Ad Spot

Porters say tax letter contains untruths

Senator Daniel Patrick Monahan once said that “You are entitled to your own opinion but you are not entitled to your own facts.” With this in mind I would like to address a few of the untruths in Mae Thompson’s letter appearing in the June 04 issue of The Advocate-Messenger.

She states with total conviction that a high school teacher once told her that one-third of the people work to support the other two-thirds and she presents this opinion as a fact. But according to the Bureau of Labor Statistics the labor force participation rate is currently 62.86% and it has been as high as 67.3% in Y2000 so her high school teacher had it exactly backwards. Two-thirds of the people work to support the one-third made up primarily of children and the elderly.

Ms. Thompson practically weeps over the plight of those earning $400,000 who may have to pay more taxes in the future. She also waxes eloquent lamenting the plight of the poor corporations that might see their tax rate restored to 28% from the current 21%. By the way, their statutory tax rate was 35% up until January of 2018 following the republicans 40% reduction in the Tax Act of 2017.

Does she realize that 55 major companies paid $0 in federal taxes on their 2020 profits? This number includes Archer Daniels Midland, Nike, FedEx, Dish Networks, and 50 other companies. In fact 84% of the tax cuts in the Republicans magnum opus tax act of 2017 went to corporations and the top 10% of income earners!

She claims, with no evidence, that any additional tax increases on corporations will be passed onto consumers. As a former corporate economist for a $5 billion multinational corporation I can tell you that companies look at a variety of factors when deciding whether or not to increase prices.

Corporate taxes are one factor but only one in the mix. Plus if you don’t pay taxes any how that ceases to be a factor.

Thompson castigates the Democrats but then admits that she is on Social Security. I expect that she is on Medicare as well. She has Democrats to thank for these two programs, which passed with few or no Republican votes.

She also references the pandemic stimulus checks which, given her rhetoric, one would have expected her to return to the treasury, but no – like all good Republicans – she banked the checks.

Jim & Linda Porter

Danville

News

DPD prohibits use of neck restraints, makes other policy changes

News

Library offers virtual tour of Toledo Zoo, pet photo sessions, and other fun activities

Boyle County

Kennel expansion discussion continues

Boyle County

Pandemic not ‘over’ in Boyle County

News

Ephraim McDowell Health and Auxiliaries award scholarships

Features

CentreWorks LIFTOFF participants featured in gallery hop

BREAKING NEWS

Logistics issues could delay today’s newspaper delivery

Boyle County

Water works:
Updates will improve service, could improve property values

Education

Boyle school board looks at SB 128, other topics

News

Fun at the fair

Photos from the Boyle County Fair

News

Ephraim McDowell James B. Haggin Hospital nurse honored

Boyle County

Boyle County property transfers, June 15

Boyle County

Boyle County court records, June 16

News

Danville and Harrodsburg collaborating for Juneteenth events

News

Police blotter, June 12-13

News

Ephraim McDowell purchases former KSD land

Junction City

Junction City Fire Department moves into new station

Boyle County

Fiscal court takes care of business

Boyle County

GABBF marches past rain and the pandemic

News

State Highway Department preparing for milling for projects; use caution in areas

BREAKING NEWS

Danville beats Beechwood, advances in state tournament play

BREAKING NEWS

Man charged with assaulting officer, other crimes, after early-morning chase

News

Governor lifts most COVID related restrictions

News

While COVID remains a threat, Beshear says we are no longer in crisis