How The Millionaries Do It
January 24, 2012
Do Americans Recognize What They've Got In Mitt Romney?
Millionaires like Newt Gingrich and Mitt Romney have to be THE NEW EVIL because Obama is desperate to distract voters from the fact that he has stolen their jobs from them, failed to fix the housing disaster, and skyrocketed the deficit.
Mitt Romney has made a fortune, no doubt about it. In the over $300,000 a year tax bracket, he pays at least 35% of any salary he makes in federal taxes. Probably another 10% in State Taxes. On income made by investing that same money? Another 15%. THAT’s NOT a 15% tax rate. It’s over a 50% tax rate. (http://www.nationalreview.com/corner/289054/key-test-romney-campaign-john-hood)
The very same for Newt Gingrich. One can be certain that Governor Romney has been particularly fastidious about his filings, because he has been running for public office for at least 15 years. Do the Romney’s represent the 1% in America? No question. As did the Kennedy’s, who had even greater wealth when John Kennedy stepped into The White House. As a matter of fact ALL of our U.S. Presidents except Bill Clinton, have been in the millionaire bracket. Even Jimmy Carter with his peanut farms.
Newt Gingrich Is In The 1% Too.
But times are tough now, and Americans are impatient with their backs breaking under the weight of taxation, and many among the wealthy finding slick ways out of paying taxes at all.
An interesting comparison is to take a closer look at Newt Gingrich’s tax returns.
Newt Gingrich started out on a salary of a small town college history professor, then served 10 terms in Congress. Congressmen serving from 1979- 1999, were paid between $100,000 and $150,000 a year. Ron Paul has been campaigning on the revelation that Gingrich’s income while in the House of Representatives went from $665,000 a year to $7.5 million dollars by the time he left! How does someone GET RICH by being a Congressman?
That should give you an inkling why congressional spending is burying our children and US in debt. LOBBYING.
Check Ron Paul’s ad:
Newt Gingrich was not a favorite of those in the House watching for ethics violations. It seemed that he was always on the edge or over it when it came to profiting from his seat. When Gingrich tried to take a $4.5 million dollar book advance while Speaker of the House, he was censored by his colleagues and forced to return it. The moment he was removed as Speaker, he created four businesses through which he could receive “consulting” fees, and that’s when his $1.6 million tour with Freddie Mac began. That’s how you make money as a Congressman!
Gingrich Paints A Picture As Success...But His Years As Speaker Were Rocky
On all this income of course, Newt Gingrich was taxed at 35% just as Mitt Romney was, and is.
If you’re interested, here’s a summary of Newt Gingrich’s most recent earnings in an article from USA Today:
“Gingrich’s tax return shows his S Corporation, Gingrich Holdings, accounted for the bulk of his $3,142,066 adjusted gross income in 2010. The corporation paid him nearly $2.5 million in distributions beyond his salary and wages total of $252,500, his tax return and 2011 federal financial disclosure filing show.”
More here: http://www.usatoday.com/money/perfi/taxes/story/2012-01-23/gingrich-taxes/52759714/1
Another interesting fact? Mitt Romney gave more money to charity, than he paid in taxes. Almost $4 million or nearly 20% of his income.
Newt Gingrich, 2% according to his own income tax returns.
Obama? Gave 1%. Remember, he has to cover Michelle’s wardrobe too…
Not All That Generous!
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