The Unbelievably Flawed Thinking of Presidential Candidate Mitt Romney on Taxes


By Patricia L Johnson

It’s true – the March 20, 2010 decision on SpeechNow v. FEC and the January 2010 decision on Citizens United v. Federal Election Commission had me wondering whether or not the little people would be able to compete with the big boys. Would the airways, TV stations, newspapers, internet, etc. be so completely bought out by big money that voters would be forever brainwashed and back the GOP candidate?

We probably won’t know the answer to that question until after the election, but in the meanwhile President Obama is getting more help than he needs, from none other than the opposition. Following is a link to the You Tube video where Presidential Candidate Mitt Romney made the statement 47% of Americans pay no income taxes.

There’s only one thing that needs to be said about the video, the statement and Governor Romney as a presidential candidate. He doesn’t appear to have the facts correct about U.S. taxpayers and how taxes are calculated, so how can he possibly run on a platform to cut taxes?

Taking a legal deduction on your tax return does not make you a victim or dependent upon the government for your keep as Romney suggests in the video.

Following is a listing [1] indicating more than 100,000 tax payers paid .00 taxes for 2011 with incomes starting at $211,000 through $2.2 million. No matter how you stack ’em these people cannot be considered ‘victims’ or ‘dependent upon the government’ for food, housing, etc.

 

The reduction in capital gains tax and the Capital Loss Carryover made it possible for investors to have a big loss in 2010 and carry it forward to offset 2011 capital gains tax liability.

Romney claimed 47% of taxpayers paid no taxes for 2011 which isn’t an accurate statement [2], but ignoring the actual percentage, the majority of the taxpayers that paid no taxes were the very poor and the elderly, blind and disabled. Is Governor Romney actually suggesting that these people have their taxes increased so the rich can receive more tax cuts?

The rich received one tax cut after another during the Bush Administration and these cuts have been extended year after year by our Republican controlled Congress. If there’s any question in anyone’s mind about how well the rich have been doing all you have to do is a take a look at the latest Forbes 400 listing which indicates the net worth of the super-rich has jumped 13.0 percent in the past year, with an average net worth of $4.2 billion per person. [3]

Did your net worth jump 13 percent in 2011?

The only people that aren’t paying their fair share of the taxes in this country are the very rich. Historically taxes on the rich have been at 70% during periods of war. We are, and have been in two wars for the past 10 plus years and taxes on the rich during that same period of time have been cut by 50 percent.

It doesn’t take a financial wizard to figure out whose taxes should be cut and whose taxes should be increased.

© 2012 Patricia L Johnson

 

 

 

 

 

 

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