The above editorial in the New York Times really takes a torch to Mitt Romney's use of complicated tax system to minimise his taxes. Their position is this:
What his tax practices show is not illegal or unethical behavior, but rather the unfairness of a tax system that provides its most outlandish benefits only for the very, very rich and savvy. What is worse is that Mr. Romney has proposed making this profoundly dysfunctional system even more unfair.After detailing ways Mitt has avoided gift taxes, the article ends on a note that I think really hones in on the point that he not only wants to maintain benefits that only the rich use, but make the tax changes to benefit the rich even further:
Like most Republicans, Mr. Romney wants to eliminate the estate tax entirely, even though it currently applies only to estates of more than $10 million for a married couple. That would cost the treasury more than $1 trillion over a decade, but it would be a huge benefit for Mr. Romney’s heirs and for the other 0.3 percent of estates rich enough to qualify for the tax. Getting rid of the estate tax would subvert the gift tax (it was established as a backstop, to keep estates from being passed on before death) and would spare the rich all this complicated “estate planning,” which is just a euphemism for avoiding the tax.
As Warren Buffett has said, the estate tax increases equality of opportunity and curbs the movement toward a plutocracy. Mr. Romney’s plan to get rid of it, helping his family but few others, is one of the sharpest illustrations of his distance from ordinary Americans.
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