IRS forms present a hardworking, disciplined, charitable candidate
Illustration: Romney taxesMr. Romney’s taxes tell a unique story of American possibilities and success that could inspire others with a road map toward personal prosperity. It’s all there in the fine print.
Lesson 1: Mitt Romney knows how to make money and create jobs.
In free enterprise, people are rewarded when they move assets to higher-valued uses such as investing in products and services that create value and provide benefits for people, such as jobs.
Fortunately for all who have a stake in the U.S. economy, the present tax system recognizes that private investment is a social good that benefits all of us through job creation and economic activity. The tax code rewards those who put their capital at risk and allows them to pay taxes at a lower rate on the profits of their investments (recognizing that when these invested sums were earned, taxes already were paid once at the earned-income rate). Having embraced this system fully, Mr. Romney reported much of his income as capital gains, dividends and interest payments and paid taxes at the lower rate.
Most people benefit from the jobs created through capital investment without assuming the risks of the venture. They draw a salary from someone who took a risk to create a business, from someone who paid taxes on their salary, built up their resources and invested in an idea. Almost half of Americans will not pay income taxes on their incomes.
Rather than railing against someone who risked time, money and reputation on a venture - and won - Mr. Romney’s critics should be asking whether those skills could benefit the broader American economy. At this time of devastating unemployment, Mr. Romney’s proven record as a good investor and job creator, as told in his taxes, is a credit to his abilities. Perhaps if he had been in this White House, the taxpayers would not have lost half a billion dollars in Solyndra.
Lesson 2: Mitt Romney is a prolific saver and hopeful investor.
The fact that Mr. Romney has considerable income to invest comes, in part, from the discipline of savings combined with the hope of investing. Mr. Romney showed that he had the self-control and fortitude to accumulate resources carefully. Then he showed himself willing to take risks that could benefit hardworking Americans. That combination of traits proved profitable for almost all who work with him.
Many are critical of the banking industry today, which is hoarding resources for fear of future losses. No one has been talking about the fact that Mr. Romney could just as easily have hoarded his resources rather than investing them into other people’s dreams.
He proved himself willing to take a chance on a better America.
Lesson 3: Mitt Romney is very generous.
Successful capitalists are uniquely equipped for great generosity. Mr. Romney gave more to charity than he paid in taxes. That is a rare thing, indeed. He gave away more than $7 million to his church and other charities. He paid more than $6.2 million in federal taxes.
Try to name another presidential candidate - or president, for that matter - who has given more to others than he paid in taxes. Most of our liberal friends will argue that paying taxes is the moral equivalent of charity because they feel they gave to the nation’s needy in the form of taxes. Moreover, Mr. Romney has established a charitable foundation to give money effectively and efficiently to those in need.
This kind of giving changes people and communities as government never can or does.
No comments:
Post a Comment