Mitt Romney has just climbed a peg or two in my opinion. Maybe not as the best presidential candidate, but as a superb money manager. His quest for paying a tax rate that most of us dream about is a reality. Congratulations Mitt! You’ve done exactly what the founding fathers of this country advised us to do – pay the least amount of taxes that are legally required.
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Romney released his returns for 2010 and an estimate for 2011 last week. His effective tax rate for both years are 15% or lower. His income for both years was upwards of $20 million. Contrast that with Gingrich and Barack Obama, both of whom paid twice the rate the Romney paid. How so?
Romney derived the vast majority of his income in the form of either capital gains or qualified dividend income. Both are taxed at a lower rate of 15%. Gingrich and Obama derived the bulk of their income from earned income, which is taxed at a higher rate, as high as 35%. Romney makes his money work for him, while the other two work for their money.
If there ever was a question in my mind as to who understands how money works, Romney or the Obama/Gingrich pair, the answer is quite clear. Romney is much better CEO material…but is he good Commander in Chief Material (something the fading Rick Santorum keeps pointing out).
In my opinion, this country needs a good CEO more than it needs a good Commander in Chief at this point in history. Yes, we have threats that we must address and face daily, but we also have experts on the armed forces, joint chiefs, the NSA, the CIA and a host of others who are the real decision makers. What we don’t have is someone in the White House who knows how to really run finances efficiently. Romney fits that bill.
This country is at the precipice of financial catastrophe. Who better than a financial guru to lead it out? This is not an endorsement for Romney or anyone else, but one has to start thinking aloud about the possibility of Romney Presidency.
Of course, any nomination is far from clear at this point. Gingrich is surging based on his debate performance, but he still lags when it comes to a head to head contest against Obama. Romney wins that contest. Take away the crowds, and Gingrich appears as a mere mortal on stage. Gingrich plays to the crowds better than anyone on the Republican ticket, as he should. His command of history and oration is excellent. And, his knowledge of the trigger points that turn on audiences is almost Reagan like. However, we don’t necessarily need a historian or an orator in the Whitehouse…we need someone who understands how to right a ship that has been off course for several decades now.
It’s time for Gingrich to step up and offer a plan that allows for fiscal and monetary reform. So far that has not been put forth. There is no question that we need entitlement reform, lobbying reform, tort reform, term limits and fiscal austerity to move in the right direction. Then there’s the jobs issue. So far, the candidates are big on rhetoric but short on details. And, it’s time for Romney to step up and defend the right to make and manage money. He knows how to do that better than all the candidates put together. What we need from all the candidates is specifics that play to their strengths. So far we are getting a lot of information that gives us pause, not hope.
How This Lie Affects You…
In retirement, will you take your grandkids to McDonald’s or will you be the one serving them the burgers there?
Sounds like a silly question … I know. But sadly this is becoming a reality for many retirees.
You’ve been lied to. And you don’t need to remain in the dark for a second longer… Click here to read on.
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