Letters to the Editor, Nov. 5
Fair share of taxes
A recent Justice Department report shows that the Treasury is losing federal
income tax revenue of around $600 billion annually because some are hiding a part of their income from being taxed. Almost all (99.95 percent) of non-reported incomes are arising out of income from investment in businesses, stocks, bonds and other financial assets.
As the top 20 percent of the wealthy owns almost all the financial assets, more precisely 93 percent of the financial assets, the wealthy are hiding a part of their income to avoid paying the full amount of taxes that they owe.
In contrast almost no income is hidden from wages and salaries and thus the wage and salary workers are paying the full amount of taxes that they owe.
As the wealthy pay taxes on only a part of their income, they are not paying a fair share of taxes that they agreed to.
Mukhtar Ali, Marco Island
Companies sustain profit despite inflation
Almost daily, we are reminded that the current disruption in distribution of goods, emanating from the effects of the pandemic on the supply side, is causing significant increases in the price of goods. What we are not told is that the supply side of this economic equation can be manipulated to produce abnormal higher prices, and is in fact, a well-established strategy employed by corporate America for many years.
Companies are not raising prices because they are in financial distress now or in the foreseeable future. Their motivation is to sustain an avaricious level of profitability that develops inordinate earnings to pay the CEO’s, CFO’s and other senior-level management millions of dollars in wages and bonuses at the expense of the consumers.
In a front-page article in the WSJ entitled “Companies Betting Shoppers Shrug Off Inflation,” corporate giants including Proctor & Gamble, Nestle SA, Chipotle, AT& T, Verizon say they plan to continue
to raise prices or push customers to buy more expensive products into 2022 to offset growing costs. Thus, household staples will cost more despite the fact that they are producing nice profits at existing prices with only slightly lower projections if the anticipated rate of inflation doesn’t subside as expected. An MBA may regard this as long-term planning. In reality it’s gouging for personal interests.
The P& G Finance Chief has said “We have not seen any material reaction from consumers referring to a string of price increases that went into effect in September. So that makes us feel good about our relative position.” That’s a pretty telling remark. It suggests that hardships, sacrifices and increased prices must be borne solely by the consumer in order to preserve the income stream that funds humongous executive compensation, retirement and severance packages.
Maybe it’s time for a consumer revolution using the power of the boycott to reinstate a level playing field against price gouging and other selfish business practices. Boycott is a free, immediate and plausible course of action to countermand these spurious reasons to defraud the public.
Leo Boghosian, Bonita Springs
Naples Philharmonic phenomenal
Sunday a week ago we were treated to a phenomenal performance of the Philharmonic under the direction of Conductor Jack Everly. His genius took us “Back to the Past” (the pre-COVID past) with his techno- musical adaptation of the movie “Back to the Future.” Just as he did
with “Casablanca” and “Singin’ in the Rain,” Jack led us on a cinema/musical adventure with the live Naples Philharmonic providing all its talents to generate the electricity needed to power the DeLorean through time and space. Jack, coupled with the orchestra’s kinetic energy, invigorated all of us. We are looking forward to a great pops, Broadway, and singular talents season and his version of “An American in Paris” in March 2022. As the late John Denver sang, “Hey, it’s good to be back home again.”
Robert McArdle, Marco Island