away from."

LASTINGER
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LASTINGER 02/04/12 - 06:50 am
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Romney voted to not let the

Romney voted to not let the Boy Scouts volunteer at the Olympic Games he headed. Why? He disagrees with the fact that the BSA refuses to have a homosexual leader of a troop. When governer, he refused to sign a Massachusetts law that defined marriage as between a man and a woman. The#of registered Republicans went down 31%under his watch while the Democrats gained 30%. That fact alone questions his leadership abilities.

allhans
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allhans 02/04/12 - 10:03 am
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Jan 2011 we had the same

Jan 2011 we had the same kind of surge in jobs, it didn't seem to last long enough. Tax-preparers, delivery personnel, other additional temporary help. Hopefully the tax season can last all year??

effete elitist liberal
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effete elitist liberal 02/04/12 - 10:27 am
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Jack Burke is totally

Jack Burke is totally misleading when he says Simpson Bowles proposes eliminating the 15% capital gains tax. Burke implies the suggestion was similar to the proposal by Gingrich and others that the capital gains tax be lowered to 0%, or no tax at all. But in fact, that is not was not the S-B proposal. This summarizes the S-B position: "the current long term capital gains tax rate of 15% is not likely to be around forever, and could very well be a victim of the U.S. budget and deficit debate. Indeed the Simpson Bowles recommendation would tax all capital gains at the ordinary income rate. While the Simpson Bowles plan would lower the individual rates (in exchange for elimination of many deductions) the top rate would still come in at 28%, resulting in an 86% increase in the long term capital gains tax for the top rate." Burke is either misinformed or willing to pass on half truths.

allhans
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allhans 02/04/12 - 11:19 am
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If there is one thing the US

If there is one thing the US has to answer for somewhere down the road it is creating a culture of dependency.
It was not meant to be...to keep people in the under-class? ..NO way!

Obama can talk his kind of class warfare but creating the poor for the personal gain of politicians should be the subject of his actions.

allhans
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allhans 02/04/12 - 11:23 am
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Lastinger. We have to give

Lastinger. We have to give Romney the benefit of doubt. We go with the one who might not be everything but will be closer than what we have. We won't find perfection...it doesn't exist.

Conservative Man
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Conservative Man 02/04/12 - 01:05 pm
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Free market capitalism has

Free market capitalism has brought more people out of poverty than any other system ever created by man....By virtue of the fact that some work harder or are smarter and yes, better connected, there will ALWAYS be winners and losers. That can never be changed.

Benjamin Franklin said it best:
"1. Compassion which gives a drunk the means to increase his drunkenness is counter-productive.
2.Compassion which breeds debilitating dependency and weakness is counter-productive.
3.Compassion which blunts the desire or neccessity to work for a living is counter-productive.
4. Compassion which smothers the instinct to strive and excel is counter- productive."
The point being, do not help the needy completely, help them help themselves. In doing this they will have the satisfaction of earned achievement,instead of rewarding them without achievement.
Free market enterprise is the only known system which will achieve this,not government hand-outs. The founders would roll over in their graves if they saw how this system has been used to further grand vote buying schemes by politicians to fool the ignorant into thinking government is the solution to all our problems...We are now reaping the seeds sown over many generations of "enabling" sloth.
Having said all that: It IS the responsibility of those who have succeeded to help those who have not.And in doing so they (we) help society as a whole...Maintaing free and open markets with as little government intrusion as possible is the only way to ensure this will happen....off my soapbox now....

dichotomy
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dichotomy 02/04/12 - 08:59 pm
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Yeh Haki, the new numbers are

Yeh Haki, the new numbers are out. After 37 months they are still higher than where Obama said they would ever go if we let him blow a few $trillion bucks.

skeptic griggsy
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skeptic griggsy 02/05/12 - 05:55 am
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Our regulated free
Unpublished

Our regulated free enterprise delivers the goods to an extent, but our Nanny State has to bear the burden for the needy. Franklin's points do not gainsay the good that the Nanny does, and it does not conflict with his points! Leroy is so wrong! Poor adults and children know how to work hard. With full employment and many having two and three jobs, ineluctable, some will need government assistance. Yes, not only is it a question of personal responsibility but also of society's responsibility. Why make that false dilemma of bigotry toward the needy?
Everyone thought that the numbers would be lower than they were in the first months of the administration so that eight percent seemed right. Then the administration and others found out otherwise and so , instead of no higher than that, the numbers were higher. Still the stimulus brought about good results; it should have been higher. For now, the Obama-Biden deficit is working to give people work. The administration bears no responsibility for the deficit before its policies came into play! No, its responsibility for the deficit doesn't extend as far as some claim; Cheney Shrub bear the responsibility for much of the deficit with the quack tax cuts for the super rich, who at sixty percent favor higher taxes on themselves! Yes, they are patriotic!
The ones really responsible for jobs in the end are the customers, mainly the middle class and the poor. Tax cuts for the middle class and benefits for the poor can make for effective stimulus whilst tax cuts for the super rich goes into on-job-producing investments.Thus, I objurgate the "Laugher-er" curve. That curve cannot gainsay that the principle of diminishing returns rules rather than it! Too low a tax burden imperils progress!
We had solid economic growth under Pres. Eisenhower whilst under Pres. Reagan growth was not as good! No, I am not arguing for that high a tax burden on the super rich.
They benefit from their higher taxes through better educated and trained workers, highway construction and other infrastructure. It is to their self-interests for higher taxes on them!
What temerity to prattle that we liberals are attacking the successful! That blasphemes fairness! At east, Reagan was for the earned income tax- Prof. Friedman's negative income tax! At least, he worked for compromises!
Socialism has so many forms that an attack on one form doesn't fit the others. We don't, despite the Miseans and the Hayeks, state socialism. The private sector does. Yes, my VA is socialistic in that the federal government owns the building and pays the staff and the bills. The Affordable Care Act is only socialist when the term means government related. The private and independent sectors take care of most people's health needs with the federal government paying the bills for Medicare-Medicaid. People through FICA pay for their Medicare, and they pay insurance companies for extras.So, no state socialism has ensued here!
Should one claim that government spending beyond simple protection is socialistic, then as Lawrence O'Donnell and Newsweek note, it's just a matter of degrees how socialistic in their thinking people are.
Scandinavia has also a regulated free enterprise system. The Danes rely on private insurance. None of the Scandinavians suffer from laziness but due to government aid they're better able to work as their medical needs are met. As our great president noted at that city where the great T.R.spoke, people called him socialistic! Again, use the term with distinctions made. A = A ,so that Venezuelan idiot's socialism is quite distinct from what social democrats are achieving.
The Scandinavians still have economic inequality but do have fairness. Here we call fairness Americanism!
Oh, and yes, tax Buffet more on his capital gains than his secretary on her labor. Supply -side economics is indeed woo!
Regulations don't hamper entrepreneurship but actually enhance it by using Americanism as its motive. The ease the burden for would be entrepreneurs to produce by making for fair competition. I endorsed in this newspaper the Carter-Kennedy deregulation but deregulating for its own sake hampers the free market.Pres. Nixon's OSHA and EPA work as part of the federal government's obligation to defend us.
We liberals worked to get here what that reactionary Prince Bismark got for Germany- Social Security and yes, socialist Evan was right in maintaining that we liberals were taking suggestions from socialists, but those suggestions strengthened free enterprise instead of converting it to state socialism!
Yes, the benighted will continue to label with what they disagree socialism in order to stifle an honest appraisals of would be laws!
Why, Spencer - Randism is the known dystopia!
By the way, the Republican Party started out as the party of internal improvements- infrastructure - as the Whig Henry Clay rightly urged.
Too bad someone thought death was appropriate for Steve Kangas who had the blog Liberalism Resurgent. His articles on liberalism and libertarianism support with evidence the former as for job growth and the latter for supporting only the One Percent.

skeptic griggsy
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skeptic griggsy 02/05/12 - 06:19 am
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Our Nanny State is ever
Unpublished

Our Nanny State is ever implementing Franklin's points . That false dichotomy of personal responsibility and society's responsibility being against each other does not gainsay what we liberals are achieving.
What we call fairness is just Americanism1 Liberals ever desire to increase job growth through Workfare and minimum wages and food stamps. The hard-working poor merit help. They need no insults from that bigot, Leroy Gingrich! Nor do their children merit that insult.
Scandinavians have an egalitarian society, albeit still with justified inequality of income. That is fairness at work in the interests of all.
Google Steve Kangas to learn about liberal accomplishments and the woo of libertarianism.
The Republican Party started out wanting to pay heed to the Whigs Henry Clay's call for internal improvements- infrastructure stimulus at work.
Pres. Lincoln recognized that with land grant colleges and help to the railroads. Pres. Eisenhower's highway road system achieved success as a government stimulus, helping private enterprise thereby.
Pres. Nixon's EPA and OSHA are parts of the responsibilility of the federal government to protect us.
I supported in this newspaper the Cartr-Kennedy call for deregulations, but no one put a break on them! Regulations exist to ensure protection for budding entrepreneurs against the few predatory entrepreneurs and to protect us the consumers. They don't harm the economy but rather enhance it. Libertarians' infirmed intuitions just are woo!
Use Fact-Check and Politi-fact to aid your skepticism about what politicians claim! Fix -Faux News misleads is viewers.

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