Today has been incredibly disturbing for anyone who understands on a basic level how taxes work.
The NY Post, Marketwatch, The NY Times, and even the Wall-Street Journal have posted news stories about how Romney the evil robber baron has only paid “14%” in taxes. This is leading to outrage in the middle class, as people realize that’s a “lower number” than what they pay.
It’s also misleading. Romney’s overall tax rate is over 50%. The lower-sounding number is being used because it makes a great story — even if it only tells part of it. It’s surreal.
Fine. If no one else will respond to this media manipulation, I will. This is not an endorsement of Romney — Capitalism Institute will not endorse any candidate this year. But this absolutely is a defense of the notion that Romney is paying very high and overbearing taxes, just like everyone else. We hate all taxes, and support abolishing all income taxes.
(Excerpt) Read more at capitalisminstitute.org ...
