Muncie Times, Muncie, Delaware County, 15 May 1997 — Page 26

The Muncie Times, May 15,1997, Page 26

MINORITY BUSINESS BRIEFS

Colunmist supports adoption of national flat tax plan

(Harry C. Alford is president and CEO of the National Black Chamber of Commerce.)

The old saying is, “You can be one of two things, a political activist or a political victim. It’s one or the other,” When it comes to taxation and who gets the worst end, African Americans have certainly been the victims. We are at a point in our evolutionary process in this nation that if we don’t fight what is going on, it is going to affect us adversely. Perhaps the biggest rip off is the Social Security tax. This tax is automatically assessed from your income up to the $65,000 threshold per individual. For the vast majority of blacks, our entire income is assessed a Social Security tax while for most whites it is not, as their income exceeds $65,000. What is worse is that we cannot retire until the age of 65. The life expectancy of a black male is below 65 and a black female cannot

expect to live much beyond that. In essence, we give into a Social Security pool which we will get little benefit if any at all. Black folks unilaterally are engaged in the social security tax. We give and support it with almost every penny we earn and, most likely, will get nothing in return. That is economic exploitation, pure and simple. There are politicos who want to raise the retirement age to 70. That will surely cancel out blacks, as a people, from any social security retirement benefits. We must fight this with a vengeance. They are exploiting us now and what they are considering a total wipe out of blacks and a victimization of a new group— Hispanics, whose life expectancy falls below the 70 year mark. Let’s attack this “hustle”. Two weeks ago I had lunch with

Steve Forbes, CEO of Forbes magazine and a former presidential candidate. He is on the circuit promoting his flat tax plan. There are two parts of this plan that will certainly benefit blacks: the decrease and eventual elimination of the capital gains tax. You buy stock in a business or start one or buy property and later sell it for a profit the tax man will be there to take about half of it. Half the money which was already taxed in the beginning. That is being taxed twice, if not three times or four times, depending on your investment scenario. This is anti-small business. Capital gains is one of the few methods that blacks can start to accumulate wealth or provide means of capital access for business start up or development. We can’t get it at the bank so we must find other means. The tax nr n rips us off for our success and this n ->t fair but oppressive. We should all be i't the elimination of the capital gains tax. The second good feature of the flat tax is the elimination of the inheritance tax. The black baby boomers are going to be the first generation to leave something of value behind for their children and grandchildren. Currently, any significant monies, properties and such that are inherited will be “snatched”

by the tax man. It is sad to see friends and relatives having to sell property left to them so that they can pay the inheritance tax assessment. The money used for the property in the first place was taxed and here they come again. How cruel it is to attack a gentle financial legacy left for loved ones. Inheritance is another viable avenue for capital access. Again, we aren’t going to get much from the banks so let’s take what our parents leave us and invest it for business development and future wealth for our children (their grandchildren). Let’s end the inheritance tax. For the two benefits of no capital gains tax and no inheritance tax, I am willing to support the flat tax plan. We all pay 17 percent of our first income and that’s it forever. It’s simple, it’s fair and it should work. You pay 17 percent, I pay 17 percent and the Kennedys pay 17 percent. Until someone comes up with something better. I’m for the flat tax. This shouldn’t be a matter of political persuasion because this plan benefits all and is for the good of the economy and citizens. Democrats shouldn’t attack this just because some Republicans thought of it. It just makes sense to me.

INDIANAPOLIS—Ronalda R. Minnis, left, has been named director of humarVresources for the Indiana Department of Commerce. Prior to her arrival at Commerce, Minnis was the benefits manager for South Bend, Ind. she worked for the city for more than 15 years. Minnis graduated from South Bend LaSalle High School in 1973. She received her bachelor’s degree from Bethel College in organizational management in 1996 and plans to start working toward a master’s degree in the fall. Minnis has been a volunteer coordinator for the United Way Campaign fund drive for the past 8 years. She also is treasurer of Women In Motion (WIM), a local organization that provides education scholarships to high school graduates. In 1991, Minnis received the YWCA Tribute to Women of Outstanding Achievement in the Area of Leadership. Minnis is the mother of one child and has been a lifelong resident of South Bend.

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