Romney: $370,000 income 'not very much' | Arkansas Blog

Wednesday, January 18, 2012

Romney: $370,000 income 'not very much'

Posted By on Wed, Jan 18, 2012 at 7:23 AM

askromney.jpg
Mitt Romney's cluelessness was on full display yesterday. Reflexive defense of him by Republican stalwarts reflects a broader cluelessness in their ranks.

When a zillionaire — whose only productive toil currently is an occasional high-dollar speech — has an effective tax rate of 15 percent against much higher rates for assembly line toilers, something is bad wrong. But the Republicans believe in taxing work, not wealth. (By way of context: A married couple filing jointly jumps to a 25 percent tax rate for taxable income above $69,000 in wages.)

The best/worst of Romney's day was this:

He also characterized as “not very much” the $374,327 he reported earning in speaking fees last year, though that sum would, by itself, very nearly catapult most American families into the top 1 percent of the country’s earners.

In Arkansas, you need only earn $254,000 in family income to be among the top 1 percent. Not very much.

PS — NY Times explains how private equity vultures get a preferential tax break.

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