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Randall Wray: Romney: The Little People Don't Pay Taxes

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Headlined to H3 9/20/12
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At www.huffingtonpost.com


L. Randall Wray
(image by Huffington Post)

Everyone recalls the quip by Leona Helmsley: 'We don't pay taxes. Only the little people pay taxes...' By 'we', of course, she meant the likes of Mitt Romney. By little people, she meant Romney's 47% -- those not worth the bother. As President, the Mitt made clear, he will not be serving them. And by now you've seen his video and reveled in the sheer audacity of truth he (for once!) laid out as he saw it: To be sure, Romney paid some taxes. At least in his run-up to candidacy. For all we know, it was the first time he ever paid them in his life--he won't show returns from previous years. As a member of the top tenth of a percent, it actually would be surprising if he paid any significant federal income tax-the tax code is riddled with special exemptions for the top few thousand income earners. Here is how they work.

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