Mitt Romney Admits He Pays A 'Low Rate' On His Income Taxes, But Says It's Still Fair

[TomCADem]

Source: Business Insider

"It is a low rate," Romney told CBS' News Scott Pelley. "One of the reasons why the capital gains tax rate is lower is because capital has already been taxed once at the corporate level, as high as 35%."

Pressed on whether it is fair that he pays a lower effective rate than people who earn much less than he does, Romney replied affirmatively.

"I think it's the right way to encourage economic growth — to get people to invest, to start businesses, to put people to work," he added.

Romney went on to reiterate that, under his tax plan, income tax rates would be cut by 20 percent across the board, and families earning less than $200,000 a year would no longer be taxed on interest, dividends, and capital gains. The loss in revenue, he said, would be offset by eliminations in loopholes and deductions in the tax code, especially for those making over $200,000. But he would not divulge what specific deductions would be eliminated.


Read more: http://www.businessinsider.com/romney-tax-returns-low-rate-60-minutes-2012-9

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Once again, Romney insists that American people just trust him on his taxes and the tax deductions that would be eliminated.

[truthisfreedom]

1. The man who will not disclose.

http://front.moveon.org/five-guys-took-a-boy-band-anthem-and-created-one-of-the-best-romney-parodies-hands-down/

[Beartracks]

2. Then why would it NOT be the right way to encourage economic growth...

... by getting more money in regular people's pockets by lowering THEIR tax rates?

Rich people don't need money to start businesses and "put people to work" unless they have CUSTOMERS with money to spend.

====================

[winstars]

3. People making under 200k a year will REALLY benefit from no tax on interest, dividends and capital..

gains!!! You know, every year when I do my tax and make my under 90k or so, I so wish that my non-existent investments were taxed a whole lot less. Ehhh, not really folks, and I bet most people are like me. Mittens is selling such a load of crap. (again)

[SDjack]

9. My situation is a little different. Only my "big" portfolio earn enough capital gains

that I had to pay $3 tax. I cried my eyes out over the injustice.

[winstars]

11. There ya go, vote for Mittens and you can save $3.00, cool... LOL!!!!!! n/t

[SDjack]

12. If we could just get the CG tax down to 10%,

I will save $1 in tax. Rmoney will save million$. I think I will screw him just to watch him cry over his tax bill.

[DallasNE]

4. Romney Really Doesn't Know What He Is Talking About Regarding Taxes

And that is a serious charge for someone who is so intensively involved in tax avoidance.

When he says that capital gains have already been taxed at the corporate level he is misleading at best. Many large corporations like GE rarely pay any federal income tax and when they do it is more like 2% rather than the top rate of 35% so that means that very little tax has been paid on either dividends or capital gains. Moreover, capital gains are only loosely tied to corporate profitability. Instead they are driven by things such as a debt crisis, war breaking out somewhere, especially the Middle-East or actions taken by a central bank somewhere. Plus Romney continues to get wrong the reason people invest and put people to work, Investment happens when aggregate demand increases and current staffing levels cannot meet the demand requirements so workers are added. When aggregate demand is not increasing then all new hires will be offset by layoff's somewhere else as that simply indicates a shift in market share. It is common for conservatives to claim that dividends are already taxed at the corporate level (true when the corporation pays more than a token amount in income taxes) but this is the first time I have heard that claim on capital gains, which are not controlled by the corporation.

[Scuba]

5. Ding, ding, ding... we have a winner!!!

[Cass]

6. Show me the plan, Romney, and while you're at it, show me your damn taxes, too.

[shawn703]

7. "Double taxation" is a fact of life for everyone

What makes him, as a member of the investor class, better than the rest of us?

My income was taxed, but I get hit with sales and excise taxes - which I'm sure make up a larger percentage of my income than they do Romney's.

[obxhead]

8. Taxes on dividends, and capital gains are just KILLING me!

Yep, if I could just have those taxes removed from my life making far less than 200k/year my problems would be solved.



(It would have zero effect on my life)

[Raven]

10. How many jobs did he create this year? Oh,

I forgot, he employed a bunch of political hacks.