Mr. Romney has released his much anticipated 2011 federal tax returns. Mr Romney paid 1.94 million dollars on an income of 13.7 million dollars. This resulted in an effective tax rate of 14% on Mr. Romney’s income which consisted of nearly all investment income which arguably should bear no tax at all.
Even considering the large sum Mr. Romney paid in federal income taxes many still believe he didn’t pay his “fair share”. With that in mind lets examine what Mr. Romney did pay for with some readily available statistics and simple math.
$1,940,000.00 pays for:
The social security retirement benefits for about 135 retirees for the year.
The food stamp benefits of about 1,207 food stamp recipients for the year. http://www.fns.usda.gov/pd/18SNAPavg$PP.htm
The maximum PEL grant for 352 college bound students.
Three Solyndra bankruptcies with money to spare. (I’m betting Mr. Romney wouldn’t be stupid enough to loan them the money in the first place.)
In 2012 Mr. Romney paid enough in income taxes to support 80 families of four above the federal poverty level.
When put into context how much more of a burden should one person be expected to undertake under the guise of “fairness”. Add to that knowledge that Mr. Romney donated more than double his tax payment or 30% of his income to charity I think he’s done his “fair share”. Of course the government wouldn’t think so. They can’t direct the flow of charitable funds so that doesn’t count.