Marilyn Mix, Monroe
On May 14, a letter appeared in your paper promoting support for Rush Holt’s likely opponent in the 12th congressional District, Scott Sipprelle. Mr. Sipprelle, as a hedge fund manager, benefited from a tax loophole bought by the money and influence of Wall Street lobbyists. The loophole gave the likes of Mr. Sipprelle, millionaires and billionaires, a special low tax rate not available to 99.9-plus percent of taxpayers. This is unfair and not the American way.
I first became aware of the billionaire tax loophole several years ago when “Parade” magazine featured on its cover a hedge fund manager who had made billions of dollars that year. The inside story revealed he was in a “special” 15 percent tax bracket instead of a 35 percent bracket for everyone else who had substantial earnings from their jobs. Do such people need this welfare benefit? I feel like they are picking my pockets.
Why didn’t hedge fund manager Sipprelle oppose this outrage? “Joe the Plumber” types and 305 million other Americans can’t have exceptions made for them. I guess it’s the new “Golden Rule” in operation “them that’s got the gold, write the rules.” The likes of Mr. Sipprelle cost regular Americans at least $25 billion a year in extra taxes to make up for their unearned privilege. This is a classic case of redistribution of wealth upwards. It goes from ordinary Americans to the billionaire class. Huh?
As the May14 letter said, this special treatment decreases my freedom!
The Sipprelle types preach less government and against loopholes, except when it comes to their loopholes. Then they’re front and center buying influence with campaign contributions and lobbyists.
Congress is going to try to shut down this 15 percent loophole for hedge fund manager types. Wall Street bigwigs and their lobbyists are already scheming for ways to retain their tax bracket privilege.
I want to know what Mr. Siprelle is currently doing to fight this Wall Street onslaught for an unneeded and unjust welfare loophole. What’s he doing now?
Marilyn Mix
Monroe
