Man, Willard really does think people are stupid, doesn't he? Now he's claiming that because he donates a lot to charity (even though the bulk of his giving is to his own Mormon Church, and not charitable institutions) that this constitutes "giving back to the community" comparable to being taxed at 40% (even though his 15% rate and 15% in charitable and church giving equals 30%). In addition, he says much of his compensation was originally taxed at the corporate rate of 35%, so it's just as if he were paying HALF of his income in taxes.
Except that he's lying.
...he's saying that thanks to the nominal corporate tax rate of 35 percent, he's actually paying 50 percent in taxes when you add in his 15 percent. Now, if he really believed that he was paying 50 percent in taxes, he wouldn't have said he gives back 40 percent to the community—he'd have said he gives back 75 percent. But he doesn't really believe what he's saying ... because it is patently absurd.
Paul Krugman has an excellent dismantling of the case Romney is trying to make regarding corporate taxes. First, because most of Romney's capital gains income comes by way of carried interest, it was never previously taxed at 35 percent. Second, almost no companies actually pay the nominal corporate tax rate. Third, even if it were fair to say that the income had previously been taxed at 35 percent rate, conservatives have long argued that corporate taxes come at the expense of worker's wages. Now, suddenly, they are saying it comes at the expensive of investors? Talk about double-counting!
Willard, I think you're lying to us.