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
All over the country including in the halls of Congress, Americans are beginning to see the Income Tax as a failed system that cries out for fundamental reform. The question is no longer, how can the Income Tax be improved, but rather how can we reduce collecting revenue to its simplest, fairest form? In 2005, then President, Bush, convened a panel to answer that question. His charge to them included the requirement that whatever they came up with must encourage economic growth. As with…Continue
Does this mean Sand has taken Herman Cain's 999 pledge?
Added by Dave Boone on April 1, 2012 at 7:33am — No Comments
We all have to make tough choices in life. Choosing between the current income tax and the FairTax is not that tough.
How would you like to get your entire paycheck, for an immediate 10% raise, maybe more?
How would you like to never have to file another income tax form for the rest of your life?
How would you like to see a number for the cost of running the federal government on every cash register receipt?
How would you like to see trillions of dollars returned…Continue
An open letter to Congress:
Recently we have seen a series of books documenting the role of the lobbyist and the use of privileged information for personal stock trading profit. Against a background of a favorability rating in single digits, it all seems like “piling on”. The sad fact, however, is that you deserve every bit of it, probably more. You are presiding over a time of serious decline in this unique experiment in representational democracy, as well as in our…Continue
If you are concerned about jobs going overseas
The FairTax fixes it by removing corporate and individual income taxes, as well as capital gains, social security and payroll tax withholding. Overnight the U.S. becomes the most business friendly nation in the world.
Potentially several trillions of dollar denominated overseas accounts would be “repatriated” for investment here.
If you are concerned about the balance of trade…Continue
Added by Dave Boone on June 28, 2011 at 10:18am — No Comments
Added by Dave Boone on August 15, 2010 at 8:03pm — No Comments