The only time the cost of a tax can not be passed on, is when the cost of the tax along with the other costs of production, prices a product out of competition with imports.
Our present system of taxing cascades at each step of production, burdening domestic products with more cost that imports don't have to contend with. The United Sates is currently the only one of the 30 OECD member…
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…
Added by Dave Boone on October 21, 2012 at 4:06pm — No Comments