Tag Archives: Romney’s 14%

ROMNEY AND HIS TAXES

The tax code is complicated; that makes it easy to spin.  The context of taxation is extensive and not in the knowledge base of most people.  Sometimes it seems to make no sense at all. For instance, if you buy a piece of improved property and it skyrockets in value, the IRS allows and expects you to report every year that it is going down in value.  It’s called “depreciation” and it reduces your tax bill.

Democrats are trying to make the case that Romney is heartless and greedy.  First by declaring that Romney paid no taxes at all, which was not only a falsehood but an insult to common sense, and now on the grounds that 14% is less than a fair share.  The math is correct but it doesn’t make the case.

A heartless man does not give extensively to charity as Romney has done.  A greedy man does not pay more taxes than necessary by intentionally omitting an allowed tax deduction, as Romney did. The bottom line is thru charity and taxes he kept 42% of his income and 58% went for the benefit of society.  This math is also correct and it disproves the case the opposition is trying to make.  Call it spin if you wish, like the 14%.  The math and the reasoning are here.

The bottom line is Romney has been more generous than either Obama or Biden who is particularly famous for his lack of charitable giving.  Romney also seems to prefer giving to society thru charity rather than thru the government.

One final thought.  Greed and envy are close companions.  Waging class warfare is an outlet for envy.  Is waging class warfare not a form of greed also?