Don't Confuse the Wealth of Mitt Romney and Tax Policy

Mitt Romney is a wealthy man. He indicated yesterday that due to his large amount of investment income he probably has an effective tax rate of around fifteen percent. Not surprising as that is what the law allows for dividends and long term capital gains. However, somehow his wealth is generating controversy. Does his wealth mean he is not qualified to be President? Did he do something wrong?

Romney has become a symbol of the national debate on wealth inequality, class envy, taxing the rich, struggling middle class Americans, economic growth and more. It is all a canard. Romney should be judged on his ability, his character and his policies. The fact he is rich is almost irrelevant, other than it shows he was a successful money-making businessman, a virtue that used to be respected and admired. 

There are legitimate issues and questions about what the tax policy should be in the country. Taxes, of course, must fund the government, be fair and allow a capitalist system to function and grow. I have made many suggestion on how the system can be made better, simpler, and fairer. A comprehensive examination should be a Congressional priority. However, making Romney out to be a villain for his wealth is a cheap political gimmick, is misdirection and misses the entire point. 

 

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