Posts Tagged ‘Carried interest’

Car Elevator

Wednesday, March 28th, 2012

A follow-up to Highway to Economic Hell and Mitt’s Monster Mansioninspired by A Guide for the 99%: What Is a Car Elevator and Why Does Mitt Need One (The Atlantic 3/27/12).

 

“I like cars.” – Mitt Romney in Michigan

 

 

Don’t tax the rich, Republicans say–

Let them accumulate so much they eventually have to give it away.

 

Maybe they’ll spend a little here and there.

But make them pay taxes? That wouldn’t be fair!

 

The rest of our cars get broken-down bridges and pothole-filled roads,

As our public infrastructure continuously erodes.

 

But Mitt Romney’s cars have elevators.

After all, Mitt’s cars are the job creators.

***

Mitt Romney’s car elevator is a great example of the bankruptcy of trickle-down economics. Romney has accumulated about $350 million in wealth (about $250 million that he still has, plus a reported $100 million that he’s transferred to his kids). He can afford an elevator for his cars, and I don’t begrudge it to him. But because of the tens of millions in tax breaks that Romney has benefited from (he pays less than 15%), the State of Massachusetts and the federal government can’t afford to maintain the roads and bridges that the rest of our cars drive on.

Mitt Romney has benefited enormously from this country’s financial, legal, educational, and physical infrastructure. Why shouldn’t he have to pay his fair share to help maintain that infrastructure? If Mitt paid even the same tax rate that multi-millionaire non-financial sector executives pay (because they can’t take advantage of the carried interest loophole), that would not only have been more fair: it would have given state, local, and federal governments tens of millions in more cash to fix roads and bridges, and/or reduced our deficits by tens of millions. And Mitt Romney would still have a net worth of a few hundred million. He could still have built his giant new beach house with the car elevator, so those jobs would still have been created. But so would the many more jobs to fix those roads and bridges.

Oh no, doing that would destroy our economy, the super-rich and their GOP lackeys say. Mitt Romney is a job creator, and if we tax him like we tax the middle class (or even other millionaires), he’ll take his money away and will punish us by not creating any more jobs.

Of course, he already has done that. Mitt Romney’s money is sitting on beaches in the Cayman Islands and Bermuda drinking margaritas.  And every once in a while, a little bit of the interest takes a private plane back to America to create a few jobs by putting a car elevator in Mitt’s new beach mansion

That’s all well and good. But please, let’s all pay our fair share in taxes, cut the deficit, and fix those broken down roads and bridges.

 

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