pay taxes - business & economy, taxes & Mitt Romney

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01-24-2012, 11:55 AM

elsid
Springfield, IL
Posts: 1

The republicans can no longer defend that the rich should not pay their fair share of taxes. When Romney made $44 million and pays less taxes than a bus driver, something is wrong. The rich are not creating more jobs because of their low tax structure. Republicans will lose both houses and the presidency which I think they have already lost if they don't wake up and get off the rich should not pay more taxes. If a person is making more than a million dollars per year, why shouldn't that person pay more taxes?

01-24-2012, 04:34 PM

Schmidt
Colorado Springs, CO
Posts: 1058

I won't begrudge Mitt Romney for earning millions. What he has done, from what I understand, is entirely legal, much the same as so many of the others in the Top 1 percent. What we need is comprehensive changes in tax laws that provide for a fairer distribution of taxes that long term can lead to more equality. We have seen various graphs like this one by Bill Moyers: The Triggers of Economic Inequality

Click on the various orange triangles above the graph to see the legislation change and the following impact on income distribution. One might argue that other factors came into play, but I believe most of these have been cited by economists in the past as affecting income. But wow, that graph sure speaks for itself. Wake-up America.

Now consider this: Mitt Romney paid or will pay $6.2 million in total taxes on income of $42.5 million for the years 2010 and 2011. However, Newt Gingrich, his biggest critic, has proposed zero capital gains taxes for comprehensive tax reform. Mitt Romney stated in the South Carolina debate that with Gingrich's tax plan, Romney would have paid ZERO taxes for those two years.

So if we elect Gingrich as President and enact his flat tax plan with zero capital gains taxes, we can expect another upward blip in the curve for the Top 1 percent. I hope at some point the electorate can get past anger and look at these various tax plans critically. Every one of the Republican plans further distributes wealth upwards.

However, for comprehensive tax reform to happen we need to elect representatives that haven't been bought by special interest groups and lobbyists that profit from these tax laws. And to do that we need Campaign Finance Reform. But Campaign Finance Reform can't happen unless we elect representatives that haven't been bought. It's a vicious circle of campaign promises forgotten.

That's why the Occupy Wall Street movement is important. Outside pressure has to be brought upon them, and the population needs to be educated. Otherwise they'll keep electing the same people that are beholden to the special interest groups...and nothing changes.

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