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
It’s been just over a year since Jeremy Corbyn won the UK Labour Party leadership race with the biggest margin in history — an avowed socialist who would reverse the party’s years of special gifts to the UK’s legendarily corrupt finance sector, fight mass surveillance, pull out of secretive trade deals — a frugal man […]
This wonderful little video by Randy Olson lays out one argument for why as a public political speaker, Donald Trump is perceived to be such a crowd-pleaser, and Hillary Clinton gets weaker scores. It’s all about narrative design.
Part of an ongoing series by weird chart-maker Scott Bateman; link to today’s edition.
If you own a dog, you’ve most likely heard of BarkBox – the monthly subscription box for dogs. What started as a simple idea to try out the subscription model on pet owners has since developed a cult following of dog lovers. If you haven’t given it a try yet, this one month free deal is the […]
With the iPhone headphone jack having gone by the wayside, we’re excited about the addition of the FRANKLIN Bluetooth Headphones in our store. These headphones are foldable so they’re easy to carry around, but most importantly, they pack impressive sound. Our biggest struggle with Bluetooth headphones is the worry of them dying at the worst moment. This pair lasts an impressive 8-10 […]
Evan Kimbrell, founder of the digital agency Sprintkick, recently released a series of online courses that feature some of the best advice we’ve come across. These courses are well worth your time, and will save you from making many typical mistakes down the line if you ever want to start your own business.With this Business […]