Romney pays taxes – What else is new?
The bottom line of the releasing his tax documents is something we already know: Romney is not just like you.
Published September 25, 2012 • 6 comments
BY ELIZABETH BASTIAN, Managing Editor
Early Friday morning, Republican presidential candidate Mitt Romney released his 2011 tax return, as well as a summary of his returns dating all the way back to 1990. These files, which can be found here, “prove” that Romney’s promise of his never paying less than 13% in federal tax rates is true.
Yes, middle class Americans. Romney is just like you.
Of the $13,696,951 Romney claimed he earned in 2011, he paid $1.95 million dollars in taxes, leading to a federal income tax percentage of 14.1%. The average American pays about 13%. Those whose income is around $50,000 pay roughly 7%.
There have been several discussions among the politically savvy concerning the movement of funds across accounts in the Romney family, about the capital investment taxes that are 20% less than the 35% federal income taxes most job holders pay. But I don’t believe this is as big of a deal as its being made out to be. Hell, if I had millions of dollars at my disposal, of course I would put it in a place where I could get the most interest and pay the least amount of taxes on it. I mean, who wouldn’t? This is America, the home of contrived capitalism. Calm down.
Let’s ignore the claims about the disparities between his projected 2011 income and his actual income on his return ($7.2 million dollars). Let’s ignore the claims about the offshore accounts, the capital investments, and the several trusts in his name.
The bottom line of the releasing of these documents is something we already know: Romney is not just like you.
He made over $13 million in 2011. The median household income at the end of 2011 was $51,413.
He didn’t take the full charitable deduction he could have last year, losing out on an estimated $262,500. He could afford to lose over a quarter of a million dollars. How many American families can say they could do the same?
Mitt Romney has never had to deal with the economic disparities so many people in our country, especially in the Detroit area, have had to deal with. This has been clear from day one, and is even more so now. To be fair, President Obama could also readily be classified as a millionaire. But he wasn’t raised in the kind of upper-class environment that Romney was.
You could say Romney is a product of the “American dream” of the 20th century. Make the most money you can, buy a house (or two, or three), procreate as much as possible. But times have changed, people are different. The margin of people who aspire, or can afford, to live this lifestyle has gotten much slimmer. The millennials who are just now able to vote have bigger fish to fry. Is this who is going to best satisfy our needs?
All platform issues aside (because, trust me, this article would never end if these were discussed), it is my belief that Romney is completely unfit to lead the America of the now. Nothing personal, really. He is just too ignorant of what the majority of Americans have to face nowadays. He may as well campaign with a glowing neon sign that flashes “I am the 1%!”
Go back to your cushy corporate office, honey. We both know that’s where you belong.