Now that Mitt Romney has released SOME of his tax returns, he has inadvertantly blown a major hole in the GOTP meme that elminiating the Bush-era tax cuts for the top 1% will "kill job creation". For a person with his income level, the posted tax rate is 39%. Using loopholes and such, his effective tax rate for 2010 was 13.9%. Someone making $50,000 per year pays a 17% (or higher) tax rate! To justify this by saying that "Mitt paid a lot of money in taxes" is ludicrous! The bottom line is he didn't pay what the tax codes say he should have paid!
The House GOTP has held this country's economic recovery hostage for over a year while they pushed the falsehood that adding 1% back to the posted rate would push unemployment higher and higher. The current POSTED tax rate for the top 1% stands at 39% and, as Mitt has shown, the effective tax rate is FAR LOWER than that. The posted tax rate during St. Reagan's Presidency was 50%!
If this has shown anything, its that the tax codes need to be overhauled from top to bottom and many of these loopholes need to be elminated! I'm certain that there are a lot of us, making far less than $21 million per year, who would also like to pay 26% below our posted tax rate!
Mitt Romney even campaigns on the mantra of the tax code needs to be overhauled. Do I think that Mitt is the person to entrust with that overhaul? Not a chance in hell!
I've used this example a few times while attacking the "tax the poor" crowd, but I think it bears repeating again and again as the "Mitt Romney paid his fair share" crowd will now unashamedly take to the airwaves.
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