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Tax the 1 Percent Protest: Letter to the Editor

John Buchanan of North Canton will host a demonstation at Chase Bank on Tax Day April 17

Friends,

I am organizing a "Tax The 1% Protest" event on tax day from *1 p.m.-2 p.m. April 17 at , 219 N. Main St., North Canton. Chase Bank is one of the major banks that makes billions in profits annually but uses tax havens to avoid paying their fair share.

If you have seen "Inside Job," the documentary that won an Oscar in 2011, you understand how drastically the banking industry has changed since the late '70s. Both political parties have loosened regulations and those agencies that are responsible for overseeing this industry has largely ignored what has been going on.

As a grandfather, I am very concerned for my grandchildren's welfare. We cannot continue practices which have created a financial catastrophe. We must learn from what has happened and insist that large banks become responsible institutions which are regulated and not excluded from prosecution when violations have taken place.

I have seldom done something like this but these are not ordinary times. Ordinary people must stand up and insist that our government and large institutions work for the common good for all. Clearly wealth is dominating our country with increasing economic dislocation.

I hope you will consider joining me in a peaceful demonstration in front of the bank. I will notify the police we are doing this. I will provide you with some information. You can register for this event  at http://civic.moveon.org/event/taxthe1/129185 

Hope to see you,
John Buchanan

Editor's note: The time for this event was changed to 1 p.m.-2 p.m. April 17.

jim April 06, 2012 at 11:44 AM
John raises the banner in a good point. The collective tax load (city, county, state, fed) is too high. People should be alarmed but as long as then have TV and food in the kitchen they are content to let is rise and rise.
Concerned Citizen April 06, 2012 at 01:06 PM
John is apparently ignorant of a basic economic reality - businesses, no matter the type, pass along every tax they pay to their customers in the costs they charge for goods and services. If it were politically palatable, corporate taxes ought be abolished completely. This would result in either direct savings to their customers, more reinvestment in the business or higher returns to their investors. Only the final end user ever "pays" the taxes charged along the economic value chain. Lastly, smart businesses (like smart individuals) utilize every tax break available to reduce their tax bill. John is unfortunately protesting against the wrong organization - he needs to focus his efforts on Congress, which writes the tax laws.

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