Friday, January 20, 2012
Some might say Mittens's finances are nobody's bizness but his, but as long as he's paying like 15% when there are working people paying higher rates, it's everybody's bidness.
Paul Krugman says he's "actually enjoying the spectacle of Mitt Romney doing the Dance of the Seven Veils —... it’s about time that we had this discussion."
The theme of his dance ... is taxes — his own taxes. Although disclosure of tax returns is standard practice for political candidates, Mr. Romney has never done so, and, at first, he tried to stonewall the issue... Then he said that he probably pays only about 15 percent..., and he hinted that he might release his 2011 return. ...
If Mr. Romney is telling the truth about his taxes, he’s actually more or less typical of the very wealthy. ... The main reason the rich pay so little is that most of their income takes the form of capital gains, which are taxed at a maximum rate of 15 percent, far below the maximum on wages and salaries.
So, what gives with these capital gains? They're income, right? Then they should be subject to...Oh, yeah, I forgot, "job creators."