Many on there boards have challanged others to define what’s fair. It’s fair to say that it’s a pretty difficult task.-However, it’s pretty to recognize some situations as UNfair. For example, Romney paying 13% on an income of $20 million, or whatever it was, is obviously unfair, even though it may not be illegal. The same is true of hedge funds paying little or nothing on incomes in the millions or tens of millions. -A single person making $50,000 will pay about twice the percentage that Romney does. Payroll taxes + income taxes (no, they’re not zero) will take about 25% of that income. Call the tax anything you like, but the govt gets its 25%. -I realize that it’s all nice and legal.-If anyone wants to claim that this situation IS legal, please show your work. And remember that this example is for 2011, so the dreaded ACA taxes do not apply.
Many on there boards have challanged others to define what’s fair. It’s fair to say that it’s a pretty difficult task.-However, it’s pretty to recognize some situations as UNfair. For example, Romney paying 13% on an income of $20 million, or whatever it was, is obviously unfair, even though it may not be illegal. The same is true of hedge funds paying little or nothing on incomes in the millions or tens of millions. -A single person making $50,000 will pay about twice the percentage that Romney does. Payroll taxes + income taxes (no, they’re not zero) will take about 25% of that income. Call the tax anything you like, but the govt gets its 25%. -I realize that it’s all nice and legal.-If anyone wants to claim that this situation IS legal, please show your work. And remember that this example is for 2011, so the dreaded ACA taxes do not apply.