Tuesday, January 24, 2012

Mitt Romney Makes 263 Times What I Make--That's 26,300% More Than I Made--And Yet I Pay A 50% Higher Tax Rate

Poor Mitt.  How you have to grovel if you want to be President of the United States.

Normally, individual tax returns are private and confidential, and all we ever see are averages by income levels.  But now the whole world knows how much wealth and income the Romneys have, since he was shamed into releasing his 2010 tax return.

They received income of $21,000,000 dollars in 2010, and again in 2011.  Twenty one million.  In one year.  In retirement.

And they paid just under 14% in total federal taxes--both income and FICA.

So Warren Buffett is right...the wealthy do pay a significantly lower tax rate than most average people.

Take me, for example.  In 2009, I paid a comparable tax rate of 22%.  In other words, on income that was less than one third of one percent of what Romney made--he makes 263 times what I make--I paid a 50% higher tax rate.

So much for so-called 'progressive taxation'.  Our current tax system is highly regressive, at least for the super-wealthy who live off capital gains and dividends.

And if the Republicans--and so-called 'conservatives' in general--get their way, it's only going to get more regressive. 

Welcome to 'Class Warfare'.

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