Time for a bit of clarity on charity and taxes, both financial contributions to the economy, paid by the Obama / Biden Team and the Romney / Ryan Team.
As you review the chart below…at first glance the lower 14.13% rate paid by Romney seems to fit the narrative of Obama supporters. However, what they are not saying is that Mr. Romney’s income is from investments. He pays the long-term capital gains rate that is the same for all capital gains regardless of income amount.
Why is this important? The 14.13% capital gains tax is ANOTHER tax on top of what was likely a 35% tax Romney paid on the money saved for the original investment.
Don’t be fooled.
Also note, Mr. Biden seems a little ‘lite’ on the charitable giving thing, huh?