ROMNEY'S TAXES
That 15 percent rate: Three interpretations
Perhaps I have become a flat-tax convert. I had always believed that such a tax was bad, because it was not progressive -- the wealthy have received many blessings from our society and should pay a higher percentage of taxes than the poor. I honestly thought that was how our system worked.
When I saw the tax charts that come with our federal tax forms, I had pitied the wealthy who were paying a whopping 35 percent of their income in taxes.
But, after seeing Mitt Romney's 13.9 percent rate, I pulled out those charts and wondered who really pays that top rate ("Romney's taxes show breaks given wealthy," Jan. 25).
Putting pencil to paper, I learned that if someone actually worked for their money, had no dividends or capital gains, gave nothing to charity, had no mortgage interest and had no deductions to reduce their income, they would have to claim more than $5 million of income a year on their W-2 form to reach a 35 percent tax rate! That would amount to a wage of $2,500 per hour.
Please tell me where to find that job. I'll even work part time and gladly pay the 35 percent rate. Otherwise, I'd like to use Romney's rate. Uncle Sam owes me $1,500, which I promise to immediately spend as part of my patriotic duty to kick-start the economy.
ROCHELLE EASTMAN, SAVAGE
• • •
Anybody who receives dividends from investments is being pilloried because those dividends are taxed at a 15 percent rate -- Warren Buffett, Mitt Romney and many others.