Weatherford Democrat


August 27, 2012

COLUMN: Mitt's taxes in perspective

— Put presidential candidate Mitt Romney’s taxes in perspective. Mr. Romney is wealthy, intelligent, industrious and business savvy. Traits I want in anyone running a business and they are also the traits we need in the White House.

He is smart to take advantage of the IRS Tax Code. Guess what — every federal income tax filer does. Don’t give the inane argument, “He did not pay his fair share.” He paid all he is required by law, and Congress passed all the laws that allow the deductions, allowances and exemptions (a loss of $1.1 trillion tax revenue in 2010). To NOT take tax breaks and ferret out those we are eligible for would be insane.

His reporting that he paid at least 13 percent per year for the past 10 years is a prime example of good fiscal management. If only everyone in the U.S. had paid 13.9 percent, our federal deficit would be much less. The average tax rate for the bottom 50 percent in 2009 was 1.85 percent.

Per discloser Mr. Romney, had 2010 income of over $21 million and paid 13.9 percent taxes. Folks, that exceeds $290,000 from ONE person. No one in their right mind could argue that he received federal government services equal or greater to what he paid. Yet, according to CNN Money, 59 million filers (out of 138 million filers with positive AGI) in 2010 had earned income but paid zero taxes or got an “Earned Income and Child Credits” check! Mr. Romney paid over a quarter million dollars in taxes in 2010. That is greater than the combined amount paid by the bottom 59 million tax filers! It would take a CPA to calculate the dollar value of the government services they consumed versus taxes paid.

As for his investments, again, he is merely taking actions that give him the biggest bang for his bucks! We all do — from CDs, to Muni Bonds, to IRAs, 401Ks, offshore investments, etc. I have Municipal tax certificates that have given me as high as 20 percent return. I used the “no tax on gain on sale of personal residence” several times — resulting in over $250,000 in gains where I did not pay income or capital gains tax.

This whole fracas merely points out the miserable condition of our tax laws. What is a “fair tax”? Is it the amount one person pays, the “rate” that “everyone” pays or a rate that reimburses the taxing entity for the services consumed by the taxpayer (novel idea)? Is it “fair” to force Mr. Romney to support the government more than the combined amount of 45 percent of all tax payers?

Mr. Romney’s situation merely points out the fallacy of our federal income tax laws. We need a system whereby everyone pays federal income taxes at the same rate with NO exemptions, deductions, allowances or adjustments. If you earn a buck you pay X percent taxes. Boy could we do personal financial planning if we knew exactly where we would be come tax time!!

Jim Brown is retired from the U.S. Air Force and as a stockbroker, educator, financial administrator and real estate investor.

Text Only
  • LETTERS TO THE EDITOR: Concern for your pocketbooks

    Dear Editor: My message today is to Democrats out in Parker County and the middle class and moderate-income Republicans in towns and rural areas. 

    July 27, 2014

  • larry jones cropped:color NOW HEAR THIS: Taking care of your tools

    For much of my life I’ve heard the saying, “Take care of your tools, and your tools will take care of you.”  In our modern “throw away world” this has become much less important than it used to be, but down on the “pore farm,” tools still enjoy a prominent position in my daily life.

    July 26, 2014 1 Photo

  • PASTOR POPHIN: The greatest joy of all: Jesus

    The first part of this week was a joyous one for me. I took 10 youth to Lake Mineral Wells State Park for three days of day camping. Camp Adventure was the name of the camp. We discovered the joy of the One who created us: Jesus. I am sitting at my desk on the day after the camp writing this article. I am overjoyed by the events of the week, and yet I am physically exhausted. The Lord moved powerfully among our youth.

    July 26, 2014

  • LETTERS TO THE EDITOR: Now is the time for all good men...

    When man’s greed, desire for riches, power and control of our nation become greater than their love of humanity and our country, by constantly fomenting discord and hate among the citizens, warmongering and constantly talking of wars against other nations - it is putting political ideology before the welfare of citizens and country. It is time for We the People to take a good look at these men involved - no matter their status in our nation, we call the United States of America and decide whether or not they deserve the privilege and sanctuary of our nation.

    July 25, 2014

  • tiscione, lou.jpg TISCIONE: Finding a church

    God commands His people to “keep holy the Sabbath Day.” The “Sabbath Day” was changed by the apostolic church to the first day, Sunday. The church refers to every Sunday as the Lord’s Day. Each Lord’s Day is a celebration of the resurrection of Jesus Christ. Therefore, a professing Christian will seek to find a local church in which to invest in the kingdom and worship the King! 

    July 25, 2014 1 Photo

  • John Paul Carter-color.jpg NOTES FROM THE JOURNEY: What’s your current address?

    Shortly after we moved to Weatherford 19 years ago, the old post office (today’s Court Building) that was literally bursting at the seams was replaced by a new, larger facility – our present mail center that sometimes seems outgrown as we stand in line to buy stamps or mail a package.  

    July 24, 2014 1 Photo

  • LETTERS TO THE EDITOR: Good company, better service

    We would like to thank Devin’s Handyman Service, Gary Boase, David Schramm and James Reed for the wonderful job they did repainting our front fence, front porch, back porch, patio and deck. Everything looks new and makes such a difference in our home.

    July 23, 2014

  • PASTOR POPHIN: The joy of unity in church

    Do you enjoy going to church? I mean, do you really enjoy going to church? No matter how you answer, there are some common reasons — or perhaps we would call them conditions — that would cause all of us to truly enjoy going to church. 

    July 20, 2014

  • LETTERS TO THE EDITOR: Don't judge a book...

    Dear Editor: Thursday night, July 17, I was present for a surprisingly interesting experience when state representative candidate Matthew Britt addressed a small group of supporters, followed by a question and answer session.

    July 20, 2014

  • larry jones cropped:color NOW HEAR THIS: The blessing of memories

    Many years ago, shortly after I retired from the navy, I was sitting around shooting the breeze with my brother David, when he remarked that he regretted never serving in the military and experiencing the things I had seen. Like most of our farmer ancestors, he spent his entire life within five miles of where he grew up. Not unlike our parents, he could also count on the fingers of one hand the number of times he had even been out of the state of Texas and probably have digits to spare.

    July 20, 2014 1 Photo

Must Read
Top News
House Ads
AP Video
US Ready to Slap New Sanctions on Russia Kerry: Not Worried About Israeli Criticism Boater Rescued From Edge of Kentucky Dam Girl Struck by Plane on Florida Beach Dies Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming Traditional African Dishes Teach Healthy Eating