You Would Think I Would Get Sick of Being Right ALL the Time
You would thing I would get sick of being right all the time…but I don’t. I really don’t. What made me say this was this article. The title “Obama sees executive pay rules as next financial reform” about made my head explode. At first I thought, the only compensation the government should be setting is government workers. What business is it of the government to dictate to private industry what should be the job of the board of directors, and stock holders? And then, in my little right leaning brain, I got thinking about “the rich need to pay their fair share,” and “the rich need to pay a little bit more.” Now, for the record, I’m not rich. Once I thought I had $707 in my bank account. It turned out I was holding the statement upside down and it really was saying LOL. It’s sad really. I just want you to know I’m not defending the rich because I am one.
I was remembering back when Romney released his recent tax records, how everyone was FREAKING out that he “only paid14% in taxes.” I’ll explain it, even though I’m an idiot.
For easy math, let’s say I make a $100,000, and (again for easy math) let’s say I pay half of that in taxes. I have $50,000 to do with what I want. Let say after I pay for the house, food, cars, savings, and such I have $10,000 left. I choose to invest that $10,000 in stocks. Now, anyone will tell you investing money is a gamble. I could make the wrong choice and lose it all. So the government, knowing that investing money is important to the economy and growth, and knowing that the money I’m investing has already been taxed at 50% (easy math) made it so any money I get back from my investments would be taxed at 14%. So if I earn $1000.00 dollars from my $10,000 dollar investment, I pay $140.00 on that grand. Really, there is nothing ‘unfair’ about that.
According to Reuters (which is apparently a News organization) Obama paid 20.5% taxes in 2011. GASP!!!!! He paid more than Romney!!! WHY, WHY, WHY? IT’S SO UNFAIR!!!
Oh, but wait
Mitt Romney’s 2011 Taxes:
Adjusted Gross Income: $13,696,951
Charitable Giving: $ 2,250,772
Total Federal Taxes: $ 1,935,708 (That’s Million with an M)
Let’s compare this to the average American who pays taxes:
Average Income: $45.000
Average Taxes Paid: $5,060
Average Charitable Giving: $900
Average Percent Paid to federal taxes: 11%
Average percent of charitable donations: 2%
Romney’s income is roughly 304 times that of an average American. Oh yeah, he is doing pretty well. He is taxed 382 times what the average American pays in taxes.
Percentages are fun, but it is the dollars behind the percentages that matter.
Just for fun, look at this:
The federal government spends about $112,500 a SECOND.
If the federal government taxed every penny Romney made it would cover about 2.03 minutes of one day, in one year.
The truth of the matter, is that there are not enough people in this country who make enough money to cover these costs. NO MATTER WHAT THE RATE IS!!!!
The question we should be debating isn’t, “How much can we tax a millionaire?” Instead, we should be asking, how we can create MORE Millionaires.
That and cut the spending.
LIFEZILLA: I decided I no longer need the approval of others. What do you guys think?