Paul Ryan wants to kill all tax on capital gains, interest, and dividends -- income you get from owning things, rather than doing a job. Under this plan, Mitt Romney's $21,000,000 in 2010 income would be largely tax-exempt. Only his speaking and author fees -- $593,996 -- would be taxed, and only at 25%, for a net tax of $177,650 on $21,661,344 -- that is, 0.82%.
But don't worry, the government won't go broke if the super-rich are virtually tax exempt. Under Ryan's budget, tax on the bottom 30% of earners will increase. Matthew O'Brien explains in The Atlantic:
It might seem impossible to fund the government when the super-rich pay no taxes. That is accurate. Ryan would actually raise taxes on the bottom 30 percent of earners, according to the nonpartisan Tax Policy Center, but that hardly fills the revenue hole he would create. The solution? All but eliminate all government outside of Social Security and defense -- a point my colleague Derek Thompson has made in incredible chart form.
Mitt Romney Would Pay 0.82 Percent in Taxes Under Paul Ryan's Plan
Maciej Cegłowski (previously) keynoted the Society for the Advancement of Socio-Economics conference with a characteristically brilliant speech about the “moral economy of tech” — that is, the way that treating social problems like software problems allows techies to absolve themselves of the moral consequences of their actions and the harms that result.
This past Sunday, two opposition political activists in Venezuela were arrested and detained as political prisoners. They’re politically active nerds who write about what they believe, who were helping to register voters when they were ‘disappeared’ by the military. They’re people just like us who deserve to be free.
The Supreme Court recently sided with UT Austin’s use of affirmative action. That plaintiff Abigail Fishers simply lacked the grades for admission was part of the case’s many numbing ironies. But it’s not a joke, according to Jia Tolentino, who tutored Fisher in the art of gaming the system. It’s a way of life for […]
The realm of web development is constantly evolving. New platforms, languages, and processes materialize all the time, so staying on top of all that innovation is a tall order.Whether you’re brushing up on new tricks, starting from scratch, or just looking to make your own website a little jazzier, Rob Percival’s new Complete Web Developer Course 2.0 (now […]
Folks used to rely on alarms to protect their home – and before that, the family dog. Now, anyone looking to guard their homes can choose from some high-tech options, including the Amaryllo iCamPRO FHD Home Security Camera (now just $219 in the Boing Boing Store).In fact, this 2015 CES “Best of Innovation” award-winner boasts so many features, it’s […]
If you want a quality vaping experience, it’s usually going to cost you. Vaporizers that deliver a fast, controlled burn will set you back up to $300, which is why the FEZ Vaporizer (now just $99) is an absolute steal.The FEZ dry herb pen does everything that more expensive models handle at a reduced price. It heats up […]