MITT ROMNEY'S REAL TAX RATE

ALL TAXES AS PERCENT OF ALL INVESTMENT RETURN & WAGES

FAIR SHARE TAXES .org
Minimum-wage workers pay double Romney’s total tax rate.
Yes, the election is long over, but we can still learn alot from his tax return (and his smug-shark smile).

SEE THIS PAGE FOR TABLE NOTES 

SEE A COPY OF MR. ROMNEY'S FEDERAL TAX RETURN


Since the Romneys paid no penalty despite their underpayment of estimated taxes for 2010, their 2009 income tax must have been under $1,245,000, less than half of what he paid for 2010. Assuming their investment return on their $200 million net-worth was only half that of the S&P500 for 2009, their federal tax rate was under 5% of their investment returns and income that year.


From the New York Times: "What Mr. Romney’s returns illustrated ... was the array of perfectly ordinary ways in which the United States tax code confers advantages on the rich, allowing Mr. Romney to amass wealth under rules very different from those faced by most Americans who take home a paycheck."

MITT  -  Two-time            ELAINA - Minimum-wage

presidential candidate     home health aide

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Millionaire Mitt Romney pays 14% total taxes (fed, state, local, and corporate) on estimated $36 million investment gains. A minimum-wage worker pays 34% total taxes on a $14,500 annual salary. This is not only unfair, but is destroying our economy and democracy. The top 1% already owns 40% of the nation's wealth, up from 22% when tax cuts for the wealthy started 30 years ago. This leads to repeated investment bubbles and so the recessions that are crushing the working-poor and middle-class. See this website for much more and a really fair, economy-fixing, nation-saving tax reform proposal, that would save each middle-class household thousands and slash the deficit: http://fairsharetaxes.org


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Quote of the month: “It is not very unreasonable that the rich should contribute to the public expense,

not only in proportion to their revenue, but something more than in that proportion.”   

- Written by Adam Smith in "The Wealth of Nations" in 1776, the year the United States was founded. He is

    considered the father of economics and one of the first advocates of capitalism.


Link of the Year: The Failed GOP Stimulus, which has been 30 years of tax breaks for the rich, cost many times more than President Obama's successful stimulus

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LINK TO WHY THE WEALTHY SHOULD WANT TO START PAYING THIER FAIR SHARE OF TAXES

 
 
 
 
 

QUIZ: We know Mr. Romney has accumulated a net worth of about $250,000,000. If a minimum-wage worker has saved $900, using the total tax figures above, how much higher is the worker’s tax rate, as a percentage of net-worth, than Mr. Romney’s? 

ANSWER: 275 times higher. Her total taxes are 549% of her net worth. His total taxes are 2% of his net worth.

FAIR SHARE TAX REFORM: A comprehensive tax reform plan for federal, state and local governments, that reduces total taxes on the working-poor and middle-class by thousands each year, encourages stable economic growth, vastly simplifies our tax laws, and slashes the national debt.

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