Tag Archives: taxes

Mitt Romney; We Know What You Did Last Quarter

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As you all know by now, Mitt Romney unveiled his tax returns the other day, and well, as it turns out he makes more in a single day than most Americans make all year.

He paid some $6 million over the past 2 years
He earned over $43 million in that time
And paid a tax rate of just 13.9% (which is less than that a family that earns about $56k a year pays)

Perhaps the worst part of it all, however is that he justifies making more in one day than the median American family makes in a year, while paying the same tax rate as the guy who scans his shoes at the airport.

Watch how this all plays out via a clip from the Daily Show.

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To Pay or not pay your taxes…

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Well there is apparently a report out now detailing that some 47% of Americans didn’t pay taxes for 2009.

Income tax day, April 15, 2010, now divides Americans into two almost equal classes: those who pay for the services provided by government and the freeloaders. The percentage of Americans who will pay no federal income taxes at all for 2009 has risen to 47 percent.

That isn’t the worst of it. The bottom 40 percent not only pay no income tax, but the government sends them cash or benefits financed by the taxes dutifully paid by those who do pay income tax.

The outright cash handouts include the Earned Income Tax Credit (EITC), which can amount to as much as $5,657 a year to low-income families. Other financial benefits can include child tax credits, welfare, food stamps, WIC (Women, Infants, Children), housing subsidies, unemployment benefits, Medicaid, S-CHIP and other programs.

Phylis Schlafly is outraged and is claiming that this is not only a massive transfer of wealth but a soak-the-rich racket, on behalf of President Obama’s “socialist” government agenda.She goes on to say that the top 10% of wage earners in this country pay some 73% of the income taxes collected by the federal government, and somehow this is some sort of a crime.

Interestingly enough, she doesn’t seem to be equally outraged that General Electric earned $10.3 billion in pre-tax income last year but ended up paying nothing in federal income tax, and wound up reporting a tax benefit of $1.1 billion, or that ExxonMobil had a record-breaking year-end earning of $45.2 billion in profits last year, but also paid no taxes to the federal government.

So yeah, I’m somewhat irritated that single mothers, seniors on fixed incomes, and well, working-class poor folk got away with paying no income tax (although they did pay state, local and federal sales and other taxes, but let’s conveniently ignore that), but not at all miffed that these massive multi-national conglomerates earning billions of dollars also “got away” with not paying taxes.

For more on that story, let’s go to our pal Jon Stewart…


The Daily Show With Jon Stewart Mon – Thurs 11p / 10c
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Don’t you just love it that some folk can completely ignore facts to support their own skewed view of the world?

The Perfessor