Romney: Interest, Dividend, Gains Taxes


Gov. Mitt Romney, who earns 22 million a year, almost all of it from interest, dividends, and capital gains, advocates an abolition of those tax sources as to certain taxpayers, by reducing the current rate from 15% to 0%. His strategy is to first eliminate them on people earning less than $200,000 a year, before abolishing them for higher income persons like himself.

Since Romney was pressured into disclosing his 2010 tax returns in Jan. 2012, showing he paid only 14% in taxes on his 22 million dollar annual income, he suddenly went silent about his desire to reduce to zero tax rates on unearned income. What he said however was clearly recorded at five Republican primary debates.

In Tampa, on Sep. 12, 2011, he advocated “for middle income Americans, no tax on interest, dividends and capital gains.”

In Orlando, on Sep. 22, 2011, he stated: “anybody earning under $200,000” (should) “not pay any taxes on interest, dividends or capital gains.” He promoted: “zero tax on their savings.”

In Des Moines, on Dec. 10, 2011, he promised: “I’d eliminate capital gains, interest, and dividends for people in middle income.” He then added without qualification: “I wanna eliminate taxes on interest, dividends, and capital gains.”

In Manchester, on Jan. 7, 2012, he told the audience: “I eliminate any tax on savings from middle income Americans.” He then added, once again without qualification: “No tax on interest, dividends or capital gains.”

In Myrtle Beach on Jan. 16, 2012, he repeated: “Anybody (in) middle income should be able to save their money tax free.” He went on to say once more without qualification: “No tax on interest, dividends or capital gains.”

There is absolutely no good reason for those receiving $200,000 a year from unearned sources, like interest, dividends and capital gains, to pay no tax, while those who must report to work each day to actually earn the same amount, must pay 35% in taxes.

Spin-meisters for Romney are now trying to get us to believe it was only Gingrich who wanted to eliminate taxes on interest, dividends and capital gains, but President Obama cannot let them get away with that, or let go of this issue as to Romney.

Obama should make people aware of the gross unfairness behind Romney’s policies, and help the public understand that any elimination of taxes on unearned income as to the moderately rich, is just a first step towards Romney’s real goal, which is to abolish them completely as to very wealthy persons like himself.

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