U.S. financial stability precarious

An interesting article appeared in the Monday, March 4, Advocate, an Associated Press piece by Stephen Ohlemacher, concerning taxes paid by the rich. The article says that a high percentage of federal taxes (which apparently still fall far short of balancing the budget or paying off the accumulated war debt and other incurred obligations) are paid by the wealthy.

One of the reasons that the wealthy are burdened with taxes is that many of the nonrich (surprise!) have few resources to tap, and not a few lack jobs to acquire the ability to pay taxes.

Meanwhile, via the Internet, I’m receiving apparently reliable information which might expand one’s perspective on this problem: Even if, as stated in The AP article, the top 20 percent of the rich are paying 71.8 percent of the federal tax burden, at the same time, according to the other source, they control 93 percent of the wealth in the country. The bottom 80 percent have 7 percent of the wealth. See http://mashable.com/2013/03/02/wealth-inequality/

I judge that the stability of the country is precarious.

Foye Lowe

retired lawyer

Baton Rouge