22 September, 2012

USA: the difference

Willard 'Mitt' Romney, in an attempt to rescue what can only be described as a disastrous presidential campaign, has released his tax return.

This shows that on an income of around $14 million he and his wife paid around $2 million in tax, an effective rate of 14%.

What is astonishing for us in Europe is that this has been deemed OK - he has done the right thing.

Here higher income tax levels of 40-55% click in at incomes as low as $50,000 equivalent.

I know the comparison is not exact because there is health and welfare insurance, but it is easy to see how in America there is at least the incentive to work - you get to keep a fair bit of what you have worked for.

1 comment:


MY age 45-something son in Florida and his Filopina-Chinese wife advise in their 'team security' activites on some Wall Street investments. ** THEY REMAIN both ASTONISHED and also DISCOURAGED that "age 30-somethings" seek more investment 'certainty' [sic.] as incentives to bring their un-told WEALTHS out of Cayman Islands banks, to jump-start the U.S. domestic small business 'jobs creation engine' -- before this November General Election. ** The conclusion reluctantly is that Wall Street wants our American citizens to 'feel more pain' as incentives - thus a failed attempt from the get-go - to manipulate the election well nigh on us here! ** It is similar to wide spread popular negative reactions to the imposed 'austerity' policies among Euro nations on the mainland & in The Med, it seems!