My Last Chance To Show Mitt Romney is a Liar Before He Loses The 2012 Presidential Election [175]
ONE LAST CHANCE
COMING TO WORK THIS SUNDAY MORNING in order to make money to pay all those onerous taxes Romney is preaching about, I heard him say that he spoke to a father-son owned electronic company with four employees who were dying under the strain of a 50% taxation rate. He broke it out this way, 35% in "personal" taxes and the rest in payroll taxes and state income taxes. He then went on to say that Canada and Europe had lowered their "tax" rate to 15% in order to bring in more business, etc, etc.
From this, I knew immediately Mitt Romney was lying his ass off. Either that, or he is very stupid, and I know he isn't stupid; stupid doesn't earn you a few billion dollars. How is Romney lying? First by mixing the 15% European "corporate" tax rate with the 35% American "personal" tax rate. Granted, the American corporate tax rate is something like 34% but the effective rate, the rate which corporations really pay is more like 17%. But anyway, Romney specified "personal". In fact, the Canadian and European "personal" tax rate is much higher than the American counterpart.
Romney's second lie is by not telling the audience that if the company worked in a state like WY or FL or any other state which doesn't have a state income tax, that 50% would be much lower!
Romney's third lie is by not telling the audience that if the father or the son was earning the $250,000 AGI or higher as a salary, which he is presupposing they are, (he conveniently didn't specify of course), rather than as net profit from a business, in a state which did have income tax, they would be paying the same 50% rate; 35% federal top marginal (he forgets the effective rate is MUCH less, another lie), say 7% for the state income tax, and around 7% for your payroll taxes. (Actually to make his math come close to being right, given the effective rates, father and son would each have to net about a million each with their four-person business, not likely when you figure a nice net income is 5 - 12%, after they pay themselves a salary, to drive their effective rates closer to 35%,)
There are several more lies contained in that simple statement of Romney's, but you get my drift, I hope.
OK, now back to work for my 33 person company where I don't earn near as much as Mitt's example and, of course, don't pay 50% in taxes either.
