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.

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Erich Vieth

Erich Vieth is an attorney focusing on civil rights (including First Amendment), consumer law litigation and appellate practice. At this website often writes about censorship, corporate news media corruption and cognitive science. He is also a working musician, artist and a writer, having founded Dangerous Intersection in 2006. Erich lives in St. Louis, Missouri with his two daughters.

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  1. Avatar of Niklaus Pfirsig
    Niklaus Pfirsig

    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.

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