Much is being made of the fact that Mitt Romney only pays about 14 percent of his income to federal income taxes. Much more should be said about individuals, companies and corporations that pay even less of their income to the federal government. Some do not pay any taxes, 0 percent.
This all happens because of loopholes in the tax laws of the United States. If President Obama wants everybody to pay their fair share of taxes, he needs to get rid of all the loopholes in the law.
I don’t imagine that this will ever happen. I don’t believe the U.S. Congress could ever agree to rewrite the U.S. tax laws in such a drastic fashion. They probably use as many of the loopholes as they possibly can.
David N. Luke