{"id":6895,"date":"2012-01-26T00:01:01","date_gmt":"2012-01-26T08:01:01","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=6895"},"modified":"2012-01-26T00:01:01","modified_gmt":"2012-01-26T08:01:01","slug":"mr-13-9","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2012\/01\/26\/mr-13-9\/","title":{"rendered":"Mr. 13.9%"},"content":{"rendered":"

As much as Barack Obama for an America is fair to all, Mitt Romney stands equally for the scions of privilege, the 1%.  It is not that anyone objects to the rich having money.  In Romney\u2019s case we object to his history of enriching himself by screwing American workers and outsourcing American jobs.  W also object to Romney insisting that the neediest Americans should have less, so he can have more.  It that light, Mr. 13.9% is almost as good a nickname for Romney as Rmoney is.<\/font><\/p>\n

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\"15MoneyLaunder\"<\/a>Republican presidential candidate Mitt Romney bowed to political pressure and cracked the books on his personal finances on Tuesday, releasing U.S. tax returns showing he pays a lower effective tax rate than many top wage-earners.<\/p>\n

Unlike most Americans who get a paycheck, Romney earns the majority of his income from investment profits, dividends and interest. The returns showed he will pay $6.2 million in taxes on $42.5 million in combined 2010 and 2011 income.<\/p>\n

Romney, the former governor of Massachusetts, and his wife Ann paid an effective tax rate of 13.9 percent in 2010<\/strong> and expect to pay a 15.4 percent effective tax rate when they file their returns for 2011.<\/p>\n

Those rates are roughly in line with the effective tax rates paid by most Americans, but they are far below the top income tax rate levied against wages, which is 35 percent, because the U.S. tax code favors investment income over wage income.<\/p>\n

One of the wealthiest Americans ever to run for the White House, Romney did not release returns from the years when he made his fortune buying and selling companies as a private equity financier with Bain Capital<\/strong>, but the returns that he did release showed Bain gave him a special tax advantage.<\/p>\n

Romney got about $13 million in income over the past two years from "carried interest," a form of earnings<\/a> that is available to private equity partners and taxed at the 15-percent investment income tax rate, not the higher wage income rate\u2026 [emphasis added<\/em>]<\/p>\n<\/blockquote>\n

Inserted from <Reuters<\/a>> <\/p>\n

First, we need to consider that Romney knew years ago he would have to release his returns, so he was able to plan to make it appear far less egregious than it is.  The returns we should see are the ones when he was actively working for Bain Capital, but he refuses to do that.  As much as this return hints at money laundering, I have no doubt that those would make it clear.<\/font><\/p>\n

For perspective, the next 2010 tax rate above what Mr.13.9% paid is the 25% tax bracket, for couples earning over $34,000.  No wonder Rmoney hates the Buffet Rule.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

As much as Barack Obama for an America is fair to all, Mitt Romney stands equally for the scions of privilege, the 1%.  It is not that anyone objects to the rich having money.  In Romney\u2019s case we object to his history of enriching himself by screwing American workers and outsourcing American jobs.  W also […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-6895","post","type-post","status-publish","format-standard","hentry","category-politics","category-5-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/6895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/comments?post=6895"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/6895\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=6895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=6895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=6895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}