Mitt Romney earns $21M, pays 13% in taxes

April 12, 2012 | By | 1 Reply More

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.

Share

Category: Economy, income disparity, Politics, Social justice

About the Author ()

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 lives in the Shaw Neighborhood of St. Louis, Missouri, where he lives half-time with his two extraordinary daughters.

Comments (1)

Trackback URL | Comments RSS Feed

  1. Niklaus Pfirsig says:

    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.

Leave a Reply