The distrust shown toward Romney for his delay in releasing his tax rate information has been refreshing. I think many of us are suspicious of any very rich politician who claims to have our best interests at heart.
One suggestion that might help here is to have every statement from every politician start with the phrase ” My effective tax rate last year was ….”. Then we would know how much attention to pay to this statement and how much caution we should have when listening to it. If this comes from a 15% tax rate guy, I would immediately be on my guard – this is clearly a guy who knows how to play the loopholes. If it comes from a 28% tax rate guy, I would be much more open minded – this is someone who pays his fair share.
This rule should apply to all state and Federal elected politicians, and should be required as the first statement in every speech they make , and in every press release and in every piece of legislation that they sponsor.
This is not just a bash Romney suggestion. I also have concerns about, for example, Timothy Geithner, Obama’s Treasury Secretary – clearly very competent, but does he really have our interests at heart , or maybe just Goldman Sachs??
The 15% rate is the capital gains rate, which means he derives most of his income from investments. This is all perfectly legal, there are no “loopholes” so what is your rambling about? I believe it shows your ignorance of the facts. Also if you could be define what his “fair share” should be? I believe the rate for capital gains is 15% which would mean he already is paying his fair share.
Chris
Less than 14% tax on an income of $22m/year does not seem fair to me. Gingrich is paying 31% tax, Obama 28% tax. No way is it fair for Romney ( or any other 1%er) to pay under 14%.
I fully support Obama’s plan for a 30% tax rate for those earning over $1M/year, Democrat and Republican alike.
If you raise the capital gains tax less capital will be invested. The less capital invested the less business will grow. The slower business grows the fewer jobs we will have as a nation. Sounds like a good plan to me. Here’s the deal people Obama does not want to raise capital gains tax the millionaires and billionaires who don’t have much investment like a Gingrich pay over 30%. So he is blowing smoke for the sake of class war to get re-elected. If he really wants to raise revenue why not just eliminate loopholes. As long as the loopholes are intact the top rate is a moot point as the rich will always be able to donate or hide $ to keep the rate down.
Wayne
Thanks for the comment. Right now as you know businesses are sitting on mountains of cash, and they are not investing much of that at all. It is not the capital gains tax rate that determines investment, but it is the perceived strength of demand for goods and services – that demand is still low because we have so many folk unemployed or under-employed. The first job is to create demand and for that we need more stimulus spending. And to avoid increasing deficits, we need to raise tax revenues and the best place to do that is on the 1%.
The 1%……hmmmmm what about the 49% who dont pay any at all …………First Job is to create demand ……Liberal comment all the way ……stimulus spending ,, another liberal term …………I say we start by paying our politicians salaries based on average nation wide averages .. so say the Average salary is 45k ,, then thats what politicians get 45k … I say all businesses should shut down ,,, let Government support us then … I say Gas companies should stop producing Gas ,let Government lose the 48 cents per gallon the make ,,,, and still support us ………I say Banks should stop lending money ,, take their money and run ,, and lets have Government take care of us ,,,,, Government can create Jobs ….payable by taxes