The Editor, Sir:

I find it necessary to comment on a letter by Authnel Reid, who quite correctly stated that the Government needed to collect taxes from tax-dodgers, frauds and cheats in order to fund their admirable, much-needed and expensive social programmes.

Mr Reid did not leave well enough alone, however, and went on to mash mi corn and extend his correction to investment club members and the money thus earned. Red-eye, Mr Editor, Red-eye!!

After almost 40 years working underneath motor cars and trucks, scrounging to save and investing in solid, upright American companies like MCI and Enron, I developed high blood pressure and heart disease when these institutions fell. I never heard a word from Mr Reid, Mr Taxman or the Government of Jamaica.

Nobody has so much as contributed to the cost of one doctor visit or offered to reimburse one dime on my investment losses. I had lost investment, health, wife, house and car thanks to failed investments.

I lapped my tail and sucked it up like all investors who manage not to commit suicide or go postal under similar circumstances. No recourse and since I had slaved all those years to accumulate that money, not much sympathy from my more spendrift brethren.

good Samaritan

Finally a good Samaritan introduced me to a club founded by one of God's own. I scraped what I could put together, put it in friends' account in something like Fuzz or Lint and received divine results.

My blood pressure has normalised and my vision is no longer blurred. I remarried, replaced house, car and can look forward to a retirement without worrying that old age will find me bagging groceries.

My point is, money earned in high- yield investments are accompanied by substantial risk and if you do not share that risk, it is criminal to seek a share of the reward.

I suspect that shortly, thousands will be left crying by the shenanigans of the colourful Hills and mountainous clubs of the investment world.

The Government has made it clear that the investors are on their own. In the opposite scenario, should the Government share the profit?

Social programmes have to be funded by the people, but should not look to double-dip from the earnings of the prudent. It is fair to assume that tax was already paid on any money deposited into an investment unless it is a tax-free retirement account.

Investment funds should have some oversight to prevent careless and wanton defrauding of the Jamaican people. Oversight should seek to protect and not persecute investors, and it is merely immoral for Mr Reid to call for wholesale taxation on us.

These are delicate matters and I pray and expect that this government will use diplomacy and wisdom in adjudicating these matters.

I am, etc.,

FRANCIS S. SMITH

stavsig@yahoo.com

Sunrise, Fl

Via Go-Jamaica