Tuesday, August 28, 2012

The Rich ~ The Under Taxed !

America the Undertaxed

America the Undertaxed

In refusing to turn over more than two years of his tax returns, Republican presidential candidate Mitt Romney brags that he paid all his taxes but "not a penny more." Meaning no matter what he paid, he coughed up a pretty minimal amount, however how you slice it. Not only can Romney get away with legally paying very little in taxes, but his low tax rate is within an already low national tax rate (click to enlarge chart).

A recent Foreign Affairs article, "America the Undertaxed," provides a much-needed corrective this election cycle. From the authors:

Compared with other developed countries, the United States has very low taxes, little redistribution of income, and an extraordinarily complex tax code. These three aspects of American exceptionalism deserve more attention than they typically receive.

Yet under the Romney-Ryan budget plan, Romney would get another $4.5 million in tax cuts. Romney would pay less than 1% in taxes of $20 million in income.

So how does the nation make up for that loss? Romney and his vice presidential running mate, Paul Ryan, have the answer: Make the middle class pay! From the Center for American Progress:

[Former] Gov. Romney and Rep. Ryan force a $2,000 tax hike on millions in the middle class. Their plan would raise taxes on 95 percent of Americans—from the single parent working a minimum wage job to the family making $150,000 a year—just to give the wealthiest Americans another tax break.

"America the Undertaxed" needs a qualification: Especially if you're extremely wealthy.

And especially if you're Mitt Romney.

Editorial : The rich, should pay their way ! Not look for loop-holes to avoid paying tax`s ! ESpecially off-shore !

" I always turn to the sports section first, which records man`s accomplishments. The front page has nothing but man`s failures."
"Democracy...is two wolves and a lamb voting on what to have for lunch"!
Liberty...is a well-armed lamb contesting the vote.
Fiat Lux

1 comment:

Anonymous said...

You will appreciate this article. I agree with the points made, and so will you.