What Fresh Hell Is This?

January 19, 2012

Mitt Romney: Man of the People!

Mitt Romeny is a true "Man of the People." He has not only feared getting a pink slip, he's actually unemployed! Mitt knows that people are people and corporations are people too and that when people get you miffed it's A-OK to enjoy firing them. He's had to admit publicly that his earnings are not very much". In fact, the man is so in need, he only had to pay a 15% tax rate. And, like most hard working Americans, when faced with economic challenges he did the only thing a true American could do: he parked his earnings in the Cayman Islands.

Admit it, folks -- Mitt's just like you and me!

UPDATE: Mitt doubles down! He know that "America's right and you're wrong" and he's the only candidate who's lived on the "real streets of America."


EdHeath said...

Reuters has a story about Bain capitol which says a fair bit about Bain's accomplishments as a job creating firm.

I guess it is not wrong to run for President if you are rich. But it is a pretty poor dies to pretend to be middle class if you have a quarter of a billion dollars. <a href=

EdHeath said...

I meant to say Gail Collins also looks at Mitt (and the others). http://www.nytimes.com/2012/01/19/opinion/anchors-aweigh-my-boys.html?ref=opinion

Joshua said...

I saw a story on CNN.com about how most people pay less than a 15% effective income tax rate, even people with incomes between 40k and 70k. I don't quite understand that, especially since Gingrich self-reports an effective 31% rate. I think my effective tax rate for a grad student's income of $24k is 5.6%, which is on par with what CNN says is the average effective tax rate on incomes between $50k and $75k.


Ol' Froth said...

Joshua, a lot of it depends on deductions. Married? Have kids living at home? Paying mortgage interest? Unreimbursed medical expenses? All of those factors can lower your effective tax rate significantly.

Of course if you're single, renting, healthy and childless, you get stuck with the full bill.

EdHeath said...

Joshua, we have what is called a progressive income tax system. I guess we used to think that people who are wealthy perhaps have benefited from living in the United States, and could help the nation out by sharing their good fortune with the country that has given them so much. Today apparently many people believe that the poor are simply free loaders who should be punished for leeching off the government, while the wealthy need to be protected from bitter, envious class agitator's.

Currently the tax rate is something like ten percent up to eight grand, fifteen up to maybe 35 grand, 25 percent up to maybe seventy, and as Froth mentioned, your standard deduction and personal exemptions will factor in. So your effective federal income tax rate on incomes below 50 grand can be pretty low (and with EIC the tax rate is negative for families with incomes below 45 grand or so). But if the top tax rate is 35 percent, and your income for the year (earned wages and far more unearned capital gains) is, say, a million, why shouldn't your tax rate be close to 35%?

The capital gains rate was lowered temporarily during the Clinton administration, and lowered more permanently in the Bush administration. And our economy has permanently accelerated, right? We made up for the lost revenue with huge increases in GNP growth, and now our debt is gone, right?

Read the Reuters piece.

Winding down said...
This comment has been removed by the author.
999,999th Moderate said...

Please tell me this is a joke, or you lost some sorta bet. Mitt Romney is not "one of us!" In today's political climate, no Presidential candidate is really "one of us." I could argree with a Representative to Congress, but not a President. There is something about having to face your district every two years that makes you need to be more "one of us." Our state delegates, I could argue are the closest to "us."

Maria Lupinacci said...

It is, indeed, snark.