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
Wisconsin Governor and balanced-budget hawk Scott Walker’s failed bid for the GOP presidential candidacy left him with $1.2 million in debt.
The Federal Election Commission has deadlocked on a complaint about an employer who coerced his salaried employees into donating to a PAC he had started; the three Democratic commissioners voted to take action, the three GOP commissioners voted against, and that means that nothing will happen.
This week, Marvel Comics published the first issue of Captain America: Steve Rogers in which it’s revealed that since his earliest days, Captain America has been a double agent for Hydra, the thinly veiled allegory for the Nazis; in an epic Twitter rant, Livejournal alumnus and Dreamwidth cofounder Denise Paolucci explains the way that perpetual […]
We’d all love a 75-inch TV screen on which to view our favorite shows. But not all of us can drop the cash needed to get one of those broadcasting beauties (or even have the space needed to house them).Thankfully, there’s an alternative. With the SainSonic Mini LED Portable Projector (only $59.99 in the Boing Boing Store), you can project a picture […]
If you want to add some real firepower to your programming repertoire, learn Java–one of the most adaptable, widely-used programming platforms around. You can easily do that with this Ultimate Java bundle, now just $69 in the Boing Boing Store.Across 14 lectures and 117 hours of content, the educators at online academy eduCBA will walk you through […]
Every company wants to harness the power of social media, but few understand how to make that happen. Be one of those select few with this Social Media Marketing Course & Certification package, now just $29 in the Boing Boing Store.Over 12 modules of course material, you’ll learn what it takes to increase a brand’s […]