To Be Fair, The Rich Should Pay Less Taxes
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Published on Jul 11, 2012
The entire tax debate is missing a crucial element that hardly anyone talks about. We hear all the time from President Obama and congress persons like Debbie Wasserman Schultz about how the rich don't pay enough in taxes, but the fact is, they do. While some may pay less of a percentage, most all pay way more in dollar amounts than you or I, way more.
Since Mitt Romney is running for president and is the left's favorite punching bag, let's use him as an example of how the rich pay way too much in taxes. The president, democratic members of congress and the media always talk percentages in taxes but never really get down to the dollar amount that people are actually paying.
The left likes to complain that Romney only paid 15% in taxes according to his 2010 tax return. We hear he paid $3 million in taxes on $22 million in income. But if you look at the return closely you see that he actually paid 17.5% because you only hear about his gross income and never his taxable income, His taxable income was $17 million, his gross income before deductions was $22 million. Just a little fact the media always leaves out.
But okay liberals, he still only paid 17.5% which is $3 million in taxes. Wait, he only paid $3 MILLION in taxes in 2010. Only $3 million? How much did you pay in taxes last year?
On a $50,000 income at 30%, the number that liberals like to throw out there but no one really pays because of deductions, but let's go with 30%, an individual would pay $15,000 in taxes. And we pay taxes because the government provides things like roads, bridges, space exploration, the Center for Disease Control to find out if we will catch the swine flu, and of course for our military to protect us from bad guys and rogue nations.
Now the $50,000 a year earner pays $15,000 for all those services and Mitt Romney pays $3 million for all those services. Did you get that? Mitt Romney pays 200 time more for the same government services a person making $50k does?
Why exactly are we having this percentage debate about taxes again?
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