Saturday, September 22, 2012

Mitt Romney’s Tax Bill Was Just 9% of His Income

But He Paid 14% to Avoid Looking Like a Doofus – Guess What, He Didn’t Succeed

And By His Own Words He is Disqualified to be President

One of the great joys that the editors of the Wall Street Journal, people just to the right of Attilla the Hun, is making fun of Warren Buffet.  Mr. Buffet has called for taxing people like himself at higher rates, and the Conservatives who are horrified by this thought keep telling Mr. Buffet that if he wants to pay more, he should just pay more.  Chuckle, chukle, laugh, laugh.

Well it turns out the Mitt Romney has done exactly that, he has paid more in federal income taxes than he owed.  Mr. Romney did not take all of the charitable contribution deduction that he was entitled to on his 2011 tax return.

Mr. Romney and his wife, Ann, donated about $4 million to charity in 2011, but claimed only $2.25 million as a deduction. The campaign said that Mr. Romney’s tax liability would have been far lower in 2011 had the Romneys claimed the full deduction for their charitable contributions.

Wow, so why would the so-called canny businessman/candidate pay millions more in taxes than he owed.  Well he didn’t want to look like a multi-millionaire who doesn’t pay his fair share of taxes.  Had Mr. Romney taken the full deduction he would have paid about 9% - 10% just a little over what working people pay in FICA tax, much less what they also pay in income taxes.

So yes, we are all waiting for the WSJ editors to laugh at Mr. Romney, who paid more taxes than he owed so he would not look bad.  Why would they laugh?  Because he not only paid more than he owed, he still looks bad.

Oh, and earlier this year Mr. Romney opined on whether or not people should pay more than the legally owe.

I don't pay more than are legally due and frankly if I had paid more than are legally due I don't think I'd be qualified to become president. 

Ok, everyone, stop laughing and get back to work.

No comments:

Post a Comment