Newsspot – Romney Says His Effective Tax Rate Is ‘Probably’ 15%

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This caught my attention, seeing as how the leaders pay their taxes and the like drastically affects their cause. I’d just like to see how many other competitors will pull their percentage out the bag now, and if it will be the making or breaking of Romney.

Romney Says His Effective Tax Rate Is ‘Probably’ 15%

James Estrin/The New York Times

Mitt Romney held a rally at Florence Civic Center in Florence, S.C., on Tuesday.

By MICHAEL D. SHEAR and 
Published: January 17, 2012

 

FLORENCE, S.C. — Under new pressure to release his tax returns,Mitt Romney on Tuesday acknowledged that he pays an effective tax rate of about 15 percent because so much of his fortune comes from past investments.

“It’s probably closer to the 15 percent rate than anything,” Mr. Romney said. “Because my last 10 years, I’ve — my income comes overwhelmingly from investments made in the past, rather than ordinary income, or rather than earned annual income.”

The vast majority of the income Mr. Romney reported over 12 months in 2010 and ‘11 was dividends from investments, capital gains on mutual funds and his post-retirement share of profits and investment returns from Bain Capital, the firm he once led. And Mr. Romney also noted that he made hundreds of thousands of dollars from speaking engagements.

“I got a little bit of income from my book, but I gave that all away,” Mr. Romney told reporters after an event here. “And then I get speakers’ fees from time to time, but not very much.”

Financial disclosure forms that candidates are required to file annually shows that Mr. Romney earned $374,327.62 in speakers’ fees from February of 2010 to February of 2011, at an average of $41,592 per speech. President Obama paid an effective federal tax rate of just over 26 percent on his 2010 returns, the most recent available.

The disclosure is likely to cement Mr. Romney’s place as an unwilling figurehead in the intensifying national debate over taxation and income inequality. By his own admission, Mr. Romney ranks among the tiny percentage of very wealthy Americans who have benefitted enormously from a broad shift in federal tax policy that began in the 1990s and accelerated under President George W. Bush, in which income from investments began to be taxed at much lower levels than the wages and salaries that constitute most earnings for the vast majority of people.

At the White House Tuesday, the president’s spokesman said Mr. Romney’s acknowledgement that he pays 15 percent reveals a basic unfairness in the tax code that Mr. Obama is concerned about.

The full length story can be read here: NY Times – Romney Says His Effective Tax Rate Is ‘Probably’ 15%

Newsspot – Focusing on Nomination, Paul Plots a Backup Plan

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As promised earlier, here is today’s political post! I have to say that I actually enjoyed reading this article, and I’m pretty caught up in American politics at the moment, which is odd, considering I live in the United Kingdom, but as they say, when America sneezes, the whole world catches the cold. As before, the link to the full article is below. Enjoy!

Focusing on Nomination, Paul Plots a Backup Plan

Luke Sharrett for The New York Times

Representative Ron Paul, on Sunday in Myrtle Beach, S.C., is working to amass delegates.

By  Jr.
Published: January 15, 2012

 

LAKE JACKSON, Tex. — Ron Paul says he has by no means given up on winning the Republican presidential nomination, but he acknowledges that he might not make it.

“The odds are right now that Romney, he pulls it off,” Mr. Paul, a Texas congressman, said in an interview here. “But he doesn’t even have a guarantee in a week. That whole thing can shift rather quickly.”

So even as his aides plot a strategy to pick up delegates, they are beginning to plan how to use the leverage they are gaining to try to force the party to take his and his supporters’ views into account, signaling what Mr. Paul would want to party officials and rival candidates who are eager for the backing of his fervent following but nervous that he might undertake a third-party bid.

One person close to the Paul campaign said this could include support for greater transparency at the Federal Reserve, a commitment to address what Mr. Paul views as the Patriot Act’s infringement on civil liberties and a curb on the powers of any president to wage war without Congressional approval. And the campaign wants Mr. Paul’s supporters to have a voice and a role in the national party machinery — just like they do in many state Republican parties — no matter who becomes the nominee.

“The more delegates I have, the more leverage I have,” Mr. Paul said in the interview here, during which he candidly discussed his hopes but remained circumspect about some issues. “We’ll go after delegates, and we have staying power.”

To continue reading, look no further than this link: NY Times – Focusing on Nomination, Paul Plots a Backup Plan

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(P.S I’d just like to ask for some feedback on the links that I’m adding to the posts to help you readers get the maximum out of reading, so that you can go and research something that’s mentioned in the post just by clicking it. Thanks!)

The Afternoon Article – Issue 7

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Wolverhampton

Image by Lee Jordan via Flickr

Well, it seems that the newly opened ‘Newsspot’ (Apple Newsstand Reference) has been a big success! I’m glad that you guys enjoyed the post, as I have a few more that I’ve seen and plan on sharing, although I do like to share the latest concerning politics, and arts.

Today, so far, has been good, and despite the sub-zero temperatures (-5 in Wolverhampton), I can’t help but feel like today’s going to end as good as it started…with me in bed. However, I’ve been stuck with a really annoying niggle in my head that I really need to do something. I can’t explain what, since I don’t know what it is, but as far as I know, nothing needs doing, and I haven’t forgot anything. Maybe it’s just my paranoia playing up, seeing as I can’t stand leaving something unfinished. I don’t know whether it’s my mind telling me to break my creative block, or give my iTunes library the once-over, but I’ll figure it out eventually. To be honest, there’s not much going on in my neighborhood to say, and my life is as dry as a desert, so you’ll have to forgive me for my lack of originality this time. I will be posting some Tweets, Sayings, News Articles, Photos, Videos, and Evening Posts later on though, so subscribe ria RSS Feed or Email, so you can stay in the loop.

再見!