With last night’s dust up over Mitt Romney’s decision not to release his tax returns to show where and how he receives his millions, it is worth pointing a few things out.
Last month, Romney admitted that his income is almost entirely derived from capital gains, which is taxed far below the 35 percent he would be paying on the same amount if it were regular income.
Indeed, Rommey told reporters today that his effective tax rate is “probably close to 15 percent,” the going rate for capital gains.
Romney in Florence, SC tells reporters his effective tax rate is probably close to 15% b/c most of his income is from investments #2012
— Julie Davis (@juliehdavis) January 17, 2012
So what does Mitt Romney say about capital gains taxes? Well, in 2007, he told a group of Republicans in Florida:
Speaking at a GOP dinner in Sarasota, Florida Mitt Romney told the audience, “I believe the tax on capital gains should be zero.”
You do the math. Not only do most people pay a higher tax rate than him — mine is almost double his — Mitt Romney is on the record stating he would zero out capital gains taxes. The millions he’s still raking in from Bain Capital as part of his lucrative retirement deal would effectively be tax free.
So when Mitt Romney talks about lowering cap gains taxes, he should be wearing a hockey mask because this is highway friggin’ robbery.