Wry Catcher
Diamond Member
- Banned
- #21
Good thing Obiedoodle isn't wealthy, huh?LOL. Most probably because that is quite a bit more than most of the wealthy pay.
Mitt Romney's effective tax rate is very low: Most economists think it should be.
The news is out that Mitt Romney paid a 14.1% effective tax rate on an income of over $13.7 million in 2011, a number that will strike many people as high but that is actually artificially inflated. He didn't fully deduct all his charitable contributions in order to make sure his effective rate stayed above 13 percent.
The main reason Romney's effective rate is so low is that the American tax code contains a lot of preferences for investment income over labor income. That's something that strikes many people as unfair on its face, and particularly unfair since it often means very low rates for extremely rich people like Rommey. And Rommey himself as a rich guy who's also a member of the political party seen as favoring the rich, and who's been recorded as whining that the working poor are undertaxed is perhaps not an ideal messenger for a defense of this policy.
Oh, BTW, Romney earned his money out in the real world, while Boiking has spent his life mooching off the taxpayer to "pay his taxes".
Much of Obama's wealth came from his books. I suggest you do some research on how Romney earned his greater wealth. Start with this from Vanity Faire:
Investigation: Mitt Romney?s Offshore Accounts, Tax Loopholes, and Mysterious I.R.A. | Vanity Fair