Regarding the Sept. 23 story, "Fewer Healthy Firms Legally Escape Taxes; Study Attributes Drastic Shrinkage to '86 Reform":
I find it absolutely disgraceful, obscene, unfair and unjust that I, a retired individual living prudently on a fixed income, actually paid more in 1987 income tax than 16 of the largest U.S. corporations combined. These companies, according to the Citizens for Tax Justice, include General Motors, IBM and Aetna Life & Casualty. Together, they had a combined profit just short of $10 billion. But under the 1986 Tax Reform Act, which was supposed to bring fairness to the tax code, they paid zero or even received refunds.
To add insult to injury, while they get away with this, I will soon be paying a 15% surcharge on my income tax even though I am over 65 because of the so-called Catastrophic Health Insurance Plan recently passed into law. This plan will wind up being somewhat of a catastrophe for the elderly and retired.