Romney's Running To Cut His Own Taxes In Half

[bigtree]

from Greg Sargent at WaPo: http://www.washingtonpost.com/blogs/plum-line/post/romneys-tax-plan-would-cut-his-own-taxes-by-nearly-half-new-analysis-finds/2012/01/18/gIQAHruH8P_blog.html


Romney’s tax plan would cut his own taxes by nearly half, according to a new analysis by Citizens for Tax Justice


Another way to put this: If Romney, whose wealth is estimated at as much as $250 million, is elected president and gets his way on tax policy, he would pay barely more than half as much in taxes than he would if Obama is reelected and gets his way — and the Bush tax cuts on the wealthy expire and an additional Medicare tax as part of the Affordable Care Act kicks in . . .

Citizens for Tax Justice first calculated what Romney would pay in 2013 under current law. That assumes that the Bush tax cuts would expire, driving the 15 percent rate on capital gains up to 20 percent, and that the top rate on other income, including dividends, would go up to 39.6 percent. It also assumes he’d be subjected to health reform’s new Medicare tax on investment income. (24% overall rate)

The group then calculated what Romney would pay if his own plan passed . . .

Under that system, Romney would pay a rate of a little under 15 percent — because virtually all his income is from capital gains and dividends. (40% cut)


read more: http://www.washingtonpost.com/blogs/plum-line/post/romneys-tax-plan-would-cut-his-own-taxes-by-nearly-half-new-analysis-finds/2012/01/18/gIQAHruH8P_blog.html

[Turbineguy]

1. What other reason would he have?

He doesn't have any other ideas.