Low tax rates on income
from capital gains and dividends is the driving force behind the rich getting
richer and the poor getting poorer.
Mr. Romney & his wife paid the same tax rate that an ordinary
couple making between $17,400- $70,000 has to pay, which is around 15%. Mr. Romney made $45,000,000 (forty five million
dollars) over a two year period and paid 14% in taxes in 2010 and 15.2% in
taxes in 2011. This is injustice!
Mr. Romney was quoted as saying:
“I pay all the taxes that are legally required and not a
dollar more,”
And he is right, this is legal but very very unfair. Why this is legal is because nearly all of Mr.
Romney’s income is taxed as capital gains, at a tax
rate of 15%, rather than as earned income at rates of up to 35%. And it is not just Mr. Romney paying such a
low tax rate on his money, this tax scenario is very typical for wealthy people.
Another typical scenario is poor and middle class, for
the most part, do not have income from capital gains nor dividends, most of our
income comes from traditional sources like wages, tips, bonus, commission, etc.,
so our income is taxed at a much higher rate, and the result is, we the poor
and middle class end up paying a much higher percentage of taxes compared to our
income than the wealthy pay. The effect
of this injustice is the gap in income inequality in this country has significantly
increased over the past 100 years.
The Republicans continue to say that they will not
support an increase in taxes and this is the reason why. They say that if this policy is changed that the
proceeds accumulated would only pay the debt for 10 days. Even if this is true it is not the point. The point is, this is a democracy not a
plutocracy and policies should be in place that best benefits the masses not
the few or only the elite. Republicans
say that the wealthy being able to hold on to their wealth helps the whole, but
this is untrue because if this was a true statement than the masses would be
progressing at almost an equal rate.
The truth of the matter is, if we don’t change this
specific feature in the tax structure than the rich will continue to get
richer, the middle class will continue to deteriorate and we will have a third
world condition in this country of very rich and poor. Many of us struggle to provide for our own and
our family’s basic needs while the wealthy spend in a day what we live off of
for a year or more. This has got to
end.
So what I say is President Obama and the Democrats stand
firm on changing the tax structure for the wealthy even if it means all of us
falling off the cliff. The Republicans
claim to be the most patriotic Americans, the Real Americans, but yet they
behave like terrorist, holding average Americans and the Country Hostage.
Dear Author,
ReplyDeleteLast year I made roughly 30,000 as a Social Worker and was taxed 14.7%. So I paid 4,410. If Romney made half of this 45,000,000 last year that would put him at 22,500,000. Now if he paid 15%, he would pay 3,375,000.
Thats where the "money" to run this great country comes from....3MILLION compared to 4THOUSAND.
Thats fair economics
I wonder now after seeing the protests on wall street and the percentage of people in the 1&2% but if that wwasn't enough. If you watch clips of all the protests many CEOs and executives just sat and watched saying, "they'll get tired and go home." I don't think we reallyaccomplished enough. Have we been in the middle east, I think there would've been riots and reel change.
ReplyDeleteYou have only one side here.
ReplyDeleteYou must research obama as if you hate him as much as you clearly hate Romney. Until then you remain blind.
In the last paragraph you said the Republicans are like terrorists. Is standing by your beliefs terrorism, or is destroying small businesses in a protesting mob (99%'ers) terrorism? Also they (Republicans) have been caving on everything. One thing is for sure we have to stop spending like Paris Hilton on a vagina flashing bender, and live within our means. The American people are doing it, why isn't the government?
ReplyDeleteYou need to check your facts. I am an independent and both sides are lying but the democrats are better at it. I don’t like Romney but his investments like anyone who has investments are taxed at a different rate the income tax. A good question to ask is why it was wrong (Mr. Obama’s words) for Mr. Bush to raise the dept ceiling but its fine for Mr. Obama. It’s a double standard and both parties are at fault.
ReplyDeletehttp://theamericapartyusa.blogspot.com/
Reading these posts make me feel like I'm listening to a political campaign! When are we going to come together as citizens of a nation in deep turmoil instead of members of a political party? Each and every one of us need to take responsibility for our condition and stop pointing fingers! I voted for President Obama in this last election because he seemed the lesser of two evils. Is that what our vote has come down to? I don't know much about our political system except that it is not working for the middle class people of this country. As a matter of fact, if we keep going the way we are going there will no longer be a middle class. The rich will keep making investments and living off their capital gains and the poor will keep receiving assistance from our government. The middle class will try to hang on to what they have worked so hard for...their homes, their jobs, their families. They will continue to put themselves in debt in order to provide higher education options for their children with the hope they will get better jobs and have an easier time raising their families. I do not see that happening. As a matter of fact I believe we are the first generation that cannot give our children a better life than we had. So what do we do? Start by asking the politicians running for election what they are willing to give up to help turn our current state of affairs around. Will they give up their chauffered limos and ride the subways? How about pay cuts like many middle class workers recently had to take in order to keep the company they work for afloat? I am not a Republican or a Democrat or an Independent. I am an American. I want to remain proud of my country but it is getting harder and harder each time I need to go to the voting polls.
ReplyDeleteThe government is taking your wages, taxing your property, monitoring your speech, tracking your location, restricting your travel, controlling your healthcare, and can now assassinate you without charge or trial anytime it wants by simply calling you a terriorst. As such, you should ask yourself who is going to stand up and defend your liberty from an ever growing tyrannical government? Not the politicians, for they are the perpetrators. Only the Militia is chartered by the Constitution of the United States to protect the people from the government. So please join or start a local militia.
ReplyDeleteRead more about the Militia at: http://www.militianews.com/
The rich should be paying more taxes. It is unfair to the middle class and it is unfair to the lower class that they continue to cheat the system and live in luxury. One does not need that much comfort room. Even if a higher tax was imposed on the rich, they would still have more than enough to live comfortably. Something needs to change.
ReplyDelete