Under Paul Ryan's budget/tax plan Mitt Romney would pay an effective tax rate of .82 percent. How do we know this?
Based on the only full year tax return released by the Romney campaign, Mitt Romney had a taxable income in 2010 of $21,661,344.
Under Paul Ryan's plan, the top marginal rate would be cut from 35 percent to 25 percent.
The Alternative Minimum tax would be eliminated.
Under Paul Ryan's plan all taxes on capital gains, interest and dividends would be eliminated.
Since the vast majority of Romney's income stems from capital gains, interest and dividends along with structuring his investments as 'pass-throughs' that avoid any corporate tax he would pay taxes at an effective rate of .82 percent under the Ryan plan.
Think about that.
Many of us in the middle class pay an effective rate up to 35 percent today.
If the Ryan plan were enacted tax revenues wouldn't come close to funding even the most basic and essential of programs.
Couple that with the fact that Paul Ryan would raise taxes on the bottom 30 percent of earners while simultaneously eliminating all practical government other than social security and defense and you have the makings of a plutocrats dream. It isn't about ideology at this point.
It's about mathematics and it all adds up to a disaster for the poor, middle and working class. You can listen to all of the rhetoric you want right up to the election. Sometimes you just have to follow the numbers.
Troy Stafford
Williamsport
Submitted by Virtual Newsroom
