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THE WEALTHY IN THE U.S. & TAXES.

Updated on January 19, 2012

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.

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    • American View profile image

      American View 

      6 years ago from Plano, Texas

      AR,

      I was in the forums earlier this week, I rarely go there anymore. This person was against Romney and those who pay 15%. Well, he made a claim that 1470 of the top 1% did not pat taxes last year. Well I did not look to confirm the number but that number is less than 10% of the top 1% owners. So why would someone be so interested in such a small amount of taxpayers when 50% of all taxpayers do not pay taxes. I wonder which pool would contribute more money if they paid taxes, 1470 people or the 50%?

    • American Romance profile image

      American Romance 

      6 years ago from America

      AV, low and behold I watched a report this morning and guess what? According to the IRS, Romneys 15% is still higher than 97% of taxation that Americans pay in! And I'm throwing this part in.........it's also in the millions at 15%.........Why are there liberals when there is nothing to win?.......I would hate living on the loser team!

    • American View profile image

      American View 

      6 years ago from Plano, Texas

      AR,

      Nice to see someone finally agree with me on that issue.

    • American Romance profile image

      American Romance 

      6 years ago from America

      There is one very important fact here that everyone seems to leave out! Capital gains tax is 15% BUT! No one can get capital gains money untill they have EARNED the money to invest in the first place! As far as true fairness goes, no one should have to pay the 15%, why? because the money your investing has all ready been taxed in the FIRST PLACE! In essence the government is double taggin, and getting an extra 15% of tax money that was taxed when you first earned it!

    • American View profile image

      American View 

      6 years ago from Plano, Texas

      Well I guess I am a lousy rich person since I have money in the Cayman islands. Why would I do such a thing. How about because I get a better return on my money. Oh I am not fich and my measly few thousand could not even but a descent used car, but I get more on my savings account than the whopping less than 1% I would get here. But here is the deal, this is money I earned working 9-5 and paid taxes on it. So it is my choice where I park it.

      If you are not happy with investors only paying 15% on their investments, tell your local senator and tell them to raise it. Now of course the investors will no longer do so and businesses will not grow and more people will lose their jobs. By the way, why not only charge 15% He is investing money he already made from his 9-5 job and paid taxes on it. So he is investing money he has already paid taxes on get a return and pay taxes on the money he already paid taxes on. Hmmm

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