Romney paid 14.1% of his income and capital gains as tax in 2011. But I wonder I hope I wish that all of that was capital gains tax and none of it was income tax. What goes around comes around and he who equates paying zero federal income tax with paying no taxes had better hope that he didn’t manage to disguise quite all of his income as capital gains.
He can’t simultaneously pretend that the payroll tax doesn’t exist and that the capital gains tax does exist.
In the past, Romney paid income tax on speaker’s fees, but he spent 2011 speaking for free (or for campaign contributions). He certainly has capital income. But he could have sheltered it.
The fact is that his tax rate is lower than the capital gains tax rate. He certainly didn’t declare much income.
Oh I wish I wish he declared zero.
update: The political cartoon version by Tony Auth via Anne Laurie at balloon juice
Not to be a dweeb, but just to be a dweeb, Tony why is that US soldier in Afghanistan firing an AK-47 instead of an m16 ?