I saw the Obama campaign ad on CNN stating that Romney was just another millionaire getting tax breaks; after all, the ad said that he paid only 14% on 20 million dollars in 2010. The misleading ad doesn’t tell you why he paid a lower rate. I am assuming capital gains and other legal means of getting his tax burden down. Why shouldn’t Mitt Romney lower his tax burden? Obama sure does.
If you take a look at Obama’s 2011 taxes, you see that he paid a rate of 20.5%, a little higher than Romney but still not that high given his income. Higher than Romney’s, but then he had book royalties and wages from his job rather than capital gains etc. But on his itemized deductions, he took deductions for his mortgage, and charitable deductions that substantially lowered his tax burden. He has been trying to lower these itemized deductions for those who make more money (such as himself, one of the “rich”) saying that it is not fair. Yet he takes them fully anyway. I assume Mitt Romney has no problem with lower capital gains rates for those investing and taking a risk in business and he takes those deductions. Who is the real hypocrite here?