The Daily Item, Sunbury, PA

November 21, 2012

Last word on Romney


Daily Item

---- — Of all the people to complain about "gifts" from the government, Mitt Romney should be the last. According to tax returns that he released for 2011, Mr. Romney paid $1.95 million on $13.7 million income. Now, granted his return is lengthy and complex due to his numerous money-holding entities, tax shelters and foreign considerations, but his net capital gains on investments amounted to $6.8 million, on which he paid a tax rate of 15 percent, or $1.02 million. Had he paid the top individual tax rate on that money, like I did on my 401k distributions (my meager investments), he would have owed $2.38 million, netting him a "savings" of $1.36 million. Now, tell me, how's that for a "gift" from the government?

Also, did you know that in order to "enhance" the appearance of his tax liability, Mr. Romney chose to ignore $1.75 million in contributions to artificially raise his effective tax rate? How much you wanna bet the amended return claiming that additional deduction is already in the mail? No need for appearances now! Hopefully, this is the last time I will feel prompted to write about this man.

James Swartz,

Lewisburg