Keep tax options on table
Mr. Wolfson’s letter to the editor, “Study the numbers” (May 11), suggests that oil companies, insurance companies and the nation’s wealthy should not be a part of the solution to balancing the federal budget. He tells only part of the story.
Oil profits: Mr. Wolfson claims oil companies make just 8 cents profit on a gallon of gasoline? Skyrocketing oil prices have resulted in reported historic oil profits. In addition, they pay no corporate taxes and still receive billions in government subsidies.
Health insurance companies: Mr. Wolfson suggests that average annual profits are 2.2 percent to 3.4 percent? Insurance companies make much of their overall income (profit) from investments. Just look at the surging stock market.
Taxing the rich: Mr. Wolfson suggests that just taxing the rich won’t help solve our budget problems. He fails to mention the new spending cuts in place with more under discussion.
It will take both spending cuts and everyone paying their fair share in taxes to balance our federal budget – the only realistic solution.
Bob Pritchard
Spokane