Democratic Congressman Alan Grayson poked fun at millionaire and former Republican Presidential nominee Mitt Romney for only paying 14% in taxes. Grayson cracked the funny at his first town hall meeting Orlando, Florida, saying that Romney is probably upset to have to pay that much.
Factcheck.org found that Romney did only pay 14% in taxes, as reported in his 2010 tax return, but only because he made most of his money from dividends and capital gains, which are taxed at 15% rather than the highest marginal rate of 35%.
Romney dropped to 14% because he donated 14% of his earnings to charity.
But is Grayson being a little hypocritical by pointing out that Romney only paid 14% in taxes, considering that Grayson’s 2010 congressional financial disclosures have him heavily vested in securities and cash that could have also, and probably did give him the opportunity to only have to pay the 15% capital gains tax?
According to Opensecrets.org, Grayson has assets of $57,435,038 to $130,358,000 that are invested in securities or kept in cash. Now I am sure Mr. Grayson has paid his fair share in taxes, but the interest he is probably earning on the cash and securities, most likely has Grayson paying a lower tax rate.Members of Congress are not obligated to release their tax returns, only disclose their personal assets and liabilities.
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