Yesterday, Mitt Romney explained that he’s not paying only about 13% taxes on his tens of millions of dollars of annual earnings, it’s really more in the neighborhood of 50%!
RAMOS: You just released your tax returns. In 2010 you only paid 13 percent of taxes while most Americans paid much more than that. Is that fair?
ROMNEY: Well, actually, I released two years of taxes and I think the average is almost 15 percent. And then also, on top of that, I gave another more 15 percent to charity. When you add it together with all of the taxes and the charity, particularly in the last year, I think it reaches almost 40 percent that I gave back to the community. One of the reasons why we have a lower tax rate on capital gains is because capital gains are also being taxed at the corporate level. So as businesses earn profits, that’s taxed at 35 percent, then as they distribute those profits as dividends, that’s taxed at 15 percent more. So, all total, the tax rate is really closer to 45 or 50 percent.
RAMOS: But is it fair what you pay, 13 percent, while most pay much more than that?
ROMNEY: Well, again, I go back to the point that the, that the funds are being taxed twice at two different levels.
Yeah, that math adds up! 15% tax +15% charity (mostly to the Mormon Church) = 40% (charity also counts as taxation, right?). Plus the corporation itself (presumably) pays some taxes and Mitt gets to count that doesn’t he? So that adds another 5-10%. And that equals 50%!
Wow, what a horrible, oppressive fictional tax rate. We should give him a tax break, don’t you think?
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