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Saturday, March 03, 2012

Gingrich is not paying his fair share of Medicare tax

From Forbes:
"Newt Gingrich avoided tens of thousands of dollars in Medicare payroll taxes in 2010 by using a technique the Internal Revenue Service has consistently and successfully attacked.
"Republican Presidential candidate Gingrich and his wife, Callista, treated only $444,327 of what they got from Gingrich Holdings. Inc. and Gingrich Productions as compensation to them, while reporting a whopping $2.4 million of their earnings from these corporations as profits or dividends. Medicare taxes are levied at a rate of 2.9% on an unlimited amount of compensation and self-employment income (say, from a consulting contract, speeches or a book) but not on profits from a business.
“It appears that [Gingrich] is not paying his fair share of Medicare tax,’’ Robert E. McKenzie, a partner in the Chicago law firm of Arnstein & Lehr LLP concluded, in an email to Forbes, after reviewing Gingrich’s 2010 tax return." 
The Forbes article also states that, unlike Newt Gingrich, "President Barack Obama reported all of his $1.4 million in 2010 book profits as subject to Medicare taxes." Source: http://onforb.es/x8elXf
So, we learn that not only Mitt Romney is a tax evader, but that so is his arch-rival Newt Gingrich; and we also learn that President Obama fully obeys the law and pays his fair share of taxes.
Conclusion: We the People don't want any tax cheats in the White House!
Second conclusion: Re-elect President Obama on November 6; he and Michelle pay their fair share of taxes the way the rest of us do!
Jagor

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