Romney is a happy man. Why not? He pays the same tax rate as the old lady who took your order at Burger King today.
Last week, when questioned about the growing income inequality between rich and poor in the U.S., Mitt Romney said that people worried about inequality just suffer from “envy”. Gee, Mitt, I wonder why that could be? I wonder why the poor would be envious of the way America treats the rich? Perhaps, Mitt, you should have thought about your “envy” statement before talking about your own personal tax rate today.
At the debate last night, Mitt Romney was questioned about releasing his tax returns, an exchange that had Romney looking uncharacteristically flustered. Today, Romney said that his tax rate is “around 15%“. Hmmm. 15%!?!? A very rich, American politician says his tax rate is around 15%. Is it any wonder people concerned with income inequality are envious? A single person making $9,000 a year pays that same 15% tax rate. A full-time McDonald’s employee making $6.00 an hour pays the SAME RATE as one of the richest men in America.
Envious, Mitt? You’re damned straight people are envious of the way the rich are treated in the U.S. You’re damned straight people are envious of the tax loopholes the rich can exploit. You’red damned straight people are envious of the political puppets the rich have at their disposal.
The media panned Romney over his “envy” remark last week, but sadly, Romney was correct.
Newt Gingrich and the rest of his rich buddies would be laughing all the way to the bank, under Gingrich's proposed new tax system.
Newt Gingrich has been criticized by many in the Tea party, and by conservatives in general, for being too moderate. With the analysis of Gingrich’s proposed tax plan, conservative wackos have nothing to worry about. Gingrich is showing he’s just like the rest of the completely unrealistic GOP candidates, and will do anything to pander to the wacko right who believes taxes and government are the root of all evil.
Gingrich’s plan would allow you to keep your current taxes, or, take a flat 15% tax. So in theory, nobody’s taxes go up!! Consider, however, that the richest Americans currently have a tax rate of 35%. That would go down to 15%! Plus, Gingrich proposes no taxes on capital gains, and no estate taxes, two taxes that currently largely affect the wealthy. The net result? MASSIVE tax cuts for the rich, far beyond what even most other wacko Republican candidates are offering. The richest 0.1%? They would receive an AVERAGE of a $2 million cut in their taxes!!
The poorest people in America? ONLY 20% would receive ANY kind of tax benefit!!! And the average tax benefit for those few, lucky poor folks who WOULD get a tax cut under Gingrich? A whopping $63 a year!!
There is just one SLIGHT problem with Gingrich’s plan. Under the plan, tax revenues would drop by at least 35%, adding at least $1 TRILLION a year to the deficit!! Considering the debt-reduction committee couldn’t agree on that much savings over TEN years, adding a trillion a year to the deficit doesn’t seem too smart now, does it?
But then again…who ever accused the GOP of being smart?