Back to my rival blogger. She is correct; Romney only paid 15% of his income. He is not currently employed though, so his only income comes in as capital gains, and 15% is the going rate. He invests his money. Why...that BASTARD!
Listen, if all these rich guys didn't invest their money and instead put it all in a safe in their houses, where do you think we'd be in this economy now? Sure, they wouldn't make any money on it, but they wouldn't be risking the "loss" of it either, especially with the economy as volatile as it is these days.
Earning money is something we all strive to do. Some of us do it smarter and some of us don't. The person who sits at home collecting unemployment because the pay is more than he'd get busting his ass making minimum wage is smart. Sure, he's pissing me off, because my tax dollar provided the program which allows this to happen. Now, my guy Mitt, he's making money off the money he already earned. Nobody's tax dollar is contributing to his ability to do that.
I'm no Mitt Romney, but I think he understands the consequences if he chooses not to work his assets as best for him and his family as he can. That means no wasted opportunities for growth. Don't you want someone like that looking out for America as a whole? Or would you rather the government take risks and gamble with our tax dollars and leave the mess behind for our kids to cleanup?
We need to stop electing people who want to spend our tax dollars "unwisely" and we need to stop worrying about "fair" distribution. Nothing is ever fair. It's not fair that someone in my family got back more taxes than they paid in. It's not fair that we have people going hungry every day, who have to go to soup kitchens that operate off charitable contributions made by people who earn money and pay taxes.
Middle class
$150,000.00 x 35% = $52,500.00 (thousands in taxes)
Wealthy class
$21,000,000.00 x 15% = $3,150,000.00 (millions in taxes)
How is that fair? But, he paid it, right? At least he didn't "forget to pay" his taxes like some politicians.
Let's discuss. Do you believe that top wage earners should be taxed a higher percentage rate? If so, why?
First! (Sorry, I couldn't resist.) Anyway, thanks for this entertaining post that sheds light on another side of the convoluted issue! I have to admit, if I weren't a die-hard liberal, I would vote for Mitt over the other Republican options.
ReplyDeleteIt takes money to make money, and I agree that it is intelligent and savvy to invest assets if you can afford to. I do think wage earners get the short end of the stick with the higher tax rate. I've probably said plenty already, so I look forward the additional comments that this post will generate.
Best! :-)
I had faith you would be! :)
DeleteGreat topic you inspired, too.
What a great post! I am now following your blog through the blog hop on http://theworldofmyimagination.blogspot.com :):)
ReplyDeleteAnd yes.. some of us do earn and invest our money wiser than others... sad but true.
And making money off of money I already made? priceless!!
Here, here for earning money! woot! I once wanted to be a millionaire, then I said I'd stop working if that ever happened. I'm a numbers person, though. So, I'd probably get caught up in investments too. :)
ReplyDelete20% to the Church!! WOW. Comparatively speaking, he's a lot more charitable than others, I'd say. Whoops...perhaps Biden needs to stop wagging his finger at evil Republicans? http://investmentwatchblog.com/romney-gave-15-to-charity-obama-1-biden-gave-369/#.TyrHKMXy6h2
ReplyDeleteInvestment assumes the concept of earnings, and accepts the concept of "risk". Without risk, there would be no small business, no capital investment that breaks even at some point but could bankrupt you as well. If you don't have the money to invest, the trick is to risk where you can to build that nest egg so that at some point in the future you CAN invest, and make your own life better through increased comfort, security, or even the ability to take greater risks. Without risk, the whole system breaks down.
Take a chance, but look at the facts. It's one thing to talk the talk, but to me, Romney appears to walk it as well. O and Biden need to put their money where their mouths are (always OPEN!).
I agree about the whole risk thing. It was a huge risk for me to purchase my rental property. If the bank isn't giving me a return higher than I can get it myself, then the money gets spent. My risk pays off and I make $625.00 per month for the rest of my life on that one deal alone.
DeleteI'm happy to say that I am middle class and I made more charitable contributions than the Vice President of the United States.
Actually, Amy, I had to change 20% to 10%. Tim corrected me via telephone.
DeleteI'm a fan of the flat tax: everyone pays, say, 10%. I can't imagine how liberals could complain about that, since it means rich people would contribute their fair share *and* substantially more than anyone who makes less. In any case, it sure looks to me like Romney's done nothing wrong.
ReplyDeleteBut then, most liberals stopped listening the instant you said you liked Romney.
I think the flat tax is fair. I'm also all for a consumption tax. If I have to pay into this health care business where everyone gets health care, then those who consume 300% more fatty food than I do, should be taxed more. Tax cigarettes, alcohol and Hostess Twinkies.
DeleteI'm not being unfair either; I am a huge contributor to the Miller Brewing Company. :D
I love the idea of taxing Twinkies! lol. I am a fan of a good micro-brew, myself. How's this for a relevant idea that may veer off on a tangent: legalize, regulate and tax marijuana. Prohibition didn't work on alcohol and it isn't working here. Pot is less toxic than nicotine, and pot has legitimate medicinal purposes. I think we should take the business away from drug lords on the black market, and tax the stuff so the government can use the funds. ???
DeleteBusiness wise, yes! Progress wise, no, only because now we introduce, "it's okay to do it, so we'll be accountable when you become ill." :)
DeleteLawsuits out the ass would be my guess. I think taxing drug dealers would be great, but then we're stuck with having to enforce more tax evasion. In the same breath, I guess it would create jobs. :D
Miller? You should try actual beer someday.
DeleteBudweiser calories = 210
DeleteMiller Lite calories = 96
A girl gotta watch her figure, especially when we get older. :)
I'm for flat tax too. To the people whining how it's not fair: gosh, can't get much fairer than EVERYBODY pays the same percentage on his earnings.
ReplyDeleteGood post! I love the part explaining that Mitt is a BASTARD for investing his money!
I can see a lot of people doing the snoopy dance on the flat tax, including me! :)
DeleteWelcome, bailey! I'm heading over your way! Glad to see you in the Blog-o-sphere! :)
ReplyDeleteuh... so why is the conversation about making money when it should be where the heck is the 50+ grand that the middle class guy is relived of going? and why is it acceptable to demand that EVERYONE be made poor by taxes instead of creating more people that invest and give to charities?
ReplyDeletethis election cycle has produces some pretty skewed weirdness but for me, this is the weirdest...
people protesting wealth...
are you kidding me?
if there are no rich people...how will the poor people ever get rich?
I mean, isn't that the goal?
poor people need...money
taking money away and giving poor people goods that the confiscation pays for is not...sane
I mean, I'm a poor person who doesn't take the handouts and my whole life centers around the concept of getting money...not stuff
sure the gov't will give me all kinds of stuff but do any of the people yakking about this redistribution thing realizes that when the gov't gives you stuff...they actually TELL you how much real money you can have?
I think the limit for a household is twelve hundred dollars...combined
twelve hundred bucks is didly, you can't even buy a decent used car with that.
no wonder people who are on the dole stay on the dole...they can't make enough to get off
so maybe we should quit worrying aobut what the gov't confiscation system let's Romney make and start thinking about what living IN the gov't dole system allows THEM to make
I think if everyone paid a flat tax and we cut government programs, the rich will have money freed up to start up more businesses which in turn will create more jobs and get people off government dependency so they can in turn pay taxes. Get more people into the tax paying system like you say, then we wouldn't have to worry about the top percentage of earners paying all the taxes and the poor people can restore some of the dignity that's been pilfered from the government by making them so dependent they can never crawl out of the hole. :)
DeleteWell, that's just my take on it. It's probably more complicated than that.
Sorry, pilfered BY the government. Oops.
Delete