Running for President

Mitt Romney stands to gain a lot from the tax policies, that he has proposed. Citizens for Tax Justice broke down the tax proposals of President Obama and Mitt Romney. Under our president’s plan, Romney would be taxed at 24%.

The reason Romney is being less than candid about his taxes, is a loophole in the tax laws that allows private equity managers like Romney to treat their compensation as capital gains.

Senator Alan Simpson, who was the Fiscal Commissions, Republican Co-chairman reported, that tax expenditures are really earmarks. Only 10% of the wealthiest people in America, use them, because they’re the ones that can hire the best lobbyists. The little guy does the standard deduction and walks away. “We found the top 400 income earners in the United States pay an average of 16% income tax, and it’s absolutely absurd.”

Romney is hiding the amount he stands to gain from his own tax policies, and he’s hiding the tax loopholes that he exploits.

A “Reuters” report discovered Bain Capital has millions of dollars in foreign tax havens in the Cayman Islands, Bermuda, Hong Kong and Ireland. It’s not illegal but offshore holdings brings in massive profits for companies like Bain Capital, which is the source of Mitt Romney’s income.

The $375,000 Romney made in speaking fees last year would be a life-changing income for most Americans. Romney doesn’t seem to be able to relate to the plight of every day working folk. He hasn’t had a job in five years, because he doesn’t need to work for a living. He makes millions from untaxed offshore investments and he pays less than people who earn a fraction of what Mitt Romney is worth. For the past 5 years, Romney’s only real job has been running for president.