Well, I agree that it would be foolish for Newt to attack Mitt for being a rich capitalist. But I still wonder why his taxes are so low. Does he keep most of it offshore? I notice that no one has said anything about that conjecture.
Because he's already paid taxes on it once (as ordinary income when it was earned) and probably at the highest tax rate. Then when that money is put to work (stocks for instance) it's taxed a second time at 15% if held for a year or longer. If less than a year, it's taxed at ordinary income tax rates.
Obama is proposing that the capital gains taxes be raised to 40-50%. The investor takes all the risks and if fortunate enough to make any money would have to give the government half of it.
Savers in this country are punished coming and going.