A competent presidential campaign, one that could really pose a challenge to a sitting president with a massive war chest and organization, would never settle for the media spin that Mitt Romney had a 15 percent federal tax burden over the past two years.
A competent campaign, and candidate, would explain that Romney’s real federal tax rate on his investment income was more than 40 percent (being conservative, after deductions and such), since the revenue stream was subject to both a personal tax rate and the corporate tax rate. A competent campaign would then point out that state taxes would bring the effective income tax rate on Romney’s investment income to 50 percent or higher. Every time a reporter or opposing candidate tried to say Romney’s tax rate was 15 percent, a competent campaign would call them out for misleading the American people.
A competent campaign would then point out that this effective income tax rate of 50 percent is much, much higher than what the average worker pays in federal and state taxes on wage income. Such a campaign would then say that by taxing investment so punitively and then redistributing the revenue to failed giveway programs and government boondoggles, America is eating its seed corn and deterring investors from creating new jobs.
Is the Romney campaign competent? Is Romney himself? If they can’t do this, they can’t beat Obama in the fall.
I winced when Romney announced, "I am proud of the fact that I pay a lot of taxes." My differences with the candidate aside, punitive tax rates — for those who succeed in enriching themselves — are offensive.
Reply to this commentLinkReport AbuseSo which citizen would you like contributing to your economy? One who paid $450,000 in taxes (Obama) $955,000 (Gingrich) or $3.2 million (Romney)?
Perhaps you could increase the tax on Romney and watch your revenues go down as he withholds investment from your region and invests elesewhere. It's called a Phyrric victory. Look it up. And be Green, but not with envy.
Reply to this commentLinkReport AbuseA competent campaign would also acknowledge that the 15% tax rate actually would be the effective tax rate for overseas investments not subject to our corporate tax rates, while a proprietor of a small business here in the States would face an effective tax rate well above 30%; and that, on the whole, the system is grossly unjust in that it directly favors investments in offshore finance over investments in productive activities here at home.
Reply to this commentLinkReport AbuseGood points.
Also, where is Krikorian to defend 'self-deportation'?
Reply to this commentLinkReport AbuseIt's a campaign that was competent enough to get on the ballot in every state, even Virginia.
Reply to this commentLinkReport AbuseWell, if presidential primaries were decided on the basis of just getting on the ballot and showing up, I guess everything would be just hunky dory for Romney's campaign. It appears, however, that it will take a bit more competence than that for him to win the nomination.
Reply to this commentLinkReport AbuseIronically, Presidential campaigns are decided on the ability to get your candidate on the ballot. They are also decided on the ability to be organized in all the states so you can not only compete in them all, but you force your opponent to commit resources to compete in them all. Any candidate who focus on their base, and doesn't compete everywhere will open themselves up to a strategic defeat because their opponent can simply just heavily pick off 1-2 states and you lose.
You have to play simultaneous offense and defense in election campaigning. It's FAR more than just spinning a good answer in a debate. Something that Romney is decent at, and Newt excels at. But when it comes right down to it, organization and leadership matters, and Newt has only shown himself capable of talking and thinking well. That's good to have as a member of a team, but not a leader.
Reply to this commentLinkReport AbuseHence the word "just" in my response. It is not "just" getting on the ballot--it takes that, but more.
I would contend that the "but more" part is lacking for both Romney and Gingrich, only in different respects. For Romney, getting the nomination will take *more* than *just* having enough competence to get on the ballot, and he is learning that lesson right now. For Gingrich, winning the nomination should *include* having enough competence to get on the ballot, not *just* having some great debate moments.
Reply to this commentLinkReport AbuseI don't get that double tax argument... just because it was subject to a high corporate or personal tax rate, doesn't mean that Bain or whoever actually paid taxes at that rate.
Reply to this commentLinkReport AbuseAgreed - it is a transparently fake argument, designed to make rich investors look like they pay far more in taxes than they actually do.
Reply to this commentLinkReport AbuseHere's your answer, as it seems you lack the knowledge to understand:
- Income is derived by subtracting expenses from receipts.
- Corporations then pay taxes on the income.
- Monies left, after taxes have been paid, are either kept on-hand, or distributed to partners.
- Partners receiving income, which has already been taxed as corporate income, then pay capital gains income, at this point 15%, in addition to the income taxes alreeady paid by the corporation.
- States also take their share of taxes from both corporate and personal income.
Say a company made $15 million, after expenses and deductions. Corporate tax rates for that income level ($10 mil - $15 mil) would be $3,400,000 + 35% of the income amount over $10 Mil. In this example, the amount would be $5,150,000 = 34.3%. In addition, each individual takes another 15% on any amount paid out as investment income, bringing the total federal (this does not take into account additional state and county taxes) rate to 49.3%, before state taxes.
Not too difficult to understand. The concepts are pretty simple. All one needs is a computer, the desire to understand and do some homework, and a calculator.
Reply to this commentLinkReport Abuse"Not too difficult to understand. The concepts are pretty simple. All one needs is a computer, the desire to understand and do some homework, and a calculator."
You really have no clue. I wish you would follow your own lead and learn how to do the math on your own, instead of from Bill O'Riley. I do this for a living.
Reply to this commentLinkReport AbuseI doubt that seriously, otherwise you could have taken the minute or two it would have taken so show where he was wrong... Alas, "alleging" that one is wrong and actually proving it are two very different things.
You have proven nothing except that you can type coherent sentences...
Reply to this commentLinkReport Abusethis dude does a good job of explaining why its misleading to call it double taxation. all you need is a computer and some will to learn after all : )
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This is not much different than trying to explain to the average brainwashed moron why the death tax is double taxation. The Democrats will lie and demagogue (and so may Gingrich or his sycophants), and Romney will unfairly come out looking like a greedy crook.
Reply to this commentLinkReport Abuseyou can get as deep in the weeds as you want, the bottom line is that 3mil is 14% of 21.7mil and thats as deep into the issue as the average voter is gonna go. any effort to further educate the voter will look like spin and obfuscation.
Reply to this commentLinkReport AbuseThis. You can't win on this one. The left will twist any argument to their advantage.
Reply to this commentLinkReport AbuseThere are wordsmiths on the right who are perfectly capable of twisting a leftist argument right back and then some, and at the same time looking and sounding reasonable and sympathetic and not like a crazy person. For heaven's sake, let's get them on the case.
Reply to this commentLinkReport AbuseNo it won't, not if the explanation is simple, direct, and involves no math. See here: External Link
(or my post below).
Assume you're addressing Harrison Bergeron's mother.
Reply to this commentLinkReport AbuseRidiculous. Any campaign that would try and make that argument would not be "competent" but stupid. But go for it. I hope the GOP goes in that direction, telling us all how Romney is taxed at a much higher rate than the average working stiff. It reminds me of the Woody Allen line, "Are you going to believe me or your lying eyes".
I believe the argument suggested by the author would bring up this little inconvenient fact:
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Thirty large and profitable U.S. corporations paid no income taxes in 2008 through 2010, said a study on Thursday that arrives as Congress faces rising demands for tax reform but seems unable or unwilling to act.
Pepco Holdings Inc, a Washington, D.C.-area power company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied.
The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world; but over the 2008-2010 period, very few of the companies studied paid it, said the report.
Their report also listed General Electric Co, Paccar Inc, PG&E Corp, Computer Sciences Corp, Boeing Co and NiSource Inc as among the 30 that paid no taxes.
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