Stewart Rips Mitt's Tax Rate
Poor people need better lobbyists: host
By Matt Cantor, Newser User
Posted Jan 25, 2012 11:19 AM CST
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(Newser) – Jon Stewart ripped into Mitt Romney's tax return last night, and Elizabeth Warren showed up later to hammer home the point. "How can you justify making more in one day than the median American family makes in a year, while paying an effective tax rate of the guy who has to scan your shoes at the airport?" Stewart asked incredulously. Sure, as Romney pointed out, we might not want a candidate "who pays more taxes than he owes," Stewart agreed. "No, but we might want one who thinks that's wrong." Added Warren later in the show, "Washington now works for those who can hire an army of lobbyists." She pointed, to a booing audience, to a recent study showing the US' top 30 corporations spend more on lobbying than their tax bill. "That is the investment, and that is what they see as the future."

Stewart points to an effort a few years back to raise the tax rate on private equity firms. Romney was opposed to that bill, he said at the time, saying he didn't think it was "a good idea to raise taxes." "Yeah," Stewart said, "'cause they're your taxes." Romney rails against an "entitlement society," but expects to save millions in taxes himself. Trouble is, said Stewart, "poor people have sh--ty lobbyists." The full Warren interview is in the gallery; or, to see how long it takes Romney to make your annual salary, check out Slate's calculator here.

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Showing 3 of 11 comments
Bankerdanny
Jan 26, 2012 5:26 PM CST
Why the focus only on the effective rate. Look at the actual amount of taxes paid: $3 million. That's more in one year than most people will earn over their entire life. That's 300x the income tax I paid on my barely 6-figure income last year. Over his life he will end up paying tens of millions of dollars in income tax. How can you argue with a straight face that he didn't contribute his 'fair share' towards the cost of government? According to Wikipedia the enacted 2010 US budget was $3.721 trillion and per the US Census bureau the US population over 18 years was 234,564,000. So the budget was $15,863 per US adult. So Romney paid his "share" of the budget plus that of another 188 people. It sure sounds like he paid his "share" to me.
Fatquah
Jan 25, 2012 8:40 PM CST
Can Jon Stewart really be that ignorant and stupid?
WarmWeatherGuy
Jan 25, 2012 2:23 PM CST
Shame, shame, shame. People who make $50,000 a year may be in the 15% tax bracket but they don't pay 15%. They pay 15% on the last dollar they made but they don't pay any taxes on many more dollars that they made earlier in the year. The overall percentage of tax that they pay is much less than 15%. That being said I might support a higher tax for capital gains after hearing both sides of the argument while leaving out all of the appeals to emotion.