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View Diary: Mitt Romney: It's fair I pay a lower tax rate than people making $50,000 (348 comments)

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  •  Fact Checks on Mitt Romney's Claim @his Tax Rate (2+ / 0-)
    Recommended by:
    royce, walk2live

    Pelley: Now, you made on your investments, personally, about $20 million last year. And you paid 14 percent in federal taxes. That's the capital gains rate. Is that fair to the guy who makes $50,000 and paid a higher rate than you did?
    Romney: It is a low rate. And one of the reasons why the capital gains tax rate is lower is because capital has already been taxed once at the corporate level, as high as 35 percent.

    Pelley: So you think it is fair?

    Romney: Yeah, I think it's the right way to encourage economic growth, to get people to invest, to start businesses, to put people to work.

    HERE ARE THE FACTS (charts):

    Tax Cuts for Rich DO NOT increase GDP
    or Investment

    Tax Cuts for Rich DO increase Income Disparity
    & The National Debt

    I also believe that the slow growth in new small businesses has a lot to do w chain stores like Staples*, that put thousands on office stores out of business, but I have not found a 

    *From: CNNMoney (2002): Putting a Stop to Mom and Pop by Staples CEO: "Back in those days there were, I don't know, 15 major wholesalers. I think there are two today. There were 14,000 dealers. Today there are 6,000."

    This may be good: "creative destruction." But I know I now have to drive 7 miles for pencils & it's impossible to buy just 2 or 3. 

    "All politics is national."

    by Auriandra on Sun Sep 23, 2012 at 08:15:46 PM PDT

    •  Tax Rates on Businesses and Industries (0+ / 0-)

      So Fareed Zakaria was on CNN tonight talking about how the US needs to simplify its tax code and regulations on businesses in order to attract more investment here, and therefore, grow jobs and grow the economy. He also threw out some statistics about how the US is pretty low on the list of being friendly to companies with reagards to regulation and taxation. How bad are the tax rates on big businesses and industries anyways...?

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