Mitt Romney earns $21M, pays 13% in taxes
Robert Reich argues that it is grossly unfair that Mitt Romney earns $21M, but pays only 13% in taxes. He argues that many private-equity, hedge-fund, and pension-fund managers are often playing “con games” that screw the American taxpayers. He offers several solutions:
1. Don’t allow private-equity managers to treat their income as capital gains, taxed at 15 percent. Treat this income as ordinary income.
2. Hold them to a “due diligence” standard, so the Pension Guaranty Corporation can claw back bonuses.
3. Raise the capital-gains rate to match the tax rate on ordinary income.
4. Resurrect Glass-Steagall.
Category: Economy, income disparity, Politics, Social justice
About the Author (Author Profile)
Erich Vieth is an attorney focusing on consumer law litigation and appellate practice. He is also a working musician and a writer, having founded Dangerous Intersection in 2006. Erich and his wife, Anne Jay, live in the Shaw Neighborhood of St. Louis, Missouri, where they are raising their two extraordinary daughters.Subscribe
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The Obamas released their tax return today (they filed jointly) they paid $162000 in taxes on $789674 in income. That works out to about 20 percent.