Last night, Donald Trump tried to defend not paying taxes by claiming that Warren Buffet also takes a “massive deduction.” Unfortunately for Trump, Buffet has receipts. Buffet revealed how much he’s deducted after charitable donation and that he’s paid taxes every year since 1944. This is a scorching burn against Donald for two reasons.
GOP presidential candidate Mitt Romney has released his tax returns. He made $21.7 million in 2010 and $21 million in 2011.
As far as taxes are concerned, they paid $3 million back to the government in ‘10, and they paid $3.2 million in federal taxes in '11.
Over those two years, Romney’s tax rate was slightly under 14%. His income was derived almost entirely from capital gains and dividends from his extensive portfolio of investments. And that form of investment income is typically taxed at just 15%, well below the 35% top tax rate for high earners.“
This is the reasoning behind the Buffet tax. The rich taxpayers are not paying their fair share. You can be rich all day, I don’t give. Just pay your fair share. But what happened to the Buffet tax? The American government threw it out. Meanwhile, in screw me over town, the percentage of income I paid in taxes more than doubles what he paid, and I am not even making one percent of his income.
Do you see the level of asinine fackery that is taking place?