First of all, Romney released his tax returns for 2010 and we learned that he made $21.7 million. I think a more helpful way of grasping a number that big is to say that he made just shy of $60,000 a day 7 days a week. And every penny came from capital gains, dividends and interest on investments. Not bad for a days "work," huh?
Let me remind you, its not that Mitt's net worth is almost $22 million. You'd have to multiply that number by a little over 10 to get there. Its that he pocketed almost $22 million in 2010 during a year when the rest of the country was still reeling from the great recession.
That folks, is how income inequality has been created in this country...if you have money, you can make money - LOTS OF IT!
But here's the second thing we learned: Under Gingrich's tax plan, Romney would pay no taxes...as in zero - nada.
Even Mitt seemed a little taken aback by that in the debate last night.
So the idea that Mitt pays a lower tax rate (14%) than someone making in a year (25% on $60,000) what he makes in a day is just not good enough for Newt. He thinks Mitt shouldn't be paying anything at all...amazing!
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I am holding my breath that PBO will be able to put this tax issue re: Mitt in a really pithy example as opposed to his professorial style. I dont think most Americans have the knowledge-base to put this info into its proper context.
ReplyDeleteI am looking forward to the speech. He is always so magnificent and all of America gets to see him in action.
Smilingl8dy
I'm confused. If we all want more transparency in government, why do we have two Republican frontrunners who have been anything but. . .until they're forced into it?
ReplyDeleteHow is Romney able to say, on the one hand, that Obama is some kind of socialist, European-style, economy wrecker? And on the other hand that people like Mitt Romney are raking in $20 million a year on their investments and paying a lower tax rate than the average working person? It doesn't compute.
ReplyDeleteMitt (and his social circle) seem to look down their noses at money earned by working at some stupid job (wage slave suckers!), and only respect money acquired by wisely being born to wealthy parents.
ReplyDeleteIt's so Dickensian---looking down our noses at anyone in trade. Next thing we'll have a House of Lords of the Universe) instead of a Senate.
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