Debate rages on corporate taxes

Peter Goldmark's rant is ludicrous ["Corporate tax-code gymnastics," Opinion, May 29]. He would have us believe that American corporations are fat guys, "lolling, not working," drinking beer and puffing on cigars. He calls it "organized cheating."

Goldmark fails to tell his readers that millions of American investors, pensioners, workers and the U.S. government through taxes, including those on huge capital gains, have benefited considerably from American corporations' great success.

Apple, for example, without the benefits of manufacturing outside the United States, would have to sell its products much more expensively, which would lower sales.

The United States is unique, taxing U.S. corporate profits made anywhere in the world when they bring them home. Contrary to what Goldmark says, these companies do pay taxes on their foreign earnings when they pay the local country.

Capitalism has generated more taxes for governments, more high-paying jobs, more wealth and brought more people out of poverty than any other system. Goldmark wants to get in the way.

William J. Downey, Manhasset
 

In addition to corporations avoiding taxes through tricky accounting and political donations, any tax-reform legislation should also include the elimination of tax-free interest income on municipal bonds and notes.

This tax-code loophole allows the superrich to avoid paying taxes on the hundreds of millions, if not billions, of dollars they and their friends and relatives receive in tax-free interest income. At the same time, working Americans and retirees are taxed on the interest they receive from bank savings accounts and IRAs. This loophole should be closed, along with the break for corporations paying no taxes on foreign income not brought into the United States.

As Goldmark writes, we are all in this financial mess together, and all Americans, whether middle-income taxpayers and homeowners, or billionaire Wall Street titans, must row together on America's "ship of state," or we will all sink into poverty and social unrest.

Jack Coughlin, Deer Park

Editor's note: The writer is the former president of the Deer Park Board of Education.