Don the moocher

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Sunday October 02, 2016 · 7:22 AM PDT

2016/10/02 · 07:22

I don't begrudge Romney or Trump the silver spoons they were born with. Or their material success. But, one of the core principles of an equal society is that people pay their fair share. First we find out Romney was paying federal tax at a 13-14% rate on earnings in the millions each year. Now we find out Trump likely hasn't paid any federal tax for years. AMT was supposed to ensure guys like them pay up. What happens instead is that many high-middle income families in the north-east pay most of it since their state tax deductions go away. Yes, that includes my family and we pay far higher tax rates than either GOP nominee. We are a very fortunate two-income family glad to live in one of the greatest cities in the world in a wonderful country with wonderful neighbors. We pay our taxes with satisfaction.

These two guys have seven sons between them. None of the nine of them has seen a day in uniform.

I think we've found the real moochers.

It’s becoming difficult to deny that our tax system is rigged. Romney and Trump both have incomes in the millions each year, live lavish lifestyles, yet pay no or very little federal tax. AMT was meant to address these concerns, but it has failed remarkably. Some of the very highest earners, making millions each year have found ways to shelter income from AMT and shift it to lower capital gains rates. Trump may have ”parked" his restructured debt to take advantage of tax deductions and debt write-offs at the same time. They've found ways to shift most of their income to capital gains rates that have been lowered for them by various administrations (including Bill Clinton’s).

Meanwhile, in expensive parts of the country with high state income taxes, people making far, far less than Romney/Trump end up subject to AMT, paying marginal federal income tax rates above 35% because they’ve hit AMT and various state tax deductions get taken away.

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