Why Won't Mitt Release His Tax Returns ?

It's no secret that Mitt Romney is the richest man in either political party to be running for president in 2012. He has both more wealth and more income than any other candidate. He doesn't just make a few million each year -- he makes tens if not hundreds of millions of dollars each year.

That brings up a good question. Since people already know he is filthy rich and he's joined at the hip to Wall Street, why won't he release his tax returns? The answer is not that he's trying to hide his income, although he'd probably do that if he thought he could. He's trying to hide the fact that most, if not all, of his income is investment income (largely from his connection with Bain Capital). And that kind of income gets ridiculous tax breaks.

Even though Romney's income easily falls in the highest income tax bracket (about 35%), since it is investment income (and not money he actually had to work to earn), it is taxed at only a 15% rate -- less than half of what he would have to pay if it was classified as earned income. In other words, Romney pays a smaller tax rate than someone who is making the median income in American (in the vicinity of $50,000).

Romney knows that if he released his tax returns and the American people learned what a small tax rate he is paying, much smaller than middle class Americans pay, they will be incensed -- and they would have a right to be angry. There is no justification for the rich to pay a smaller tax rate than other Americans -- just because the rich didn't have to work for their income. That just ain't right.

The Democrats have created a new website where you can see how much less tax you would have to pay if you could pay the same rate as Mitt Romney. Go check it out, and if it doesn't upset you then you are either filthy rich yourself or brain-dead.

Wall Street already controls much of Congress. Electing Mitt Romney would put them in charge of the White House as well. Can we really afford that?