"...the Republican presidential candidate
finally admitted that the effective tax rate he has been paying
...is likely below that of middle-class workers,
which would also include military servicemembers.
...I get speakers fees from time to time, but not very much."
Not very much?
...over the course of a year,
Romney earned more than $362,000 in speakers fees
-- a period during which he joked he was "unemployed."
A single worker who earns more than $35,350 in income
pays a 25 percent tax rate on earnings above that amount.
Many families that earn less than $100,000 per year
pay an effective rate of just above that...
Romney's wealthy welfare comes from a loophole in the tax code
that taxes long-term capital gains at a 15 percent rate.
Private equity executives
...tell the Internal Revenue Service
that they were not being reimbursed a salary for work they performed
but instead were merely investors reaping the rewards of risk taking.
Happily for the executives, any investments that go belly up
and lead to bankruptcy and mass layoffs
can be counted against the earnings,
which amounts to a tax subsidy for failed projects."