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’s 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.
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.
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.
Romney, the former governor of Massachusetts, and his wife Ann paid an effective tax rate of 13.9 percent in 2010 and expect to pay a 15.4 percent effective tax rate when they file their returns for 2011.
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.
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, but the returns that he did release showed Bain gave him a special tax advantage.
Romney got about $13 million in income over the past two years from "carried interest," a form of earnings that is available to private equity partners and taxed at the 15-percent investment income tax rate, not the higher wage income rate… [emphasis added]
Inserted from <Reuters>
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.
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.
14 Responses to “Mr. 13.9%”
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Romney can squawk all he wants about “envy” and the 99% being divisive, but it is people like HIM who divide this country into economic camps by exporting jobs,deliberately holding wages down, PROFITING from doing so, and then unpatriotically hiding those profits offshore to avoid paying taxes on them. I don’t envy that greedy bastard in the least. Electing that prick would be like electing a Swindler-In-Chief! That big phony ought to be in jail rather than out free running for President!
AMEN!!!!! Pope Jack.
A agree with Lynn’s original statement!! 😀
My Opinion ? lol— There is all sorts of Greed– the greed for Money is evident in Romneys history– the Greed for Power is just as much a problem—combined Greed for Money and Power is insatiable–
This is a man who seems to be incapable of empathy , of real caring for the welfare of others– I have watched him the last election- 2008 , when I saw a film clip that sent up a red flag– He was asked a question by an ‘ordinary’ person in one of the diners Mitt seems to like so much— can’t recall the question , but I sure do the sneer and coldness in Mitts face , voice and attitude–
I often turn off the audio on TV clops to watch the body language ; Mitts is very revealing–
Another AMEN!!!!!
Another agreement with Lynn!
I find it odd that when he was looking for the Veep nod from John McCain 4 years ago, he submitted 23 years of tax returns to the vetting committee but now can onlky come up with 3 years. WHY? Could it be that he paid even less or no tax during some of those years due to losses in the stock market?
Excellent analysis Patty! Very astute.
Just a few things very troubling revealed in Rmoney’s Income Tax Returns:
Nameless, I fear that even Gordon Gekko, would have far too much integrity to team up with Multiple Mitt.
I find it incredible that, as a potential presidential nominee for the Republican/Teabaggers he would not be required by law to submit returns for a vetting process. And not just one or two years. After all, look at the scrutiny that appointments to various positions, including SCOTUS, go under when the Senate is vetting a candidate. Surely someone being elected to the highest office should have to go under a similar scrutiny! Actually, it might not be a bad idea for all politicians but it would never go overwell and the potential good ones out there might be reluctant to run.
Look at the obscene and obsessive scrutiny that the Republican/Teabaggers are subjecting Mr Obama to with the birther crap! What’s good for the goose is good for the gander.
Lynn, I fully agree.
I had to remove the cartoon. It was a © violation.
I was looking for the copyright before I added it and didn’t see it. Where did I miss it?
A cartoonist’s signature on a cartoon serves as his/her trademark and © notice. They may not be used without specific permission to do so. This is the issue that started me making cartoons. Using others’ was much easier. 🙂