September 17, 2012

Romney on Hidden Camera


Mitt Romney said,
"There are 47 percent of the people who will vote for the President no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it. That that's an entitlement. And the government should give it to them. And they will vote for this president no matter what...These are people who pay no income tax ...
"My job is not to worry about those people. I'll never convince them they should take personal responsibility and care for their lives." Mitt Romney
Per Annie Lowrey of the New York Times, The Reasons Behind 'The People Who Pay no Income Tax',  September 17, 2012
"It (The Tax Policy Center) found that about half of the households that do not pay federal income tax do not pay it because they are simply too poor. The Tax Policy Center gives as an example a couple with two children earning less than $26,400 a year: The household would pay no federal income tax because its standard
deduction and other exemptions would simply erase its liability..."
 "The other half, the Tax Policy Center found, consists of households taking advantage of tax credits and other provisions, mostly support for senior citizens and low-income working families."
Per Bruce Bartlett of the New York Times,
"... many big corporations actually pay little, if any, federal income tax. For example, The New York Times has reported that General Electric, the sixth-largest corporation in the United States, earned $14.2 billion in 2010, but disclosed in federal filings that it had no federal tax liability."
"This disparity between the high taxes that many people say they believe American corporations pay and the low rate they actually pay applies to Mr. Hamm’s business as well. Citizens for Tax Justice, a labor-backed group, looked at Continental Resources’ financial reports, where it must disclose tax payments, and found that in 2011 it paid a federal tax rate of 1.9 percent on profits of close to $700 million. Its average federal tax rate over the last five years was 2.2 percent."
Are these corporations part of the moochers Romney is referring to?

Updated: September 18, 2012 

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