Arthur Horn’s letter, “Transferring Wealth” (July 21) contains a number of unsupportable assertions widely current among conservatives. “Those rich people worked for what they have or got it from their parents who worked hard for it ….” Hard work per se rarely produces wealth as evidenced by all the working poor. Most wealth, especially inherited wealth, is generated by investment and investment is subsidized by a system that taxes capital gains and dividends at a rate, 15 percent, much lower than the rate applied to wages of people who really work; in short, an unearned gift of a rigged tax code.
A second assertion is that industry was fleeing New Jersey before Gov. Christie. Again, not true, as was substantiated by data cited in a recent Star Ledger article.
The myths that higher taxes on millionaires or the maintaining of inheritance taxes (they call them “death taxes”) will kill jobs and economic growth are belied by evidence that many corporations and wealthy individuals are “sitting” on cash rather than investing it in growth.
I was brought up to believe that Jews are morally obligated to help the less fortunate and that enlightenment is the road to advancement.