Letter: Many tax shelters are defensible
"We live in a free society in which everyone has the right to achieve the most he can without feeling guilty," writes Michael Izzy. Credit: William Brown / Tribune Media Services
I hardly finished reading Peter Goldmark's column about the need for exposing tax loopholes, offshore havens, etc. before I felt the need to write a response ["Tax-wise, the rich and powerful skate," Opinion, Aug. 19].
We live in a free society in which everyone has the right to achieve the most he can without feeling guilty. Although not everyone achieves the same level of wealth, we are still the most prosperous country on Earth. A person can do whatever he wants legally to preserve or grow his wealth. Why isn't that fair?
Those who can afford it buy yachts, while others buy motorboats. Those who can take advantage of legal tax shelters. What makes that different from the tax shelters you and I use? Most of us have some form of IRA, 401(k), employee investment plan, tax-free bonds and so on. Why not expose all of that wealth to taxes? Because the amount involved is less than that of a wealthier person?
I don't think that's what this country is about.
Michael Izzi, Hauppauge
