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Friday, April 13, 2012

Doing Taxes with Mitt Romney

Posted by on Fri, Apr 13, 2012 at 9:59 AM

Taxes are on everyone's minds, and the Obama campaign is calling on Mitt Romney to release his taxes to the press. As a great example of why Mitt Romney doesn't want to release his taxes to the press, Slog tipper Raphael sent along this great Timothy Egan editorial from the New York Times, in which Egan compares his taxes with Mitt Romney's taxes:

I’m going to pay double Romney’s rate on a mere fraction of his income. But you won’t get any class-war envy from me about a man worth upward of $250 million paying the same rate as someone earning, say, $55,000 a year. Nope. There’s a larger point here than the inequality one, compelling though it is.

Remember: The tax return is a blueprint for how to earn and spend money. It encourages us to do some things and discourages us from doing others.

One disincentive, comparing Romney’s taxes to mine: don’t work. The tax code discourages work, certainly for the rich.

You really should read the whole thing. Here's another taste:

The other place to report money earned by doing actual work is on Schedule C. That’s where I put income from books, talks, pamphleteering. And so does Romney. Under the profession category, he doesn’t report himself as a businessman or a politician. He’s listed as “independent artists, writers or performers” — just like a mime, or Carrot Top.

Egan's a great writer, and he makes reading about taxes—and what a President Romney would do to all our taxes—a joy. (Even if the realities are incredibly depressing.) I tell you again: Go read the article.


Comments (14) RSS

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But Romney's a job creator.
Posted by Ken Mehlman on April 13, 2012 at 10:17 AM · Report this
JF 2
That dude is fucking fiscal retard. Anyone who compares capital gains tax rates to income tax rates needs to have their motives questioned and be asked to look at a dictionary.
Posted by JF on April 13, 2012 at 10:20 AM · Report this
Will in Seattle 3
@1 in China. and India.

Not here - he's a job destroyer. Net. Gross. All measures.

Capital Gains tax rate should return to its normal 50 percent rate.
Posted by Will in Seattle on April 13, 2012 at 10:39 AM · Report this
Urgutha Forka 4
So is he sarcastically arguing that the more work you do, the less taxes you should pay?

If so, his sarcasm is going to be completely lost on practically everyone. Further, it'll only encourage the right wingers, "SEE! SEE! I TOLD YOU SO! TAXES PUNISH US ALL FOR WORKING HARD!!"

Thanks for nothing, Egan.
Posted by Urgutha Forka on April 13, 2012 at 10:40 AM · Report this
Will in Seattle 5
Egan should tell Joni to make him an extra stiff imported martini tonite.
Posted by Will in Seattle on April 13, 2012 at 10:58 AM · Report this
As a freelancer who is completing a Schedule C for the first time this tax year, I couldn't locate my specific line of work, so I, too, entered "independent artists, writers or performers" as my business classification. The only other option I was was to enter a code that didn't have a name designation (kind of a general bucket description). It's more fun to be though of as an artist, performer or writer. And, I get to Be Like Mitt(tm)!!
Posted by Sterno on April 13, 2012 at 11:23 AM · Report this
A Horse Named Gucci

Ann Romney, wife of Debt Lord Romney, once named one of her horses, Gucci.

It’s a wonder she didn’t name one of her sons LBO or Debt Financing. (Romney’s referred to as a Debt Lord due to his amassing further wealth, on top of inherited wealth, through those leveraged buyouts based on the debt interest payment scam, which greatly increased the national debt or deficit, while greatly decreasing the tax base and jobs base and aiding in the de-industrialization of America.)

A Hypocrite Named Obama

Quite recently, President Obama cancelled an executive order forbidding the discrimination of LGBTQ personnel by federal contractors.

Always watch Obama’s walk, not his talk!

Those Aptly Named Entitlement Programs

Super-sized bank bailouts: first, those TARP bailouts, which banksters claimed to have repaid, but they simply paid back the majority owed by accessing other government funds, according to a recent GAO study; and secondly, those super-sized Federal Reserve loans to all the banks and corporations, both in America and throughout the world ($16.1 trillion) --- wonder how they were paid back?

Further backdoor bailouts to the private insurance companies, which happen to be owned by the banksters.

QEI and QEII (Quantitative Easing I and Quantitative Easing II), from the Federal Reserve to the banks to speculate commodities (oil/energy and foodstuffs, etc.) upwards.

That oil depletion allowance.

Corrupt tax code which favors the super-rich (endless Louis B. Mayer-type clauses, plus that anti-worker IRS Tax Rule 401 (a) (5)).

Posted by sgt_doom on April 13, 2012 at 11:40 AM · Report this
Gay Dude for Romney 8
John Kerry enjoyed an cushier effective tax rate just two presidential elections ago.
Posted by Gay Dude for Romney on April 13, 2012 at 11:50 AM · Report this
keshmeshi 9

And remind us all how that election turned out.

Kerry also doesn't advocate lowering his own taxes as your out-of-touch, sure-to-lose candidate does.
Posted by keshmeshi on April 13, 2012 at 11:55 AM · Report this
keshmeshi 10

Uh, no, he's saying that the tax code as written rewards lazy rich people and punishes hard-working middle class people. And he's making the point that Romney's tax policies would make that worse, not better. I can't even begin to guess how you came to the opposite conclusion.
Posted by keshmeshi on April 13, 2012 at 11:59 AM · Report this
Paul - very odd synchronicity. I just now posted a comment on another thread here calling out Mr Egan and his excellent book "The Good Rain". Have you read it? You'd like it, if not. Thanks for the great book recommendations btw - keep it up!
Posted by DawginExile on April 13, 2012 at 12:10 PM · Report this
Urgutha Forka 12
Ok, I did kind of jump the gun.

Yes, he does make the points that the code is such that the rich are better off not working, and that Romney's going to make that even MORE worse.

However, he also alludes that the more you work, the more you pay in taxes, and that essentially you shouldn't work at all if you want the lowest tax rates... wealthy or not.
Posted by Urgutha Forka on April 13, 2012 at 12:35 PM · Report this
Ha! He said "coxed scull".
Posted by STJA on April 13, 2012 at 1:00 PM · Report this
Will in Seattle 14
@8 and @9 tied for the Volley win!
Posted by Will in Seattle on April 13, 2012 at 1:06 PM · Report this

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