"Mitt Romney today said that he did indeed 'go back and look' at his tax returns and that he never paid less than 13% in taxes in any year over the past decade," Obama campaign spokeswoman Lis Smith said in a statement. "Since there is substantial reason to doubt his claims, we have a simple message for him: prove it. Even though he's invested millions in foreign tax havens, offshore shell corporations, and a Swiss bank account, he's still asking the American people to trust him."
Well, I guess that should make everyone feel relieved! But instead I feel cheated. I have paid anywhere from 15 to 25% in federal taxes on income earned by hard work, sweat and sometimes tears for the majority of my adult life, and that on annual earning of only a very small fraction of Mr. Romney's annual income.
I hope Mr. Romney does not think that by making this admission all talk of the tax issue goes away. Far from it. What it tells me and affirms is the deck has been stacked by those of wealth to assure they keep more than those of us that lack the resourses to change the system to the truly progressive tax code it was intended to be.
I have nothing against and applaud the accumulation of wealth - as is often noted it is a major part of the American Dream. What bothers me is how the playing field is skewed to those already well off at the expense of all others.
All income should be taxed as ordinary income. That idea would allow the bottom 80% of income earners to keep more of their money and require the top 20% to pay a share that would in fact be fair while still allowing accumulation of wealth.