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Posted on 01/25/2012 4:32:31 AM PST by Jim Robinson
Republican Presidential candidate Mitt Romney would save $3.4 million a year — roughly 85 times the total pre-tax income of the average American citizen — if the tax plan he advocates were enacted in the year that he is seeking to be President. In fact, Romney’s policies would not only shrink what he pays to the government, they would also boost his income, and roughly double the amount of money that he can pass along to his children when he dies.
~~snip~~
But what Romney’s tax release did underscore is the fact that these days many wealthy American’s pay a surprisingly low percentage of their income in taxes. What’s more, all of the tax proposals put forth by the Republican candidates, Romney included, would significantly lower what Romney and other wealthy Americans can expect to pay in taxes come 2013. And as a result, all of the plans are likely to significantly add to the national debt as well.
Ironically, it’s Gingrich’s plan that would lower Romney’s personal tax bill the most. “If Romney was really greedy, he would drop out of the race and endorse Newt,” says Bob McIntyre, director of the liberal group Citizens For Tax Justice. Under Gingrich’s proposal, Romney would pay almost no federal income taxes, saving him nearly $6.4 million a year in 2013. Romney would also save money under the tax plan of Rick Santorum, who is also running for the Republican nomination, than under his own plan.
Perhaps unsurprisingly, the tax plan that would be least friendly to Romney’s wallet would be Obama’s. Under the tax plan the President proposed last year, Romney would pay nearly $4 million more in taxes in 2013 than he did in 2010.
(Excerpt) Read more at business.time.com ...
He also wants to privatize social security and medicare, phase them out, and eliminate the payroll taxes.
Warren Buffet pays 10% or less (some say 1%) on his income and I’ve seen articles stating Romney pays 13%. With Newt’s plan, we the underclass damned near pay the same rates as the millionaires: 15% or less!! Fair is fair. /s
Of course if Newt gets his way and drastically cuts the income tax, then the federal government can’t possibly live on the reduced tax revenues and that has the establishment in a panic.
Well, surprise, surprise. Newt also wants to gut the federal government! Strip it of its unconstitutional socialist welfare programs and ship them all back to the states and the people where they can either control them locally or shut them down!
This is Reagan on steroids.
We’re talking major economic boom here!!
Go, Newt!!
Keep Romney unemployed and paying no income tax!!
Newt is correct. The counter to Obama’s class warfare approach should be that the current tax system is unfair and that tax code needs to be rewritten from the ground up so that there are no special loopholes and that EVERYONE should pay their fair share!
This is a great time to double down with the Flat Tax or the Fair Tax or some alternative. Keep specifics to a minimum, but beat the drum that a new Republican president is committed to a change in the tax structure that will benefit the American economy!
That sucker makes more while unemployed than I'll see in my lifetime.
I'd prefer him to remain unemployed as damage control.
Well bless your little heart.
I hope Romney falls down a hole and never comes out.
Are you lost?
zot
You forgot a “t” in your last name.
Pop Quiz:
I am filthy rich and invest in numerous ventures and financial instruments. I get special tax treatment from the IRS in the way of capital gains. My taxes are reduced significantly and I live the life of Riley while the “little people” just trudge along and pay a much greater percentage to the government.
I am a small businessman and purchase raw materials and inventory for my business. Of course the government sees this as income, not a business necessity that will be sold or incorporated in a salable item later...exactly like an investment in stocks and other financial instruments that people like Romney deal invest in. I am taxes that year for these “investments” that will be sold and the net profits taxed later.
Would the “anointed ones” squeal like stuck pigs if their investment purchase was taxed at the time of purchase? I does not take an Einstein to figure that one out.
The “little businessman” is truly being screwed while the “fat cats” are being pampered by the IRS.
I am one of those small businessmen engaged in manufacturing and I feel the unjust pain each and every year I do my income tax.
EVERY AMERICAN CITIZEN should only pay the same rate of a set income tax with no exceptions to adjust the amount to be taxed. The only way to do this is to have a national sales tax that has absolutely no exemptions for anyone.
Excuse me, I am typing slower than I think....
I am paying taxes that year = I am taxes that year
I agree with you, if and because, the national sales tax could substitute for the income tax, and thus eliminate the class warfare that has ensued and kept the demagogues going since the scheme was instituted.
Under the scheme, the taxpayer is kept arguing the details of the tax code, and tax breaks involved while being robbed blind. The way to win is to be politically connected, in the know and knowing the right people, perhaps with a Harvard Law degree and/or MBA.
The Harvard guy that gave the campaign speech last night is playing the classic class-warfare caerd again this election, and I do fear that neither Romney, nor Gingrich’s plan as described in the posted article, will appeal as much to the voting demographic in this country now.
This says to me that Newt’s plan is more in compliance with the theme of the Founders than anybody else. The BIG GOVERNMENT Democrats of course are for taxing like a Swede which is opposite of the basis of thought that was the origin of our nations Founding direction.
Today we see a direction of a society that has been groomed to taxes, and tax manipulation by class tax warfare/envy, “Rich” versus “Poor”, jealousy for the purpose of breaking up the society into manageable “us versus them” factions to exploit by self serving organizations of ill intent.
I think Newt intends to open the windows, and if they resist break them to let the Leftist stink out. We need the fresh air, and if the stink insists upon staying perhaps bloody a nose to convince the stink to get the “H” out of our house. A clean, sweet smelling house is a content, and productive house that all dwelling within take pride, and satisfaction in their participation.
The Leftist stink has to go.
except for the the foreign accounts, where he pays nothing. (mittens that is). Loves our country so much he puts millions elsewhere.
Has anyone seen the “calculator” on Yahoo to see how long it would take you to make the money Romney has? This is outrageous media bias! It is only the beginning I’m afraid. They will probably have a wives calculator for Newt.
Why should there be a percentage in the first place? Do I making $10 a year get more representation from government than you making $1 a year? Do I get more services than you?
NO TAXATION WITHOUT REPRESENTATION!!!
Roy Baty has self-immolated. ZOT!
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