Buckley on Rich Paying Taxes

A fundamental principle of wealth and its acquisition is that wealth will use all of its power to maintain and increase its wealth, even at the expense of those with little or no wealth. In that light, Lord Buckley’s protestations about the tax burden of this nation’s rich is understandable. And like the devil quoting from the Bible, he tells us that the richest 5% of us bears the unholy cross of a 46% income tax burden--after having passed through, he should have added, every tax loophole the law allows and some it doesn’t.

An onerous burden no doubt, but what Lord Buckley fails to point out is that most of the 5%’s income tax is recycled to it via the federal budget or until recently our S&L; system, that the same 5% controls more than 95% of the wealth, and at least 95% of the tax is used in one fashion or another to protect, defend or enhance 100% of that wealth.

PAUL A. CAVALLO

Ramona