Tuesday, January 24, 2012

Mitt Romney's Taxes - And Yours


So all the communists are piling on Mitt Romney because his effective tax rate is only about 15%.

Romney can end the discussion and condemnation with a simple statement::

"My effective tax rate last year was about fifteen percent, which everyone understands by now is due to the fact that most of my income is in the form of capital gains, taxed at a lower rate than ordinary income."

"Now that you've all shaken your heads at the unfairness of it all, let me point out that even at the lower rate, I paid more in income taxes last year than all my opponents and President Obama combined."

(Pause for effect.)

"All of them."

(Pause)

"Combined."

"Now, you can argue that capital gains should be taxed at the same high rate as ordinary income. But when you make that argument, remember that the pension funds of police officers, fire fighters, and teachers get much of their income from capital gains. So do the mutual funds you have in your IRA and 401(k). The more government taxes those capital gains away, the less money you will have when you're too old to work any more."

"Be careful what you wish for, because you might get it - especially if President Obama is re-elected."

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