Romney's Taxes

[Danzig]

Originally Posted by geeker2

True - does seem like you get to play a lot of rounds of golf hummmmm maybe I will run.

don't forget lots of travel, and a private chef at your mansion-rent free.

but there are plenty of negatives as well....i'm not in the least tempted. and that's the problem-many who could do good don't want the hassle.

[Danzig]

Originally Posted by Danzig

http://hosted2.ap.org/APDEFAULT/3d28...27cf0906225ed7

WASHINGTON (AP) — Mitt Romney has given Democrats plenty of support for their claim he manipulated his deductions to keep his overall 2011 federal income tax rate above a certain threshold for political purposes.

The Republican presidential nominee, whose wealth is estimated as high as $250 million, seems hemmed in by a comment to reporters in August that he had never paid less than 13 percent in taxes in any single year over the past 10. Had he taken the full charitable deduction last year, it would have pushed his tax liability below 13 percent.

The former Massachusetts governor and his wife, Ann, could have claimed more in deductions, the trustee of Romney's blind trust said when the candidate's 2011 tax returns were released.
But, Brad Malt acknowledged, the couple "limited their deductions of charitable contributions to conform to the governor's statement in August, based on the January estimate of income, that he paid at least 13 percent in income taxes in each of the last 10 years."

Romney probably also will be reminded by the Democrats by something else he said in August. Defending his right to pay no more taxes than he owed, he said, "I don't pay more than are legally due, and frankly if I had paid more than are legally due I don't think I'd be qualified to become president."



nothing worse than your own words coming back to haunt you.

thought i'd paste that in this thread, since it's about romney's taxes.

[Danzig]

http://www.slate.com/articles/news_a...ing_them_.html


“I don't pay more than are legally due and frankly if I had paid more than are legally due I don't think I'd be qualified to become president. I'd think people would want me to follow the law and pay only what the tax code requires.”

By his own standard, then, he is not qualified to become president. But as much as it reveals the absurdities of Mitt Romney, his voluntary overpayment underscores the absurdities of the current tax system. Romney owes so little because of the tax code’s favoritism toward the rich. Whereas the top rate on salary, wages, and tips is 35 percent, the top rate on interest, dividends, and long-term capital gains is only 15 percent. This is economically inefficient, because it encourages businesses and individuals to structure their affairs to take advantage of the differential. It is also instinctively unfair, because it privileges a hedge-fund manager’s carried interest over a factory worker’s wages.