Editor's note: The following letter was written in response to Richard C. Bartlett's letter in support of Bill Keating's re-election.
To the Editor:
I am far from being a wealthy person, I am self-employed, my gross last year was under $50,000, due to the stagnated situation we are experiencing. That amount was gross, you have to subtract the cost of doing business, materials, insurances, etc. So, I am way under the poverty level, but I do not have my hand out, but easily could if I didn’t have a conscience.
I find it reprehensible for people to use words and phrases when describing deductions for costs attributed for R&D or exploration and development of new oil fields against profits and call it subsidies. All these people know better, but when it comes to politics they love to screw around with the words to make themselves look better.
The government does not subsidize the oil companies, but as in most businesses, companies and even individual people who purchased a home and pay a mortgage are allowed to defray the cost of mortgage interest, exploration or cost of R&D against profits or income that would be taxed.
I see it all the time when “lame stream media” or oh so many ignorant people that have no clue, talk about "big oil", "big insurance" or any BIG corporation.
It seems they want their cake and eat it too. They complain about banks, insurance companies and other corporations making money but where are these people personally investing their money to grow with interest, certainly not in savings bonds that only return about .75-1% or in savings accounts that only pay .25% Nope, they invest their money in stocks or they say they are invested in "mutual funds" which in turn invest in all those large businesses. Without those deductions allowed by law no one would see any growth or dividends or interest in their investments. That word "investment" would have no meaning.
So give it a rest when you talk about oil subsidies, the government isn’t giving the oil companies anything like they did with Solyndra, except a break on the taxes levied against them just as people who own homes are allowed to take a deduction on the interest paid the banks against their personal income.
Talk straight, don’t bend words to suit your convenience against a group of people that have said spending needs to be cut and austerity needs to be enacted, because you sound like the fool you are.
West Dennis, MA