ECON300-Current Event #3

 

            On Tuesday, January 24, 2012, GOP nominee hopeful Mitt Romney released his tax records for the 2010 fiscal year. Over the last couple weeks he has been receiving a lot of pressure to release these numbers as many think that he is too much of a businessman to be the next commander in chief. Upon release it was shown that on 21.6 he paid only a 13.9% tax rate. For that amount of income, 13.9% is a pretty low tax bracket. This is due to the amount of tax-deferred investments Romney holds as well as the deductions he receives due to charitable donations. Many, including the popular Warren Buffet, attack Romney for the tax treatment of his money. Whatever side you choose, the bottom line is Romney made a pretty significant amount of money while avoiding typical tax rates.
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