Romney confirms he gets a big tax break

Not that we didn't already know this.

Amid demands for fuller disclosure of his finances, Mitt Romney for the first time confirmed Tuesday that most of his income comes from investments and is taxed at "closer to the 15% rate" — far below the 35% rate on wages for taxpayers in the top tax bracket.

The acknowledgment from the multimillionaire businessman and GOP presidential front-runner came after rival Rick Perry used a South Carolina campaign debate to demand that Romney disclose his tax returns so voters can decide whether "we've got a flawed candidate or not."

It's impossible to pin down specifics about his finances without the tax returns, because the amount Romney deducted from his taxes, the length of time he held investments and other variables are unknown. However, tax law experts who examined Romney's most recent federal financial disclosure report for USA TODAY estimated he earned between $9.8 million and $38.8 million in 2010, with roughly half of the money taxed at a rate lower than that paid by many Americans.

That's a huge gap in earnings IMO 9.8 -- 38.9 and this just confirms to me, They all cheat and get tax breaks that aren't afforded to you and me.

Link

Ironically Mit Romney's dad is the one who first started this tradition for presidential candidates to release their tax statements.

LoL people aren't going to relate to Mit Romney when they find out how rich he is.

If I got this thing right the money he paid a 15% rate on would be capital gains. Returns on money invested. Money already earned and taxed previously at 38%. Why invest what you can if the government gets 15% of the returns on that too?
Or maybe I ain't thinking this through correctly?

Edit to add:
I am not defending Romney nor am I a great supporter of his, but I try to understand these things and be fair.

reply to post by texas thinker


He actually gets paid on the money people invest in Bain Capital if I understand correctly.

EX.

I put $1,000,000 into Bain (yeah, right). Romney makes me $100,000 that year. He keeps 10,000 of that for himself and he gets taxed 15% on that amount. So it isn't his money, it is mine.. does that make sense?

I believe I am correct on this but someone should correct me if I am wrong.

I would lay good money he doesn't even pay 15%...