Former Republican: "Mitt Romney's GOP & the Decimation of the American Middle Class"

[Faryn Balyncd]

Last edited Sat Oct 13, 2012, 06:35 PM - Edit history (3)

(a good read for some of your independent relatives & co-workers)

While Mitt refuses to do the math on his tax plan, this article DOES the math on what is CURRENTLY being paid...

And shows that Mitt (& fellow capital gains/"carried interest" 1%ers) are paying about 60% of rate than an average middle class entrepreneur....
And that Mitt pays a similar to slightly lower tax rate than a family that he labels "non tax-paying" 47%ers.

Mitt Romney's GOP & the Decimation of the American Middle Class
Former-Republican.com


So why are small business owners rejecting what in 2012 passes for "conservatism" in the GOP?

Could it be that they see through Mitt Romney's arithmetic?

Could it be they are nauseated by a GOP that wants to shift even more of the tax burden to the middle class?

Perhaps tiring of paying significantly higher rates than the historically low rates now paid by billionaires, hedge fund managers, other investment executives, and Republican presidential candidates?

Or might they find it offensive when a politician falsely maligns "the 47%" of fellow Americans for "not paying taxes", when that same politician in reality has an effective federal tax rate virtually the same, or even slightly lower, than some of those he maligns?



. . . . . (snip). . . .




Turning "Progressive" Taxation Upside Down


Let's start by comparing the CURRENT total federal tax rates for a small business owner with the tax rates for Gov. Romney: . . . .


. . . . . (snip). . . .



Let's now consider the taxation of a member of the maligned "47%". . . . .


. . . . . (snip). . . .


. . .this family of 4, part of the "47%" who "pays no taxes", will again have a total effective federal tax rate that is between 0.3% and 1.3% HIGHER than the total effective federal tax rate on Mitt Romney's combined 2010 and 2011 income. . .


. . . . . (snip). . . .



The effective abandonment of the principle of progressive taxation has resulted in a harshly regressive system that taxes financial elites at rates much lower than middle class entrepreneurs (in Mitt Romney's case at rates (13.9% to 14.1%) significantly lower than the federal tax rate (19.1% to 25.6%) of a small business owner earning roughly $100k). . . . . . . and which taxes these financial elites with over $20 million in annual earnings at roughly the same federal tax rate as it taxes a hard working member of "the 47%" who is falsely maligned as "paying no taxes".



. . . . . (snip). . . .



So, now that we have turned tax rates upside down, and created a tax system when the top one per cent are now taxed at:

- - historically low rates (with effective tax rates approximately half of what the most wealthy paid in the 1950's and 60's, during the most sustained period of economic expansion and prosperity in American history), and
- - rates that are much lower than the rates for small business owners and other working Americans, and
- - in the same ball park, or perhaps slightly lower, than the actual federal tax rate for many of the 47% of Americans who have been falsely maligned as "paying no taxes"

what is Mitt Romney's proposed "solution" ? . . .



. . . . . (snip). . . .


. . . middle class Americans are finding no friend in the Republican Party of Mitt Romney and Paul Ryan.



http://www.former-republican.com

[oldhippydude]

1. well written, worth the read, click on link

thank you!!

[OldDem2012]

2. Dynamite article! Well worth reading! nt.

[JaneyVee]

3. Kick THIS.

[madokie]

4. Its no wonder the mittster and boy munster

won't go into details on their tax plan. As Joe put it the other night when he said trust me on this one folks, your taxes will go up or the safety net will come crashing down. He didn't say it in those words but we all know what he was saying.
Thanks for the link

[HopeHoops]

5. K&R