Sunday, August 05, 2012

Romney on being out of touch

Bonus Quote of the Day: "I have paid taxes every year. A lot of taxes. A lot of taxes."

-- Mitt Romney, quoted by Reuters, denying charges that he paid no federal taxes for a decade.



If by "a lot" he means half the percentage I paid, well...
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2 comments:

  1. It's funny, the 15% cap gains rate people like Romney and Buffett largely pay that lets liberals get away with this spurious argument was one of the keys to economic growth in the Clinton years, yet we never hear people complain that we should repeal these Clinton tax cuts.

    Even if we raise the marginal rate to 99%, it wouldn't affect the taxes on investments that these guys pay.

    So, either be honest, and suggest an alternative tax that makes the super rich pay on their wealth (vice income) or shut up about it, because all it is right now is a class warfare talking point.

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  2. We can play percentage games all day, lets assume that we all share equally in th benefits provided to us by our generous federal government. An unfair assumption, to be sure, but, let's say you and Romney, Buffett, et.al. use the same amount of roads, law enforcement, military, etc.

    And let's say that The federal budget is $4B roughly. Let's assume Rob makes $100k and pays about $40k in income, and payroll taxes, so that's 40,000/4B, or about 1/100000 of e federal budget.

    Meanwhile, Romney makes $40,000,000 from investments and pays a 15% cap gains tax, so he pays $6M in taxes. That's 6000000/4B or 15/1000 of the federal budget, or roughly 1500% more than fictional Rob pays.

    Is that fair?

    See how we can play this game. Even if my math is off (it likely is), it still demonstrates the silliness of this kind of rationale.

    You want a fair tax code? Elect leaders who will make it fair. Trust me, there are far fewer of them on the Left who have any interest in fairness in taxes.

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