Monday, September 24, 2012

Romney: It's "Fair" For Those With $50,000 Salary To Pay Higher Tax Rate

During his Sunday interview on "60 Minutes," Mitt Romney told Scott Pelley that it's "fair" for someone earning $50,000 a year to pay a higher tax rate than the 14 percent he paid on his $20 million investment income for 2011. According to Romney, it will "encourage economic growth" and "put people to work." Tax cuts for the rich, then, trickle down to the rest of us! Why haven't we tried that before? Now we know how Romney would put people back to work:

PELLEY: Now, you made on your investments, personally, about $20 million last year. And you paid 14 percent in federal taxes. That’s the capital gains rate. Is that fair to the guy who makes $50,000 and paid a higher rate than you did?

ROMNEY: It is a low rate. And one of the reasons why the capital gains tax rate is lower is because capital has already been taxed once at the corporate level, as high as 35 percent.

PELLEY: So you think it is fair?

ROMNEY: Yeah, I think it’s the right way to encourage economic growth, to get people to invest, to start businesses, to put people to work.

Think Progress points out, "There is little economic evidence to support Romney’s argument that higher capital gains and dividend rates will discourage investment."

No comments: