Romney has recently been dogged by his competitors, most notably Newt Gingrich, to release his tax returns. Frankly, I'm not sure why this did not become an issue sooner. Even on the West Wing, (1) releasing tax returns and (2) taking a physical to prove good health were two essential steps in running for POTUS. Nonetheless, the news today is that Romney pretty much pays a 15% rate (Washington Post), the long-term capital gains rate.
Many blogging heads are naming this the next chink in the Romney armor. But, I would ask, should we care? Romney is paying the pervailing tax rate that he himself had no voice in establishing. On that front, I can't imagine why his personal rate should be any matter of concern.
Does it erode his "working man" image? Possibly. But we didn't view him as a working man anyway. He's technically been unemployed since 2006! It's probably more troubling that Warren Buffett pays nearly the same rate while holding a full-time job.
More importantly, it may trigger a larger discussion on tax policy. But that's beyond Romney and the Romney campaign. No one quietly muttered to himself that the Obamas better hide the fact that they earned ~$1.7M in 2010. And debating what portion of the government's revenues should be funded by people who earn over $1M (Obama) OR people who have significant accumulated wealth (Romney) is the essence of democracy. Did we think Governor Romney would neglect to mention his tax policy over the next 8 months? He's already got a 59-point economic plan (from Politico) and isn't even through the primaries yet!
Whether or not it turns out that way, I think blogosphere's afluttering today is simply silly. More imporantly, I hope that Romney's personal tax rate recedes as an issue and that we collectively engage in a larger debate about how (and where) to fund our massive government. The good of the country demands it.
