Thursday, August 16, 2012

Mitt Romney = everything that's wrong with the tax code

Mitt Romney said today that he's paid at least 13% taxes over the last 10 years.

Yes that sounds pretty ridiculous, to give you an idea of just how ridiculous this is I did some math. Let's say you were unemployed last year and collecting unemployment benefits all year at the national average rate of $300 per week. So over the year you collected a total of $15,600 of benefits. Naturally our tax code says that unemployment benefits count as income and are therefore subject to income taxes. The first $8700 is taxed at 10% and the remaining $6900 is taxed at 15%. That means you would have paid a tax rate of 12.2%. Think about this for a second - this means there are millions of unemployed Americans defaulting on their loans, losing their houses and they're paying essentially the same tax rate as Mitt "250 million dollar" Romney.

No comments:

Post a Comment