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Romney on taxation

September 23, 2012

I just have to pass this on (from an article by Jacob Weisberg in Slate):

“Overpaying his taxes clearly does violate a clear commitment [Romney] made in an ABC interview among other places. As he told ABC’s David Muir:

‘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. I’d think people would want me to follow the law and pay only what the tax code requires.’

By his own standard, then, he is not qualified to become president. But as much as it reveals the absurdities of Mitt Romney, his voluntary overpayment underscores the absurdities of the current tax system. Romney owes so little because of the tax code’s favoritism toward the rich. Whereas the top rate on salary, wages, and tips is 35 percent, the top rate on interest, dividends, and long-term capital gains is only 15 percent. This is economically inefficient, because it encourages businesses and individuals to structure their affairs to take advantage of the differential. It is also instinctively unfair, because it privileges a hedge-fund manager’s carried interest over a factory worker’s wages.”

From → 2012 election, taxes

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