The letter to editor “Keep regulations to minimum," makes strange reading. In championing the cause of lesser regulations, the writer is defeating the very purpose of regulations.
The Fortune 500 companies that he is referring to are indeed doing well considering that average historic profitability of these companies has hovered between 4 and 5 percent.
The writer asserts “if they (Fortune 500 companies) had made a little more money, we would have more tax revenue."
Really? They are laggards in paying their share even at their existing profits. Please consider the findings of WSJ, NY Times, Citizens for Tax Justice, Americans for Tax Fairness and other independent researchers:
Corporate share of federal tax has dropped over the years – from 32 percent in 1952 to 18 percent in 2015.
Average CEO makes $10 million a year and average American wages have stagnated over 20 years.
While the statutory tax rate is high at 35 percent, the effective rate is barely 19 percent.
These corporations dodge the tax by nearly $100 billion a year and they hold nearly $2 trillion in tax-avoiding offshore funds.
Many of these, such as Boeing, pay no federal tax and companies like GE pay less than an average family.
I have an unalloyed devotion to capitalism, but unfettered and unregulated capitalism fosters only laissez- faire, oligopolies, unfair trade practices and total destruction of ecology.
The larger question is not how many or how few the regulations be , but how precise and effective they should be.
Had Frank Dodd been in place before the subprime meltdown, the history would have been a little different.
And as for “an Average Joe investor" with “an Average Joe earning,“ it was a lost decade in the least-regulated period.