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Are Romney's taxes a big deal? - Government and Politics
Romney is only releasing two years of tax returns. Many say he is trying to hide something.  Here is the reality. . .Romney is wealth.  He no doubt has accountants who prepare his taxes on his behalf.  They are familiar with the tax code and all of the possible deductions.  Much of Romney's income is investment income which is taxed at a much lower rate. There is no real secret here.  The reason he does not want to release more is because it plays into the Obama strategy to portray him as rich and out of touch and someone who is not paying his fair share.  Romney has a long history of charitable donations that trump those of both Obama and Biden combine.  He has given back, he has paid is fair share.  The issue for him and many other conservatives is who is a better manger of those contributions to society, private charities or government.  From experience I think we all know the answer to that question.  I personally don't think we should penalize wealth in this country. Unfortunately, the entire Obama campaign effort is based on this type of class warfare.  The Romney tax return issue is a distraction from the real issue at hand, the horrible economy.

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2 Answers

Mitt Romney's tax forms are not a big deal.

If big incomes are earned, huge taxes are paid.
The graduated income tax ensures that tax payers who earn lots, pay taxes at higher rates.

That form of taxation is, however, unfair and should be replaced by the flat rate tax.
by (300 points)
I agree that a flat tax or consumption tax would be preferable to the current system. That being said it would require getting rid of all of the current havens and loopholes. In the one year of taxes Romney did release his effective tax rate was something like 15%.  While he did pay a great deal of tax in terms of the dollar amount he also took advantage of many deduction which is entitled to do and should have done.  This is why the current system needs reform.  It is simply way to complex.
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