Tags
bank fees, Billerica, Billerica Blog, capital gains, interest rates, politically centered financial help, unemployment funding
The Lead
Below is a letter I just sent to Senator Scott Brown about funding unemployment, addressing keeping the Bush tax rates, sometimes called cuts to encourage those who wish to deliberately distort facts, as well as capital gains taxes that are keeping trillions of investment dollars on the sideline more than any other single factor. In fact, by reducing capital gains, the effect would most likely bring American companies and jobs home. If you wish, feel free to copy my letter and sign it as your own – in whole or in part.
The power of the pen is mightier than the sword; so use your pen to slay some Congressional dragons.
The Letter
Mr. Richard T. MacDonald, Jr.
http://billericapolitics.org
Senator Scott Brown
317 Russell Senate Office Building
Washington D.C. 20510
Phone: (202) 224-4543
Fax: (202) 228-2646
Dear Senator Brown,
I appreciate your efforts in getting the government to pay for program spending like unemployment. I agree that we are in too much of a hole to pay out taxpayer funds without in turn cutting spending in other areas. I also believe that no area or program is sacrosanct, including the military budget – so long as our combat troops are adequately funded and supported. As an example, our troops that are stationed in Europe and Japan as part of treaties signed decades ago between the end of World War II and the Cold War should be looked at for reassignment at home with an appropriate closure of U.S. bases or a hand over of bases to host nations to man and pay for.
Furthermore, there are funds still available that were allocated for stimulus programs that could be now used to fund unemployment and other social programs until the government comes up with a way to let people know, in advance, that they must find a way to support themselves and their families without the long-term aid of government.
Government can also help people by forcing banks to cut and to limit credit card interest rates to a reasonable ceiling of 15% instead of the 30+ percent they now charge those who have missed payments due to sudden unemployment, loss of 401K investments. Most of this pain derives from what is in fact, if not in the eyes of Congress, criminal bank behaviors. This alone justifies forcing banks to limit fees to only those areas that are proper to do so and at level that are reasonable.
As far as the Bush rates go, I would advocate for a compromise that extends the current rates for all earning below $1,000,000.00 per year until the tax code is overhauled, which most people who pay attention know is going to happen. I would offer this as a proviso for a 10% cut in the capital gains tax guaranteed through time it takes to get a new tax code revision signed. This act would encourage businesses of all sizes to take trillions of dollars off the sidelines and put them back into investments that create or expand jobs and the economy as a whole.
If it becomes necessary to compromise further for the 10% cap gains cuts, then, use funding unemployment or other social programs as a bargaining chip.
The bottom line is that no business will fully invest back into the economy and jobs without Congress removing the uncertainty of more taxes, current capital gain taxes which are imprudently high for a slow economy, and other costs such as unexpected and unreasonable hikes in bank interest rates and fees. This last part is difficult to recommend, but considering that it was the banking industry in cahoots with Congressional banking committees, I think both Congress and the banking industry need to step up to the plate, tighten their belts and deliver a home run for the very people they previously hurt and disappointed.
I could offer you many more suggestions, but it seems that members of Congress have a difficult time keeping their word on even a single issue. Therefore, I will hold back further suggestions for now.
I look forward to watching you working to form a solid coalition with your colleagues on both sides of the aisle toward reaching these goals as a priority and thank you for your work on behalf of the citizens of Billerica, Massachusetts and the United States of America.
Sincerely,
Richard T. MacDonald
Follow-up Commentary
Don’t forget to send a copy to his local office: (in fact, even though they won’t act, I’d favor and will send a copy to Senator Kerry and Representative Nikola Tsongas just to let them know we are here, watching and evaluating. Besides it takes both sides to reach an agreement. Don’t forget to send your letter electronically as well. The paper version just puts added pressure on them if the pile gets high enough, but with time so short; speed is of the utmost importance – if you want to help.)
The Addresses
Scott Brown, Local
2400 JFK Federal Building
Boston, MA 02203
Phone: 617.565.3170
Fax: 617.723.7325
Addresses for Representative Nikola Tsongas
11 Kearney Sq.,
3rdFloor,
Lowell, MA 01852
Phone: 978.459.0101
Fax: 978.459.1907
111th Congress, 2nd Session,
Washington, D.C. 20515
Phone: 202.224.3121
TTY: 202.225.1904
Addresses for Senator John F.Kerry:
One Bowdoin Square
Tenth Floor
Boston, MA 02114
617.565.8519
317 Russell Senate Office Building
Washington, D.C. 20510
Phone: 202.224.4543
Fax: 202.228.2646
Update, December 2, 9:54 pm
And the winner is:
Senator John Kerry’s system responded 1st with the following form letter/e-mail:
Thank you for contacting my online office. I always appreciate hearing from you, whether you’re getting in touch with us for help on a constituent matter or weighing in on the issues being debated right now in the United States Senate — whatever the reason for your email, please know that we read these emails diligently and please be assured that our office will work in a timely manner to respond to your comments and concerns. If this matter is time sensitive, I’d encourage you to also call my offices in Massachusetts or Washington and speak with a member of my team so there’s no waiting and we can begin to help you today. DC 202-224-2742. MA 617-565-8519.
Two quick notes:
First, this email account is not technologically able to receive a response to this email, it is only an outgoing account — so please submit any additional comments through my website at www.kerry.senate.gov — I always want to hear from you, and I always want to make sure that your feedback and comments are properly received here.
Second, please sign up for my electronic newsletter by visiting www.kerry.senate.gov/newsletter — it’s free, it doesn’t cost the taxpayers a dime, and it doesn’t waste paper — but it’s another way for us to stay in touch and for me to update you on the work I’m doing and all the issues that affect Massachusetts which are being debated and voted on in the United States Senate.