To the Journal editor:
Am I the only one getting tired of the new catch phrase class warfare? It is being used by one party to suggest the really well off are under unwarranted pressure to pay more taxes.
I have another question: How many of the readers pay a lobbyist to push their agenda through the legislation? Lobbyists go behind closed doors with our elected officials and secretly push to help get legislation passed that favor their clients.
Do you think for a moment bain capital paid a lobbyist? For that matter what do you think the chances that good old Mitt has, or had, lobbyists that were paid directly by him or by any number of companies he controlled? My guess is that Mr. Romney, over the span of his business career, has and may still pay lobbyists to push his agenda.
It is a shame that a single individual working at the local McDonalds has a higher incremental tax rate than Mr. Romney shows on his 2010 tax return. After all, the 2010 tax return he released showed he only made a meager $21,700,000. Almost a pauper!
The single McDonald worker would pay 5.65 percent payroll taxes and an incremental income tax rate of 10 percent on his 2010 tax return. Mr. Romney for the record (on CNBC) stated his tax rate was around 15 percent. Yet every time one party tries to raise the tax on the rich it is "class warfare". Did you hear the rich complaining when the law was changed so a hedge fund manager's income was to be taxed at the capital gains rate?
How would you like to go to work, get paid millions and pay no payroll taxes and have an income tax rate of 15 percent? And the rich have the audacity to state there is "class warfare" when some legislatures try leveling the playing field.
I for one would suggest if you start a company and/or own over 51 percent of a company, the gain should all be capital gains. I also believe if you go to work on a regular basis managing funds other than your own, the gain should be taxed as earned income. Stop "class warfare. Tax everyone the same.