In the news today…
1. Republican Presidential hopeful, Mitt Romney, paid 42% of his income in taxes and charity. Romney 2011 taxes has him earning $20.9 million on investments and paying 15.4% in taxes or $3.2 million. Is Romney paying his “fair share”? To put this in perspective that $3.2 million pays for:— The monthly food stamp allowance for about 23,909 people.
— The monthly food stamp allowance for about 23,909 people.
— The cost of educating 302 elementary and high school students.
— The base salary (before bonuses and allowances) of 178 privates in the U.S. Army.
— The federal contribution to the benefits of 636 Medicaid enrollees.
By contrast, John Kerry, the 2006 Democrat Presidential nominee, paid just 13% on his income when he released his tax returns in 2006. In 2004, Democrats and the media refused to make Kerry’s net worth, said to be over $200 million, an issue in the campaign and justified the liberal Senator’s from Massachusetts’ tax rate.
2. Much has been made of the Bush Tax Cuts and how the extension hasn’t really helped America get out of the recession- and there may be a reason why. Under Obama Gas has gone up over 83% making commuting nearly twice as expensive. Groceries have become equally as expensive. Ground beef up 24%. Bacon 22%. Bread 5%. Ice cream 19%. Corn 32%. Rice 21%. No word on whether Obama will call a windfall profit tax on farmers or launch an investigation on price gouging. Conclusion: If not for an extension of the Bush Tax more Americans might be on foodstamps. Obama deserves credit for having the foresight to extend those cuts knowing that his policies have contributed to the rapid rise in food and energy prices.
Courtesy: John Paulus
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