|"I want to be your President but my Taxes is none of your Business'!|
Saturday, August 18, 2012
Fairness in Taxes
Mitt Romney chose Paul Ryan as his running Mate in the upcoming Presidential Elections. There are visible similarities, the most obvious is both are men, white, and each have beautiful families which until 2008 when Senator John McCain chose 1/2 term Governor Sarah Palin as his running mate temporarily changed the mentality of the Republican Party.
For Months Republicans and Democrats have encouraged Mitt Romney to release multiple years of his Income Tax Returns to allay concerns he may be hiding something with earning upwards of $20 Million annually but consistently pays less percentage on this income than the average American who earns $33 Thousand Dollars per year.
Mitt Romney from all account is a wealthy man and may be generous, he claim to donate 10% of his income to charity, without disclosure of his Tax returns the assumption is that the majority of those charitable contributions go to the Mormon Church. From the little disclosure so far the American people learn Mitt Romney pays 13% on his $21 million dollar income in 2010, the average American Pays between 28-38% on incomes from $33 Thousand to $600 Thousand Dollars. Most people under the $33 thousand income level today depending on their deductions could pay no Taxes due to several temporary tax cuts since 2009.
Have more Money pay less Taxes
To re-enforce the Income Tax disparity conversation Paul Ryan this week released his 2 complete years 2010 and 2011 income tax returns. We learn in 2010 on an income of $215 thousand dollars the Ryan's paid 16% Taxes and in 2011 on an income of $323 dollars taxes were assessed at 20%, the Ryan's paid more Taxes on less income than his Presidential Candidate who earned more income in one day than the Ryan's did in a year.Ryan's income of $538 thousand dollars in the last two years is Paltry compared to the $42 million Mitt Romney reportedly earn in the last two years.
"President Obama as part of his economic plan would raise Taxes whatever Americans earn over 1 Million Dollars per year. These income earners would pay the same taxes and enjoy the same benefits as everyone else up to that million dollar and then the Taxes would be imposed".
Mitt Romney as part of his Economic plan would cut Taxes for all Americans by a further 20% that means Mitt Romney would pay even less on his $20 million income from early estimates this would bring Romney's Tax Bill to from estimates 0-2 1/2% Taxes and his running mate Paul Ryan Tax Bill to about 15% a not so bad deal.
"There is one fundamental problem with the Mitt Romney Tax reduction plan, the American Economy cannot afford another 20% Tax Cut including the richest Americans at this time if we did this the deficit would explode".