Video: Mitt Romney earns $50,000 a day, but pays the same tax rate as someone who earns that in a year
Yesterday’s Daily Show:
Jon Stewart asks: ”How in the world, do you, Mitt Romney, justify making more in one day than the median American family makes in a year, while paying the same effective tax rate as the guy who has to scan your shoes at the airport?” Responding to a clip where Romney says “I don’t think you want a candidate who pays more taxes than he owes,” Stewart replies, “No, but you might want one who thinks that’s wrong.” He then goes on to lambast Romney for being part of the lobbying effort to keep the tax rates of his private equity fund at 15%, rather than raising it to 35%, which to me sounds a lot more like a “fair share”.
How can he justify that? Yes, Romney pays more than $6 million of taxes a year, but given the amount he earns, he should be paying much, much more. As the second segment on yesterday’s Daily Show looks at, the tax code is in-built with loopholes and structures aimed at high net worth individuals, and them only. It’s just not how the system should work. This is where the 1% vs. 99% idea comes from.