Thursday, January 26, 2012

If a regular guy. . .

 . . . like Mitt Romney, whose family fortune is valued at about $250 million, pays only a 15% effective income tax, surely we whose families have nowhere near that amount of money, and who work hard every day for 30, 35 or 40 years to make but a mere fraction of $22 million annually have absolutely no right to complain about paying over 35% in taxes. Everyone plays on a level field in Mitt's free market and what's stopping you and me from making a $250 million fortune?  Laziness, of course.

RIGHT???



Of course if you lean right, you have the "Other" top choice of Gingrich, who paid about 31% and whose proposed changes to the tax code would allow someone in a position comparable to Romney to pay $0 income taxes.

Tough Choice.  Mmmmmmm!!

Republican presidential candidate Mitt Romney owns investments worth between $7 million and $32 million in offshore-based holdings. These accounts enable wealthy investors to defer paying U.S. taxes on some assets, according to tax experts. Romney is purported to have at least six funds set up in the Cayman Islands but he has not identified all or the size of his accounts there. There is no indication Romney uses the accounts to dodge any U.S. tax obligations.  Although the Caymans have often been associated with individuals and corporations seeking to avoid paying U.S. taxes, there is no evidence that Romney holds such accounts for this purpose.  It is legal for U.S. residents to own investment accounts that are set up there — if they file the proper forms with the Internal Revenue Service and pay the appropriate taxes.

Legal?  Yes.   Ethical?
What do YOU think?



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