THE WEALTHY IN THE U.S. & TAXES.
They cannot be two bedfellows.
One has an eye opener from the news this morning that makes a more interesting reading; that the tax rate of Mitt Romney, the front runner in the Republican Party nomination race, is a measly 15%.
The topic on taxes has appeared on the campaign trail only after the Fox News debate on the 16th of January, SC; when a rival candidate in the race, Rick Perry, questioned him (Romney) about his tax responsibilities and what showed on his returns. That was really hurting.
Yet, the focus has to be on the fact that Romney, who is a millionaire, is having a tax burden that is comparably lower than that of a secretary or a common laborer, working 9 to 5, or even more hours, respectively.
It is well established that the more one makes, the higher one's tax rate; however, that is a myth, as some wealthy people have a way around the United States tax system, and so pay less in taxes.
The news about Romney is from ABC News, a competent, viable and accurate source, that his tax return does not reflect enough tax burden, with respect to his income. Meaning, considering his vast yearly return on his investments, he has been paying too little, as, most probably, he has been using tax loopholes to his benefit.
It, news, has to reveal that, he is also utilizing Offshore accounts in the Cayman Islands, where Bain Capital, a company that he has ran before, continues to do business. It is a place regarded as a safe financial spot for tax evasion.
"Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven." (ABC News, 01/19/12).
With that in mind, it is likely that Americans will take note and scrutinize whoever presents himself or herself as a candidate for the president of the U.S.; as he Romney can be President Barack Obama's challenger for the 2012 presidential election. That, of course, will depend on whether he is his party's nominee.
One must be frank and say that he has not committed himself to anything close to being a crime; but that his financial activities show, as those of many wealthy Americans do, that paying "their fair share in taxes" is not his style.
The use of "outside investments and bank accounts" have made it easy for some, particularly the wealthy, to cheat the ordinary folks, who pay their taxes in full, and who have their tax returns to show for it. They are a great asset to the country. Although, the wealthy can also say that their investments create jobs and propel the economy.
It would be accurate to say that Romney is a law abiding citizen; however, from his position now in American politics, every little thing about him must be made known. The media, of which ABC (News) is a prominent part, are on the prowl to get that type of information and bring it out to the public.
That gives the regular voter the material to use to evaluate any politician, who previously has no blemished record of any kind, to be closely looked at for the second time.
Romney's story is out, and it gives Americans another chance to assess his person as being reliable, and as one who should be given the honorary privilege to be president of this great country, the United States of America.
It renders an enormous opportunity to the general public. Nothing can be fairer than that to the American people.