Tag Archives: taxes
It is no secret that Mitt Romney is a wealthy man. His net worth is estimated to be somewhere between $190 million and $250 million. He cofounded Bain Capital and was the “sole stockholder, chairman of the board, chief executive officer, and president” of the venture capital firm. Politicians are typically wealthier than most other Americans, but if elected, Romney would be one of the wealthiest presidents in American history. To get an idea of just how wealthy Romney is, combine the wealth of the past eight presidents, and then double that. This is the ethos Romney exudes. There is no escaping it and there is no spinning it.
For the first time since 2010, taxes are a top-priority issue in American politics. During a recent campaign video, President Obama called on Congress to renew income tax cuts for filers earning less than $250,000 a year.
Not only does this announcement relight a debate that was only postponed two years ago, but it turns taxes into a divisive election issue. This means that along with income taxes, the other major taxes in the United States on corporations, payrolls, and capital gains could be in play for reform. Whichever party wins in November is poised to go on the offensive and determine the long-term future of American tax policy.