Mitt Romney
Most Americans get a paycheck from which the government takes the taxes out before we get our money. A single person making a little over $60,000, pays 15% of their income to the federal government.
Mitt Romney has committed to releasing multiple years of his personal income tax returns in April. Romney has set up deals where he’s allowed to get compensation for managing other people’s investments, and is paid with what is called carried interest. He doesn’t pay taxes on that, until he cashes out. He’ll only pay taxes on dividends or other things that flow out of it.
Regarding his tax rate, Romney admitted: “It’s probably closer to the 15 percent rate than anything because my last 10 years, my income comes overwhelmingly from some investments….”
It’s simply unfair that the tax rate on passive income is capped at 15%, while money earned from working can be taxed up to 35%. Imagine paying a low 15% rate for 10, or 20 years on only the dividends that flows from your bank or offshore accounts. We don’t know and may never know how much of Mitt Romney’s wealth goes untaxed.
In 1984, Bain Capital was founded by Mitt Romney, T. Coleman Andrews III, and Eric Kriss. According to Pulitzer Prize winning author, David Cay Johnston, a professor at Syracuse Law School, we can’t know how much Romney is worth unless we get his tax returns all the way back to 1984.
Wall Street executives and hedge fund managers should be worried about Romney running for president, because once ordinary Americans sitting around the kitchen table begin to understand how this game is rigged, and that it’s far worse than they’ve been told, there’s going to be public pressure to end this practice of paying your taxes decades later.
Mitt Romney has committed to releasing multiple years of his personal income tax returns in April. Romney has set up deals where he’s allowed to get compensation for managing other people’s investments, and is paid with what is called carried interest. He doesn’t pay taxes on that, until he cashes out. He’ll only pay taxes on dividends or other things that flow out of it.
Regarding his tax rate, Romney admitted: “It’s probably closer to the 15 percent rate than anything because my last 10 years, my income comes overwhelmingly from some investments….”
It’s simply unfair that the tax rate on passive income is capped at 15%, while money earned from working can be taxed up to 35%. Imagine paying a low 15% rate for 10, or 20 years on only the dividends that flows from your bank or offshore accounts. We don’t know and may never know how much of Mitt Romney’s wealth goes untaxed.
In 1984, Bain Capital was founded by Mitt Romney, T. Coleman Andrews III, and Eric Kriss. According to Pulitzer Prize winning author, David Cay Johnston, a professor at Syracuse Law School, we can’t know how much Romney is worth unless we get his tax returns all the way back to 1984.
Wall Street executives and hedge fund managers should be worried about Romney running for president, because once ordinary Americans sitting around the kitchen table begin to understand how this game is rigged, and that it’s far worse than they’ve been told, there’s going to be public pressure to end this practice of paying your taxes decades later.
posted by Jim O'Leary | 1:18 AM
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