Dale E Brown for Congress 2012
I pledge allegiance to the flag of the United States of America and to the Republic for which it stands, one nation under God, indivisible, with liberty and justice for all.
Open Letter to the President re large bank punishment tax
January 16, 2010
Dear Mr. Obama:
Be a hero for the little guy while letting the big guys know that the country is quite unhappy with their flagrant disregard for the appreciation of public help. At the same time you will allow the free market to maintain itself without excessive belligerent tax for success.
The tax on large banks that you propose is highly unfair and is a targeted or punishment tax which I believe is against the principles of the Constitution. Many of the banks that you propose to tax have diligently paid back the Tarp money. A few never even got any of the bailout. I also believe that Social Security and Medicare were not constitutionally instituted but after some eighty years, it would be very detrimental to talk of any reform to reduce these future entitlements.
The health of Social Security has been in question for some time as the Social Security trust fund has been pillaged since its inception for the whims of the progressively Progressive regimes. Now is the chance to show your gravitas and give the little guy a boost. Remove the maximum wage cap on the FICA tax. This cap has always been meant to provide relief for high income individuals. This will affect all wage earners above the $120K range (the average US household income is about $50K) and especially all companies that pay the large bonuses in that they will also have to kick in on the tax on the excessive bonuses. The Social Security trust fund would be on sound footing in short order as long as these funds are kept distinctly separate from the general fund. This is how it was originally setup and most of the problems have come about since it was commingled with the general fund to spend on any normal budget items. This would alleviate many of the future fears of entitlement shortfalls and endear you to the aging baby boomers that are quite concerned with the soundness of this program.
Aside from this, GM, GMAC, AIG, Fannie and Freddie should still be hounded for repayment of their TARP payments. Let all know that they are on their own and there will be no question that there will be no more bailouts. You also need to think about trying to curtail some of the irresponsible spending that your congress has legislated. It might come in handy later (much later).
Forget the highly controversial and detrimental tax meant to punish and let these gluttonous jackals help to alleviate some of the concerns of the Main Street that was forced to save their breadbasket. Dont you get gluttonous and try to funnel these funds into your free spending slush fund. That sort of action would stir up ire among the public to a degree that you have not yet seen.
We continue to watch, hoping to see some positive action on your part.
Respectfully,
Dale E. Brown
Independent Candidate
for the fifth Congressional District of Massachusetts
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I welcome comments.