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Mitt Romney pays only 13% federal income tax and not 35%: IRS Capital Gains Tax versus Earned Income Tax.
Of course Mitt Romney only pays 13% and not 35% of his income for federal taxes. The 13% represents a number close to the current 15% capital gains tax as prescribed and enforced by the IRS. Romney is self-employed and does not work for an employer like most people do that have to pay 35% of their wages as income tax. Mitt Romney plays hardball (without the help of Chris Matthews) in The IRS Capital Gains Major League while most Americans play softball in the Earned Income Minor League.
And forget this left-wing FAIR SHARE nonsense! Anyone reading these words can do exactly what Mitt Romney does to only have to pay 13% and not 35% income tax; that is, if they have the economic guts to take major risks as Romney skillfully does.
Here's several hypothetical examples of how to play Capital Gains Major League hardball. First of all, according to recent tax returns, Romney contributed 13% to 20% of his yearly income to charities, so that statistic alone tells us plenty about the generous character of Mitt Romney and also about one of his large income tax deductions.
But what is this mysterious 15% capital gains tax that Romney is implementing? Well, YOU can do the same thing too. Buy a thousand shares of a stock for 10 bucks. Hold it for a year and then sell it for 20 dollars. You made a 10 thousand dollar Capital Gain on your risk venture and therefore only have to pay 15% tax and not 35% income tax. You took a risk by saving your "earned income money" that had been taxed at 35% and now you are entitled to a 10,000 dollar "Capital Gain" that legally requires a $1,500.00 dollar tax and not a $3,500.00 "Earned Income" tax.
If you're frugal and manage to eventually save $100,000.00 from your "Earned Income" and then invested it in a business, and after a year sold that business for $500,000.00, then you would legally pay only a 15% tax because you had taken a risk, were successful, and Uncle Sam believes that you'll probably further stimulate the economy by re-investing most of your "Capital Gain" into another more larger business enterprise.
Mitt Romney is not hiding anything in his tax returns. He's an accomplished risk-taker who succeeds over and over, time after time. That's why Romney pays only 15% capital gains income tax and not a 35% "Earned Income" tax like the average American employee does. Mitt Romney pays less because he has an employer's mentality and not an employee mindset, and he's not afraid to take big risks doing Capital Gains investing that's incidentally given full legal approval by the IRS.
Anyone who thinks it unfair that Mitt Romney is not paying his fair share (35% of "earned income"), well, that person has an EMPLOYEE MENTALITY and obviously does not understand the true principles of American capitalism as evaluated and enforced by IRS accounting standards.That critical person seems to have more of a problem with the IRS Capital Gains tax laws then he or she does with Mitt Romney.
***Footnote: If a person buys and sells a stock (or a business) in less than 1 year's time, then that person must pay a 35% Federal Earned Income Tax on that profit and not the IRS's 15% Capital Gains Tax. This particular practice explains why Mitt Romney and Bain Capital probably held businesses for more than a year before selling them.
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"Why Mitt Romney Pays Only 13% and Not 35% Income Taxes"
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|Reviewed by Mark Lichterman
|Good for you, Jay! I love this article that says it as it truly is. Too bad those on the left, or with left leanings will not read it and if they do will think, So what!