Unregistered
June 6th, 2003, 09:59 AM
Tax reductions are wonderful. The one just provided by Congress provides much needed relief for many taxpayers, but the government missed two areas where the tax breaks could have been given to those who deserve and need them the most.
The first needed tax break should have been to stop taxing Social Security benefits. People worked for many years and paid high taxes to create this huge fund that they hoped would provide some relief for them when their income dropped because of retirement. The disaster with the stock market has reduced the standard of living for many senior citizens who invested with the hopes of having a better life in their twilight years. It is nice to have a break on dividends and capital gains but, under the present conditions, they don't give much financial comfort. The Social Security base should be free of federal taxes to help those whose income has been greatly reduced. It is no wonder that so many senior citizens have to work at part-time jobs to provide for the basic necessities. How can the president justify giving tax breaks to the rich and still tax those receiving meager Social Security benefits?
The second break should have been to make the interest on student loans tax deductible.
Educated citizens are a great asset to this country, and we all pay taxes to subsidize the poor who go to college. Students who qualify for student loans are, in most cases, in a poverty mode at graduation because of the debt incurred. Granting these students a tax deduction would help them to provide for their future.
Senior citizens and graduates should vote for candidates who support a fairer distribution of tax relief.
BUDD SCHROEDER
Lancaster
www.buffalo.com
The first needed tax break should have been to stop taxing Social Security benefits. People worked for many years and paid high taxes to create this huge fund that they hoped would provide some relief for them when their income dropped because of retirement. The disaster with the stock market has reduced the standard of living for many senior citizens who invested with the hopes of having a better life in their twilight years. It is nice to have a break on dividends and capital gains but, under the present conditions, they don't give much financial comfort. The Social Security base should be free of federal taxes to help those whose income has been greatly reduced. It is no wonder that so many senior citizens have to work at part-time jobs to provide for the basic necessities. How can the president justify giving tax breaks to the rich and still tax those receiving meager Social Security benefits?
The second break should have been to make the interest on student loans tax deductible.
Educated citizens are a great asset to this country, and we all pay taxes to subsidize the poor who go to college. Students who qualify for student loans are, in most cases, in a poverty mode at graduation because of the debt incurred. Granting these students a tax deduction would help them to provide for their future.
Senior citizens and graduates should vote for candidates who support a fairer distribution of tax relief.
BUDD SCHROEDER
Lancaster
www.buffalo.com