Mitt Romney Pays More Than His Fair Share of Taxes
President Obama, the Divider-in-Chief, will pontificate tonight about how the wealthy should pay more in taxes -- their "FAIR SHARE". He will, of course, ignore the obvious...that when you tax something more you get less. The president should look at his corrupt state of Illinois, which increased its state income tax a whopping 67%, from 3% to 5% and saw its gross tax receipts drop. Never let the facts get in the way of a good, old populist campaign season, Mr. President.
Mitt Romney released his 2010 tax returns and his estimated 2011 tax returns today. His 2010 "effective" tax rate of "only" 13.9% has the left buzzing about the rich not paying their fair share. I contend that Mitt Romney pays more than his fair share. Let''s look at the numbers:
Mitt Romney made about $20 million and paid close to $3 million in taxes. His income was mostly from dividends and interest, so the income was taxed at the capital gains rate of 15%. The left will scream that this is not "fair" because even the "poor" are in the 10% to 15% tax bracket. Of course, they never mention that there is a HUGE difference between your tax bracket and your effective tax rate.
I went to the H & R Block website to see what a typical couple making $50,000 a year, with two kids and $6,000 in mortgage interest would pay in federal taxes. Even though this typical couple is in the 15% tax bracket, their tax is NOT $7,500. This typical couple will pay only $690 in federal taxes for an effective tax rate of only 1.4%. So Mitt Romeny's 2010 effective tax rate is ten times more than the typical taxpayer really pays.
By the numbers, Mitt Romney pays the tax equivalent of 4,347 taxpayers who each make $50.000 a year .... ($3 million divided by $690 = 4,347 taxpayers).
Mitt Romney pays more than his fair share, Mr. President. It's time for the bottom 50% of taxpayers, who pay little or nothing in taxes and receive most of the benefits, to pay more.
The more money we send to Uncle Scam, the more they waste!
Mitt Romney released his 2010 tax returns and his estimated 2011 tax returns today. His 2010 "effective" tax rate of "only" 13.9% has the left buzzing about the rich not paying their fair share. I contend that Mitt Romney pays more than his fair share. Let''s look at the numbers:
Mitt Romney made about $20 million and paid close to $3 million in taxes. His income was mostly from dividends and interest, so the income was taxed at the capital gains rate of 15%. The left will scream that this is not "fair" because even the "poor" are in the 10% to 15% tax bracket. Of course, they never mention that there is a HUGE difference between your tax bracket and your effective tax rate.
I went to the H & R Block website to see what a typical couple making $50,000 a year, with two kids and $6,000 in mortgage interest would pay in federal taxes. Even though this typical couple is in the 15% tax bracket, their tax is NOT $7,500. This typical couple will pay only $690 in federal taxes for an effective tax rate of only 1.4%. So Mitt Romeny's 2010 effective tax rate is ten times more than the typical taxpayer really pays.
By the numbers, Mitt Romney pays the tax equivalent of 4,347 taxpayers who each make $50.000 a year .... ($3 million divided by $690 = 4,347 taxpayers).
Mitt Romney pays more than his fair share, Mr. President. It's time for the bottom 50% of taxpayers, who pay little or nothing in taxes and receive most of the benefits, to pay more.
The more money we send to Uncle Scam, the more they waste!
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