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Tax Rates

I must admit that I am getting tired of the politics around how much Mitt Romney has earned and how little he pays in taxes. The cat is out of the bag: Romney opened his books for the Obama camp and, in my view, it turned out to be a booby prize for Barack. In 2011, Romney paid $2 million in Federal taxes and $1.3 million in state income taxes on $13.7 million in income, the vast majority of which was from investment income (mainly from his days at Bain Capital). In addition, he made charitable contributions totaling $4 million (30% of his income) but only deducted $2.25 million from his tax return. On the other hand, Obama has contributed, on average, approximately 3% of his income to charities, and Biden has only contributed an embarrassing one-quarter of 1% of his income to charities. Let’s move on to critical issues facing our economy and to the dangerous situation in the Middle East.

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