Mitt Romney Announces HIs Candidacy For the Top 0.1%

“No man of spirit will consent to remain poor if he believes his superiors to have gained their goods by lucky gambling. To convert the business man into a profiteer is to strike a blow at capitalism, because it destroys the psychological equilibrium which permits the perpetuance of unequal rewards. The economic doctrine of normal profits, vaguely apprehended by everyone, is a necessary condition for the justification of capitalism. The business man is tolerable so long as his gains can be said to bear some relation to what, roughly and in some sense, his activities have contributed to society.”

That quote is from John Maynard Keynes. It was taken from a recent post on another site.
It was posted in response to this article on Mitt Romney. He was pressed by his opponents for the Republican nomination to reveal his tax returns. Instead he stated that his tax rate was around 15%. Most Americans pay a higher tax rate because unearned income from capital gains and dividends is taxed at 15%, while income on wages are subject to a rate of 35% in the top income bracket. Moreover, the first $105,000 of wage income is subject to an effective tax rate of 15% on social security. Unearned income is not subject to the social security tax. Most of the super rich get most of their income from capital gains and dividends. That is why their tax rate is much lower than the effective tax rate for most Americans. They pay a large absolute amount in taxes because their earnings are very large, but most middle income Americans pay a larger share of their income in federal taxes when the social security tax and the income tax are combined. Some economists view the recent changes in tax policy on capital gains and dividends as reverse class warfare. Romney has been accusing Obama of class warfare on the campaign trial because he wants to increase taxes on capital gains and dividends.

Romney also showed how out of touch he is with most Americans when he stated that he earned only a modest amount from speeches last year. He received over $374,000 in income from this source. This amount would put most households into the top 1%.