Breathtaking Romney: $362,000 In Speaking Fees Is 'Not Very Much'
WASHINGTON - Mitt Romney has a new definition of "not much": $362,000.
On Tuesday, the Republican presidential candidate finally admitted
that the effective tax rate he has been paying for the last several
years is likely below that of middle-class workers, which would also
include military servicemembers.
In Greenville, S.C., Romney was asked directly what his effective tax
rate is. It was a hot topic of discussion at Monday night's debate, at
which Romney repeatedly declined to fully commit to release his tax returns.
"It's probably closer to the 15 percent rate than anything," said Romney
on Tuesday. "For the past 10 years, my income comes overwhelmingly from
investments made in the past, rather than ordinary income or earned
annual income. I got a little bit of income from my book, but I gave
that all away. Then, I get speakers fees from time to time, but not very
Not very much? According to a report in USA Today, over the course of a year, Romney earned more than $362,000 in speakers fees -- a period during which he joked he was "unemployed."
His rival, Newt Gingrich, said that he made $60,000 per speech
-- defending himself against the charge that he served as a lobbyist
for Freddie Mac, for which he was paid over $1.6 million for strategic
Romney has an estimated wealth of between $190 million to $250
million, according to financial disclosure reports. Upon leaving Bain
Capital in 1999, he negotiated a retirement package guaranteeing him a percentage of the firm's profits.
A single worker who earns more than $35,350 in income pays a 25
percent tax rate on earnings above that amount. Many families that earn
less than $100,000 per year pay an effective rate of just above that,
according to the Congressional Research Service.
Romney's wealthy welfare comes from a loophole in the tax code that
taxes long-term capital gains at a 15 percent rate. Private equity
executives are then "paid" with capital gains instead of regular income.
The executives, such as Romney, then tell the Internal Revenue Service
that they were not being reimbursed a salary for work they performed but
instead were merely investors reaping the rewards of risk taking.
Happily for the executives, any investments that go belly up and lead to
bankruptcy and mass layoffs can be counted against the earnings, which
amounts to a tax subsidy for failed projects.
Friday, August 29 2014 5:37 PM EDT2014-08-29 21:37:17 GMT
KHQ.COM - Mid August is about the time that we start to see spiders come into our homes, particularly the hobo spider. August and September is mating season for the hobo and that means you may be seeing more funnel-like webs in and around your home. Males are on a mission to find a female which is why they are a lot more active at this time.>>
KHQ.COM - Mid August is about the time that we start to see spiders come into our homes, particularly the hobo spider. August and September is mating season for the hobo and that means you may be seeing more funnel-like webs in and around your home. Males are on a mission to find a female which is why they are a lot more active at this time. >>
Thursday, August 28 2014 8:46 PM EDT2014-08-29 00:46:58 GMT
PRIEST LAKE, Idaho - 61 cottages sites on Priest Lake were auctioned off in Coeur d'Alene on Thursday. >>
PRIEST LAKE, Idaho - 61 cottages sites on Priest Lake were auctioned off in Coeur d'Alene on Thursday. For years, those already living on the sites leased the land from the State of Idaho, but the State was looking to sell. Residents already living on the sites showed up on Thursday to buy them back, and many were successful.
Wednesday, August 27 2014 10:50 PM EDT2014-08-28 02:50:23 GMT
PRIEST LAKE, Idaho - After years of obstacles for 61 Priest Lake lot lessees, the end comes on Thursday, August 28th. >>
PRIEST LAKE, Idaho - After years of obstacles for 61 Priest Lake lot lessees, the end comes on Thursday, August 28th. People who have been leasing land from the state, some more than 40 years, will find out if they get to keep their property in an auction.Back in 2010, the State of Idaho decided to divest more than 300 lake lots on Priest Lake. >>