Tuesday, January 24, 2012

Romney Releases Tax Returns: Pays $6 million in 2 years

Now that is one hefty tax bill.

Bowing to increasing political pressure to provide more detail about his vast wealth, the former private equity executive released tax returns indicating he and his wife, Ann, paid an effective tax rate of 13.9 percent in 2010. They expect to pay a 15.4 percent rate when they file their returns for 2011. 
Romney's tax rate is below that of most wage-earning Americans because most of his income, as outlined in more than 500 pages of tax documents, flows from capital gains on investments. 

His tax return was 500 pages? I get mad when I have to file a bunch of K1s for owning ETFs. The idea of having to file a 500 page report to the government is asinine. I think the tax code should be simplified so that someone making $45 million and someone making $45,000 should file the same amount of worthless forms.

Also the idea that he pays only 15% while other Americans pay 35% is stupid. Most Americans pay 0% and actually get money back from the government to the tune of $1000s. I mean all those H&R Block commercials show people getting back like $10,000 or more.

I think every American should pay some income taxes even if it is $1. That way they feel more ownership of the government that wastes billions of their dollars on stupid crap. I would gladly pay more taxes if I am shown that my investment gets a decent return and isn't wasted on bridges to nowhere and to pay bureaucrats to sit around and meet.

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