I know it is not fair to hold a presidential candidate to what he says in the debates, but it is nice to dream. Last night Mitt Romney said:
...there’ll be no taxes for anybody making $200,000 per year and less, on your interest, dividends and capital gains.
Awesome! All I have to do is switch my pay to a dividend and presto - no taxes! Anyone like me with a small business will be able to do the same.
Hey, anyone with a spouse could file seperately and get another $200,000 tax free. Sweet! $400,000 in income without any taxes at all.
I am pretty sure our government needs taxes to run. We can borrow a trillion here and a trillion there, but somebody has to be paying some taxes eventually. Also, if we iinvade Iran, someone is going to have to pay the bill for that. I know they have oil, but using the spoils of war to pay for the war is an idea that hasn't worked for over a hundred years.
So even though no taxes would be great for me, I am going to vote for Obama. He has just as much of a challenge with the truth as Romney does, but I think we are less likely to invade Iran with him in office. Along the way he may even get past these silly antics about most of the nation getting away without paying taxes.
Later: I did not see any mention in the WSJ or the NYT about this zero tax on dividends issue, but I did find this article on AcccountingToday.com. Good thing too because I was starting to think I had imagined it.