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We've crunched the numbers, and here's the ugly bottom line:
A with an income of pays more than they would if they got the same millionaire investor tax rate that Mitt Romney receives.
Why does Mitt get a special deal? Because his time as a corporate buyout specialist means his income doesn’t come from a salary—instead, he brings it in through stocks, shares, and other investments taxed under the special rate.
If there was a level playing field, he’d pay his fair share, but Mitt doesn’t play by the same rules as the rest of us and instead only paid a 13.9% tax rate in 2010—well below the rate of regular Americans. And if elected president, Mitt’s plan would effectively cut his taxes nearly in half.
President Obama proposed the “Buffett Rule” so people making more than $1 million a year do not pay a smaller share of their income in taxes than middle class families do.