Wednesday, January 18, 2012

Romney Doesn't Have A "Tax Issue". Congress Just Needs To Actually Do Something For The Tax Code To Change.

What do you think? ...

Tell me this. Are all of the candidates going to have to release their tax records to the public?

Or is Mitt Romney getting hit because they have nothing else to pick on him for.

Why are they digging so hard?

So, he is a successful business man and his money isn't made the same way that the middle class makes theirs.

The middle class gains employment from people like Romney. His taxes are actually much higher when you look at the trickle down. We need the non-distorted facts.

Also, take a look at the tax code for where he is getting his money from.  After you take a look at that, take a look at congress and Obama and their complaints about the taxes on the rich versus the taxes on the rest..  Then, take a look at what they have, or rather HAVE NOT done regarding the reformation of the tax code.

By Philip Rucker and Lori Montgomery, Published: January 17
FLORENCE, S.C. — Mitt Romney bowed to political pressure on Tuesday by promising to release his federal income tax returns, while estimating the rate he pays at about 15 percent and placing himself among the wealthiest Americans who earn most of their money from past investments. Romney’s disclosure underscored the Republican presidential front-runner’s discomfort with talking about a key aspect of his biography — his money — and reignited the debate over whether his multimillionaire status makes it hard for him to relate to middle-class Americans.

Romney’s Democratic and Republican opponents alike pounced on his revelation by saying he has benefited from a basic unfairness in the tax structure. And as President Obama looked to Romney as his likely general-election opponent, the White House and its allies tried to stoke populist anger over income inequality by casting Romney as an out-of-touch multimillionaire. Romney seemed to strike another clumsy note when he described his income from speakers’ fees — about $370,000 in a single year — as “not very much.”

Most Americans earn their income from wages and salaries, and the more they bring in, the higher their taxes are — up to 35 percent. Obama paid a rate of 26 percent on adjusted gross income of about $1.73 million in 2010, according to his tax return. Most of Romney’s income, however, has come from capital gains, which include profits from the sale of stocks, bonds and real estate, and are taxed at a rate of 15 percent. Over the past 20 years, the wealthiest one-tenth of 1 percent of Americans have realized about half of all capital gains income — and received tax advantages criticized by billionaire Warren Buffett and Occupy Wall Street protesters alike. read more from The Washington Post ... Click Here


So what! The current tax rate is the current tax rate!

I don't care if Obama agrees with Warren Buffet that the rich should no pay a lower tax rate than those that are not so well off. The problem isn't Romney.

The problem is, however, the current tax system. In order for the "issue" with Romney paying lower taxes on his earnings, which are different types of earnings than the average Jane or Joe, he would need to be following a different tax code.

In order for this to happen, there would have to be something actually done in Washington to change the tax code. No. This is not an "issue" that should be tackled with Romney. This is just plain ridiculous!!!

No comments: