Repeal the Romney Rule
October 26, 2011
Republican Presidential candidate Mitt Romney is in Fairfax today, meeting with Governor Bob McDonnell, Lt. Governor Bill Bolling, and Republican legislative candidates. Romney is worth up to $250 million but pays an effective tax rate of just 14%.The Romney Rule consists of tax loopholes that entitle millionaires like Mitt Romney to cheat the system and pay a lower rate than many hardworking middle-class Americans. In contrast, President Obama's proposed Buffett Rule states no millionaire or billionaire, who makes most or all of their income from their wealth, should pay a lower tax rate than middle-class Americans, who earn most or all of their money from working. In addition to paying a lower effective tax rate that many middle-class Virginians, Mitt Romney has refused to release his tax returns.
The Progressive Point: America was founded as a country where we reward hard work more than how much money anyone's family has. But Mitt Romney thinks its ok that he pays lower taxes than a teacher, nurse, or firefighter. Virginians and Americans are angry and frustrated with these "Wall Street First" policies that prioritize millionaires and corporate sponsors over middle-class families. Virginians are demanding an end to these policies that allow the super-rich to have loopholes and perks while the middle class is left paying. Its time to repeal the "Romney Rule" and other unfair tax loopholes that let millionaires and billionaires pay a lower tax rate than middle-class Americans who work for a living.
Get the Facts:
- Mitt Romney is worth up to $250 million, according to Personal Financial Disclosure forms filed with the Federal Election Commission.
- Mitt Romney pays an effective tax rate of just 14 percent, according to a recent report in TIME magazine.
- Despite running for elective office for more than two decades, Mitt Romney has never released his tax returns.
- In 1994, when Mitt Romney was running against the late Senator Ted Kennedy, Romney called on Kennedy to release his tax returns to prove he had "nothing to hide."
- During Romney's 2002 gubernatorial campaign, he called on his opponent's husband to release his tax returns. His opponent released her tax returns, but Romney refused to release his own tax returns.
- Barack Obama released his tax returns when running for Congress in 2004, for the Senate in 2006, as a presidential candidate in both 2007 and 2008, and, of course, while he has been president.
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