THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, July 14, 1995 TAG: 9507140009
SECTION: FRONT PAGE: A14 EDITION: FINAL
TYPE: Letter
LENGTH: Short : 32 lines
Democrats charge that a cut in the capital gains tax is a tax cut for the wealthy. So far no one has chosen to rebut this blatant lie, so I'll do it now. Here goes.
Ask yourself: Are you ``The Wealthy''? You who have raised your family and would like to move into a smaller house for just you and Mom? You don't feel rich do you? But the Democrats are going to make you pay through the nose if you sell your house.
Perhaps you went to work for a company or joined a union that provided a retirement plan. Now you are one of the greedy rich. All pension plan managers use Mutual Funds and the stock market to build the retirment you are depending on. Think of how much more your retirement would be if they didn't have to pay capital gains tax on every transaction.
How many of you decided to do a little investing for a rainy day, put a modest amount in a mutual fund or got involved in your company's stock pruchase plan? Most countries don't have a Capital Gains tax and we hear that Americans don't save like folks from other countries do. I wonder why?
ELMER H. FETTER
Virginia Beach, July 7, 1995 by CNB