Readers share views on KC earnings tax, 401(k)s, love
Approve E-tax
We recently received a mailer encouraging us to vote no on the earnings tax.
Our family has lived in Kansas City almost 40 years. We raised three children in this wonderful city and now are enjoying watching our grandchildren grow up here. We love Kansas City.
I could not imagine how anyone who lives in Kansas City (or the metro area) would want to deny those who live, work and play here the basic services necessary to maintain a safe, livable city. That is exactly what will occur if Kansas City loses 40 percent of the general fund.
Neither of the people associated with the mailer lives anywhere near Kansas City. One is from Jefferson City, and the other is from St Louis. I don’t know their motivation, but it has nothing to do with Kansas City remaining a safe, livable city.
Without the earnings tax, the entire burden of many regional services and assets would fall on Kansas Citians alone.
Maintaining services at any acceptable level would require sizable tax increases on only the residents of Kansas City. That’s a burden that retirees and struggling families can’t shoulder.
We love Kansas City and are voting yes April 5.
Deb Hermann
Kansas City
401(k) loophole
Millions of Americans are counting on their 401(k) and retirement accounts for secure financial futures, and I’m counting on Sen. Claire McCaskill to oppose any effort that would prevent the Department of Labor from closing a loophole that allows unscrupulous financial planners to play with our hard-earned money for their benefit.
This conflict-of-interest loophole can result in typical savers losing about 25 percent of their retirement savings.
The Department of Labor is finalizing a new rule that would close the loophole and hold financial advisers accountable for giving us the best possible retirement advice.
People might assume compensated financial professionals work for them. Most are reliable, but a few are out to line their own pockets, and the difference takes more money than necessary out of your pockets.
According to a 2015 White House Council of Economic Advisers report, more than $17 billion in retirement savings is lost yearly because of unscrupulous financial advisers who push products that are good for their bottom lines, not yours.
We can expect the final rule to be published soon. As it evolves, I’m calling on Sen. McCaskill to support consumers by supporting the closure of the loophole.
Sidney McCarther
Kansas City
Strength of love
To all who have not only been trespassed upon but assumed capable of trespass despite having defended virtue soundly and without dishonor, I say this — love will always prevail.
Steven Michael
Cunningham
Grandview
Trump on energy
Republican presidential front-runner Donald Trump has made many ridiculous statements. But a recent statement may trump them all.
He said he wants the country to bring back “clean coal.” That would be difficult because there has never been such a thing as clean coal.
Phil Langley
Lenexa
This story was originally published March 28, 2016 at 10:00 AM with the headline "Readers share views on KC earnings tax, 401(k)s, love."