Dave Boone's Blog – October 2012 Archive (1)

The Romney 2011 Tax Return - a FairTax teachable moment

Romney's Gross Income was 13.7M and his bottom line liability from line 61, form 1040 = 1.5M for a 10.9% effective rate under the current system. This is a simplistic way of looking at effective taxes which combines earned and unearned income taxes, thereby taking us out of the “Warren Buffett” discussion.

The Romneys famously gave 30% of their income to charity last year which would have left 9.6M to spend. Assume they put another 30% into savings and investments, net…

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Added by Dave Boone on October 21, 2012 at 4:06pm — No Comments