Remember, the rate on earned income is PROGRESSIVE ~ so your first $40K might be taxed $0 because you have various exemptions and deductions, but the next $40 K is certainly going to be at what Mitt paid, and your third $40 K will be taxed at a rate far above anything Mitt paid.
I know there are all sorts of justifications for this disparity, but seriously, people don't look at their average rate, they look at their highest marginal rate when they compare their pitiful little quarter million dollar salaries against $20 million in capital gains!
The conclusion is that even if it's a neat idea and encourages investment ~ in something ~ whatever that is ~ talking about it in public doesn't win voters. Actually, it does this ~ I WANT MITT's AVERAGE RATE!
People with common sense know it's great Mitt "only" supposedly paid 14% tax rate, but also believe the rate should be much lower!
Journalism = Fiction
Of the textbook's depiction of the "outsized" Reagan deficit, University of Dayton history professor Larry Schweikart said, "The appearance to mislead seems intentional."
Start by dramatically reducing the size of government, eliminate tens of hundreds of thousands of government employees at all levels, reduced those lottery style government employee pensions of those already retired by 35 percent.
Eliminate dozens of bloated government programs costing hundreds of billions, eliminated government unions....etc..
This isn't complex.
ROMNEY did NOT write the millions of pages of US TAX CODES.
EVERY person I have ever met in 65+++ years who is wealthy has the very best accountants & bookkeepers available. They don’t want any trouble with their books, because they know how long & tiresome audits can be.
The audits done of returns of wealthier persons is far more diligently done by the IRS than the audit of the mechanic.
A friend of mine just went thru a 18 month long audit of her 2 businesses.
The IRS wanted to not recognise ANY of the expenses of the secondary business & many legitimate deductions of the primary business. They did want to tax her on the income from BOTH sources, tho. Just NOT let her use the expenses getting that income!!! I don’t even want to ask her how much it cost her in legal & accounting fees. These accounting fees were on top of the normal accounting/bookkeeping she has always done. She hired a 2nd firm to review ALL of her records for the past 6 years ++. They found nothing wrong. They even found a couple of small items she could have deducted, therefore she overpaid a few years back.
She does very clean & detailed records and always has. She doesn’t discard any receipts and keeps them in an orderly fashion.
A few of us who are also involved in businesses like her secondary business wrote letters in her behalf, explaining the details of what we were doing.
Long & short of this story?
She won—beat the IRS on both businesses.
The letters some of us wrote were very informative to the IRS agent—he even complimented her on those letters & the details he never knew about such activities.
I don’t for one little second believe that Mitt Romney would not have the experience & ability of very good bookkeepers & accountants working for him.