Thursday, November 21, 2024 Text is available under the CC BY-SA 3.0 licence.

Linda McQuaig

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Utterly left out of Tax Freedom Day [a holiday marking how many days an average person must work before his or her annual taxes are paid off] is any notion that taxes are what we pay to buy services that we all need and use, and that would be much more expensive or even impossible to purchase privately - fire and police protection, highways, roads, canals, coast guard services, snow removal, water purification, schools, hospitals, libraries, etc. Tax Freedom Day could undoubtably be moved up to early January if we were prepared to walk out of our dwellings that morning onto a dirt path and take our chances on what might befall us.

 
Linda McQuaig

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Jorge Ramos: You just released your tax returns. In 2010 you only paid 13% of taxes while most Americans paid much more than that. Is that fair?
Mitt Romney Well, actually, I released two years of taxes and I think the average is almost 15%. And then also, on top of that, I gave another more 15% to charity. When you add it together with all of the taxes and the charity, particularly in the last year, I think it reaches almost 40% that I gave back to the community. One of the reasons why we have a lower tax rate on capital gains is because capital gains are also being taxed at the corporate level. So as businesses earn profits, that's taxed at 35%, then as they distribute those profits as dividends, that's taxed at 15% more. So, all total, the tax rate is really closer to 45 or 50%.
Jorge Ramos: But is it fair what you pay, 13%, while most pay much more than that?
Mitt Romney Well, again, I go back to the point that the, that the funds are being taxed twice at two different levels.

 
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