New Castle News

Letters to the Editor

July 7, 2014

Changes to tax rules would aid equality

NEW CASTLE — Editor, The News:

Inequality is a diabolical trend threatening the foundation of our society.

We must reform the estate tax. I’d opt for a $1 million dollar exemption limit.

I also like steeply progressive rates. Tax a $50 billion estate at 35 percent and it will not end dynasties.

Anything over $50 billion estate should be at 35 percent.

Anything over $100 billion or so should be taxed at 90 percent or higher.

Also, revise the treatment of all capital gains so that they’re taxed the same as ordinary income.

Then we don’t need the homeowner’s exclusion and the other gimmicks.

The current system rewards speculators who hold assets briefly and penalizes the middle class, especially homeowners, whose assets appreciate over decades and then are subject to disproportionate taxation.

Robert C. Lepore

West Clayton Street

New Castle

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