The AP reports on an additional reason for Mitt Romney to run really, really hard to win this thing:
WASHINGTON (AP) — To see where the presidential candidates stand on taxing the rich, just look at how they’d tax themselves. Under his own proposal, Mitt Romney would pay half what he would under President Barack Obama’s tax plan. For a man of Romney’s means, that could save almost $5 million a year.
For Obama, not as loaded as Romney but still well-off, losing re-election could provide a tax windfall. He’d save as much as $90,000 a year if Romney’s plan were enacted rather than his own tax-the-rich vision.
Two nonprofit research groups, the liberal-leaning Citizens for Tax Justice and conservative-leaning Tax Foundation, did the calculations, based on the most recent completed tax returns released by the candidates. Compared with what they owed in April, both men would be dinged in 2013 under Obama’s proposal, along with other wealthy taxpayers. They could expect savings under Romney, depending on which tax breaks the former Massachusetts governor decides to oppose….
That’s assuming, of course, that paying a lot more in taxes matters to Mitt. It apparently doesn’t to his opponent, but of course, he has less to lose.
If I had Mitt’s fortune, I don’t think it would matter to me. But then, that’s probably because I’m not the kind of guy who was ever motivated go out and amass all those bucks. Chicken or egg thing.
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Lets hope Mitt wins. We wouldn’t want the job creators to do without.
Only thems that has it kin lose it.
Why did I know bud would be the first to comment on this?
I’ll also lose a substantial amount, but not 5 million.
Of course, as President Romney would not be able to officially pursue the same private investment initiatives or other money-making ventures that he would as a private citizen, and so the amount of potential income he would be giving up would be far, far greater than what he might be paying in taxes as a private citizen under an Obama plan.
Then again, the income potential for Romney AFTER his term(s) as President would be off-the-charts, so ultimately it’s a good investment for him career-wise. He has nothing to lose, either way.
Phillip – you are right that ex-presidents can cash in on the speaking circuit, but I’d guess that the amount Romney could earn would still pale in comparison to the amount he’d be earning running a private equity firm.
In the meantime, while he was in office, he’d likely need to put his (est. $200M) wealth into a blind trust and earn lower returns than he probably would if he were managing it actively, given his financial acumen.
Here’s a guy who is either A) unconcerned about making more money than he already has, and therefore genuinely wants to be a public servant. Or B) Is a megalomaniac who wants to be president of the US. Maybe it’s a combination of the two.
He’s certainly not doing it for self-enrichment though.