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Originally Posted by theking
It was/is my understanding that Romney does not have a job and does not own a business and lives entirely off of investments...but I could be wrong. None the less you probably are correct about most people not paying the highest rate.
I sold all of my business enterprises a few years ago and invested the monies and I am currently completely retired. When I was earning monies from business I had various accountants over the years and always told them not to be creative...other than using normal business deductions...as I never minded paying taxes...so I always payed near to or the highest rate of income tax. I now do my own taxes and pay the highest rate for Capital Gains taxes...and do not mind doing so...though I do get irritated over many things the government spends monies on.
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From what I read in 2010 he had $21.7 million in income. Of that $12.6 million was capital gains. The rest is broken up from many different sources including payments from offshore shell companies, interests, dividends and at least $500K from speaking/writing.
I don't blame Mitt for paying as little taxes as possible. If I had that kind of money I would do the same thing. My point in all of this is that when they raise and lower taxes it has a pretty minimal effect on the very rich who have the means and connections to greatly lower their tax bill so they rarely pay anywhere near the top amount.