This news still does not let Romney off the hook for consistently paying lower rates than average workers nor does it come as a surprise that Obama is not practicing what he thumps on his campaign pulpit.
What it does do is put both candidates on the same exact footing with regard to their tax returns.
Could that possibly mean that voters do not have to listen to further rhetoric from either of them on the 'evils' of their personal finance choices?
Probably not. Unfortunately, it's still a long road to November.
"President Obama and first lady Michelle Obama had a combined income of $789,674 in 2011 but paid a lower tax rate than the president's secretary, who made less than $100,000, the White House confirmed Friday.
The Obamas paid an effective rate of 20.5 percent. White House aides would not reveal presidential secretary Anita Breckenridge’s tax rate but confirmed it was higher than the first family's rate. Breckenridge earned $95,000 last year.
The Obamas' rate is less than the 30 percent the president wants millionaires to pay under his proposed Buffett Rule.
“The president’s secretary pays a slightly higher rate ... than the president on her substantially lower income, which is exactly why we need to reform our tax code and ask the wealthiest to pay their fair share,” White House spokeswoman Amy Brundage told Fox News....." (Read more? Click title)
"Unapologetically pursuing and tracking patterns within the news others make since 2010."
Showing posts with label tax reform. Show all posts
Showing posts with label tax reform. Show all posts
March 26, 2012
SandBoxBlogs: Town Hall "Taxing Death"
Jeff Carter:
"Doesn’t the government get enough during your lifetime? I understand the initial sentiment behind the death tax. It was put in place to try and stop dynasties from forming. Advocates looked at generational wealth in Europe and wanted each generation to be put at the same starting line.
But, trying to be “fair” never works. The Koch brothers kids will always have advantages over mine. The great thing about the US is it doesn’t matter. My kids can be just as successful as the Koch kids if they create something.
Did the creator of Spanx come from a silver spoon background? No. She went to Florida State and was the daughter of an artist and lawyer.
The problem is, you will never put anyone at the same starting line with anyone else. That’s why the Constitution and Bill of Rights read as they do. Every human has “inalienable rights”. It doesn’t mean Sam and Joe start the human race with exactly the same amount of assets. Life isn’t a board game.
States are beginning to understand this. Citizens are leaving their state to avoid the tax. The other problem they are having is as one generation dies, the next is being forced to liquidate productive businesses to pay the death tax. This hurts local economies...." (Read more? Click title)
"Unapologetically pursuing and tracking patterns within the news others make since 2010."
"Doesn’t the government get enough during your lifetime? I understand the initial sentiment behind the death tax. It was put in place to try and stop dynasties from forming. Advocates looked at generational wealth in Europe and wanted each generation to be put at the same starting line.
But, trying to be “fair” never works. The Koch brothers kids will always have advantages over mine. The great thing about the US is it doesn’t matter. My kids can be just as successful as the Koch kids if they create something.
Did the creator of Spanx come from a silver spoon background? No. She went to Florida State and was the daughter of an artist and lawyer.
The problem is, you will never put anyone at the same starting line with anyone else. That’s why the Constitution and Bill of Rights read as they do. Every human has “inalienable rights”. It doesn’t mean Sam and Joe start the human race with exactly the same amount of assets. Life isn’t a board game.
States are beginning to understand this. Citizens are leaving their state to avoid the tax. The other problem they are having is as one generation dies, the next is being forced to liquidate productive businesses to pay the death tax. This hurts local economies...." (Read more? Click title)
"Unapologetically pursuing and tracking patterns within the news others make since 2010."
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