Tuesday, January 24, 2012
I Thought Republicans Liked Lower Tax Rates
I'm not happy that Mitt Romney's tax rate is lower than mine, but I'm thoroughly confused at why Newt Gingrich is climbing up Romney's ass about it. I'm even more confounded at how the whole thing isn't a giant plus for Romney with Republicans.
First, Mitt makes $20 million per year primarily from his financial investments. Don't Republicans love capitalism, unfettered success, and all that? I mean c'mon, it's not like Mitt is a community organizer or something.
Second, because he has the money and expertise to work the system, his tax rate is only 13.9%. This is far below the top tier tax rate of 35%, and only slightly higher than the average working class American rate. But hey, aren't Republicans the party that demands tax cuts for the top 1%? Don't most Republican flat-taxers argue for a uniform rate of around 15% anyway?
Third, under Mitt's proposed tax policy, his share of income taxes owed would be reduced by about 40%. BUT, under Newt's tax proposal, capital gains taxes would be eliminated completely and Mitt's tax burden would be nearly zero. Sounds fair, right? Isn't that how Republican economics are supposed to work?
Gingrich is trying to have it both ways. He's arguing for economic policies that further line the pockets of the 1%, while simultaneously slathering Mitt with a populist paintbrush to make him look even more like the one-tenth of one percenter that he is. Mitt may be a rich, out-of-touch, elitist, but Newt is an angry, hateful, and devious douche.