Mitt Romney’s Little Income Tax Thingie

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I wonder if we are going to hear about this one.  I doubt it.  With the duplicity of the conservative punditry and FOX, the story will probably be hidden.  Wolf Blitzer picked up on it.  I don’t expect the Romney’s Press Corps to even touch it.

We’re told that Mitt Romney is this uber businessman, just the tops, doesn’t quite know which tax bracket he is in.  He thinks it is 15% but he is not sure.

Lord have mercy!

“…Romney seemed to make more clear he’s probably going to release the returns his tax preparers are releasing right now — i.e., the 2011 return, not earlier ones. If my surmise is right, Romney’s resistance to releasing his taxes isn’t tied to his wealth (which is well known) it’s to the tax rate he pays (and how that plays into the political debate over the ‘Buffett Rule’). Because of the nature of his work virtually all of his income is based on capital gains which are usually taxed at 15%. In addition, since it’s not salary income, he pays no payroll taxes (which, depending on the model you use, costs most people either 7.5% or 15%.) So a very low rate of taxation (15%) and no payroll taxes at all. That amounts to an effective federal tax rate well below that of many middle class folks. And going into a campaign that will focus a lot on the resistance to any tax hikes for the mega-wealthy, that’s a complicated bit of baggage to carry….”

Good capitalist that I am, I don’t give a rip what tax rate he pays.  Everyone should angle to pay the lowest rate possible, to keep the Feds from confiscating their hard earned money.  More power to him for paying that rate.

BUT….

Hot Air

He thinks it is 15%?

We are told that Mitt Romney is this amazing business person.  My father may have Alzheimer’s but he remembers that he always paid a lot of taxes and he seems to remember hearing Mitt Romney say he is at about 15%.

My father who has Alzheimer’s and is not with it all that much, at night, remembers Mitt Romney’s tax bracket.

Enough said.

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