The rapidly unfolding episodic drama of Romney’s private statements about the 47%, his newly released tax documents, and details about Bain capital are a continuing reminder of just how wrong this guy is for ordinary Americans.
It would seem to me that a person that wants to be president shouldn’t be condemning almost half of America as non-taxpaying freeloaders that ‘dependent on government’. In a very real sense we all depend on government to take care of little things like roads and bridges, police, fire and national defense, to name but a few of the benefits we all enjoy. Additionally he and his super rich supporters have been very busy for the past 40 years or so corrupting government to do their bidding at the expense of honest hardworking Americans.
Romney pays a lower tax rate than many middle-class families because of a set of complex loopholes and tax shelters only available to those at the top, yet he and his super rich tax cheat supporters begrudge and criticize those of us that haven’t achieved their exalted state of eminence. On top of that he still wants to give multimillionaires an additional $250,000 tax cut at the expense of middle-class taxpayers who will see their taxes go up.
Let’s do some fact checking on Romney’s claim. According the Tax Policy Center, 46.4 percent of American households paid no federal income tax, so while Romney’s statement may be factually true, let’s take a look at who these people he’s calling ‘dependent on government’ actually are. According to the tax policy center, nearly two-thirds of households that paid no income tax did pay payroll taxes, and most of those people also pay some combination of state, local, sales, gas and property taxes.
Tax policy center data also tells us that more than half of those not paying income taxes have incomes less than $16,812 per year, 29.2 percent are tax filers earning between $16,812 and $33,542, and 12.8 percent are those with incomes between $33,542 and $59,486. In short most of the people he and his rich friends are complaining about are the working poor, students, the elderly and disabled. Romney and his rich pals remind me of Ebenezer Scrooge in A Christmas Carol saying to America ‘If he be like to die, he had better do it, and decrease the surplus population’.
It is interesting to note also that other data from the tax policy center shows that 78,000 tax filers with incomes between $211,000 and $533,000 paid no income taxes; 24,000 households with incomes of $533,000 to $2.2 million paid no income taxes, and 3,000 tax filers with incomes above $2.2 million paid no income taxes. The dirty rotten moochers! Is Romney including these folks too?
What is truly deceptive and contemptuous about Romney’s hyperbole is that the 47% he refers to that don’t pay taxes are also dependent on government handouts, which is not only misleading, but totally inaccurate. The U.S. Dept. of Health and Human Services reports that only about 8% of the total population receives some form of government assistance and 1.7% receive most of their income (50% or more) from government programs.
During the course of researching this article, it is rather disturbing to note that nowhere did I find the distinction between non-taxpaying Americans and those receiving direct government benefits mentioned. This is a major distinction that should be made clear by the media analyzing Romney’s statement. Not only is this difference significant, it proves how little Romney acknowledges the majority of ordinary Americans. Looking at the breakdown of non-taxpaying Americans in the tax center data, most of the 47% Romney dismisses are really potential supporters. How much more proof do you need that Romney is just an elitist rich country club candidate?
The truth of the matter is that special interest meddling has created a tax code of inequality riddled with loopholes that favor some over others. For the most part the 1% at the top keeps winning and the 99% keeps losing. Most of the inequities in the tax code would only get worse for the middle class if Romney were to get elected. It is already an outrage to ordinary Americans that capital gains are subject to a federal tax rate of 15 percent, while ordinary income is subject to the top rate of 35 percent.
The three decades after WW II when the top tax rate was 70%, the U.S. economy grew faster than it has since the tax cuts of George W., but most of the gains have been making the rich richer while middle class wage earners have stayed the same or fallen. Tax revenues are down to a record low of 15% of the total economy, the lowest in 60 years, causing budget deficits and cuts in public services at all levels of government. All of which can be traced to the nefarious machinations of country club elitists duping America into going along with their scheme to make government their private tool at the expense of our very survival.
Another example of Romney’s lack of integrity is the claim that he is a successful business leader that knows how to fix the economy. The latest revelations about the private equity firm Bain Capital that Romney founded sheds light on this claim. I’m just an ordinary working class slob that punches a time clock, so the concept of this type of business model is a stretch for me to wrap my brain around.
My research in following the story only confirms my suspicions. Private equity firms like Bain are not businesses in the traditional sense of producing tangible products or providing services that have real value or economic benefits. The way Bain makes money in simple terms is by finding economically vulnerable companies to take over and stripping them of as much capital as possible and transferring the money to offshore investments.
News reports and documents released tell us that Romney is not so much a business builder as much as a business vulture that scavenges the wealth created by legitimate companies by gaming the tax code, employing sophisticated tax avoidance strategies and creating foreign paper companies know as blockers to hold investment funds.
Last but not least, Romney has released more tax documents. In an attempt to pacify the calls of those of us that want the public to see the real Romney, he and his campaign have released a summary of his effective tax rates for the past two decades, leading us to still conclude he has something to hide. At this point releasing his full returns, in my view isn’t necessary anymore. With the information we have about Bain, his own words and affiliations, it should be clear to the average middle class American that Romney is as the president put it, an out-of-touch millionaire bent on helping the wealthy. At this time Romania also immediately organized this routine event. Presidential election held in 2019 will be the determination of the fate of Romanian people in the next 10 years. Is this new president will provide Invatamant in every place, or also provide a uniform water supply throughout the region.