Mitt Romney doesn't actually care what the personal income tax rate is. He has no personal income, pays no taxes from his labor. He really only cares what the captial gains tax is, and even that he tries to avoid paying by keeping his assets, unlike his ass, overseas.
Mitt Romney reported making $42 million in his last 2 years of tax returns. He paid about $3million in taxes in each of those years, which is about the 15% capital gains tax rate. He also gave about $3million each year to the Mormon Church, a legal charitable deduction to be sure, but also the tything he's expected to make as a Bishop in the Church.
"But we give to charitaty." That's the argument that the rich have started using to justify not paying more taxes. Therein lies the inequity of our tax code.
The rich give to the charities of their choice. The rich get to put their names on buildlings. The rich get to continue the cycle of priviledge and entitlement by getting their kids into the finer schools, and themselves into the better hospitals. All with the money that the rich do not pay in taxes.
Stop talking about raising the marginal income tax on the rich. If we want to collect more tax dollars from the rich, raise capital gains taxes by capping this loophole. Then let's all together, decide who gets the charitable contributions without putting anybody's name on it.
I'm sure we wouldn't give any money to the Morman Church or any other church for that matter. But we may fund the soup kitchen run by a church or the homeless clinic run by the hospital.
The current tax code benefits the rich. We're not just talking about allowing the Bush Tax Cuts to expire. We're talking about an overhaul in the code that encourages working by lowering income tax rates for individuals. And encourages job creation by giving tax credits to corporations for hiring. And paying for both by raising more capital gains tax from the rich.
It may already be too little too late. The rich have successfully managed to transfer the country's wealth into their private bank accounts through a process of public borrowing instead of taxation to finance public spending. The only thing left to do at that point was to insure the private banks against losses with taxpayer guarantees. Does that sound familiar? The rich have effectively done that as well.
So what's left on the Agenda? The Presidency.