Ed. Note: Fortune’s Dan Primack has the first comments from Marc Leder, the private equity exec who hosted the Boca Raton fundraiser where the Mitt Romney video was recorded.
(FORTUNE) - Mitt Romney has spent the past day playing defense, after a video was released of the GOP presidential candidate disparaging 47% of Americans during a private fundraising dinner. Now the man who hosted the dinner, private equity executive Marc Leder, is speaking out.
I am not rich and I am a victim of the system taking my taxes and giving to those that don't contribute.
Perhaps before you type you should research exactly just who those 47% are. If the tighty righties are so adamant about everyone having "skin inthe game" maybe they should start paying their employees enough to put them into a tax bracket, and insist that the elderly who are living on Social Security be taxed as well – nevermind that they paid federal taxes on their SS contributions prior to FICA being deducted.
Tax cuts don't pay for themselves. In his version of the Republican myth that "tax cuts pay for themselves," President Bush confidently proclaimed, "You cut taxes and the tax revenues increase." Not so true Dubya.
After Ronald Reagan tripled the national debt with his supply-side tax cuts, George W. Bush doubled it again with his own. (Reagan's performance would have been much worse, had he not raised taxes 11 times to help make up the shocking shortfall.)
Romney-Ryan would increase deficits by $5 trillion according to the non-partisan Tax Policy Center.
Pres. Obama's plan actually reduces deficits. Please look it up.
You guys that think tax rates on the rich need to be raised. You realize we're in a global economy competing against other countries? This isn't the early mid 90's. We have the highest corporate tax rates in the world. Obama says he wants to lower that when has he ever tried? He's just tried to have bush tax cuts expire acting like it would help economy. Global economy you need competitive tax rates or people will do business elsewhere. He wants a 'millionaires' tax starting at 250 thousand. Why? So rich people do business in other countries? Like loaning money to brazil for deep water drilling but shutting down our deep oil exploration. It makes no sense
Republicans have a selective memory when it comes to -fiscal responsibility- for this debacle!
We would all be in another deep depression if McCain had won in 2008. It does take more than one term to deal with a train wreck the size that Bush entrusted to us all ! We are making progress in the right direction.
Romney would complete the job of destruction that Bush started. We would more than likely have to endure yet another War that Romney would incite with Iran. He is a very dangerous person to let lose on the World!
@Truth – Here are some tidbits to think about:
1. A big chunk of the 47% are seniors living on Social Security who worked their whole lives.
2. Another big chunk are the working poor, who work for minimum wages, sometimes at 2 or 3 part time jobs to make ends meet and feed, house, and cloth themselves and their families.
3. A very large percentage our heros in uniform come from families in the 47%.
4. Those 47% pay SS, Medicare, gas, sales, and other taxes – probably at a higher overall rate than Mitt Romney.
5. Those minimum and near minimum wage workers generally do not get benefits (health insurance, retirement, etc.) and have almost no hope of getting ahead. Their output, which is worth much more than they are paid, is the engine of our economy. They work their butts off at retail stores, fast food joints, restaurant kitchens, construction jobs, hotels, so the rest of us can have cheap burgers, gardening, and a hundred other things.
The rich and GOP have pulled it off by convincing many of the poor that they are on their side on social issues only to push their own economic interests. The conservatives have been brain washed where they now vote against their own interest. Fear mongering has worked in the past but not anymore. So now their candidate Mitt Phony has made it clear that their will be more tax cuts for the rich and some how that is suppose to trickle down. Hasn't worked for 40 years. We are not buying it anymore.
His motto is "vote me President now and I'll give you details later"
@chris – "We have the highest corporate tax rates in the world."
Nope. Wrong. When you look at the effective tax rate, we are in the middle of the pack. We could lower the top rate and change the laws to prevent companies from avoiding taxes, but the overall tax burden on Corporations is not excessive and is not an impediment to competitiveness. Our higher wages and occupancy costs are a different matter, which are harder issues to solve without making our citizens work for third world wages.
A large part of the non-Federal-Income-Tax Paying public was created by the Bush Tax Cuts. Many, because of the reduction of the bottom rate from 15% to 10%, along with doubling the Child Tax Credit, and increases in other Credits.
Some don't pay taxes because the rate on Capital Gains was reduced to 15% under the Bush Tax cuts, allowing the wealthy to shield more of their income.
Oddly enough, a large number of those people are Republicans. And Mitts is not interested in them. Calls them Tax Free Riders, living off the Government.
Mitts is not smart enough to be President.
">SNIFFY – Capital gains taxes ARE NOT income taxes. That is a FACT, abundantly clear and inarguably written into our tax code
But do you know why they are treated differently??? Come on tell the truth now Sniffy. There are very good and logical reasons for this. Come on, I'll let you explain it and come clean."
Oh, how cute, yo have a nickname for me. Yes, I'm well aware of the THEORY as to why they are categorized differently and taxed at a lower rate. Unfortunately for you and the rest of the conservative ideologues out there, it's been debunked and disproven. The Congressional Research Service study just published did a comprehensive analysis of the past 65 years of tax policy and the economy and concluded that THERE IS ZERO EVIDENCE THAT TAX CUTS INCREASE INVESTMENT OR SAVINGS, SPUR ECONOMIC GROWTH OR CREATE JOBS.
"There are very good and logical reasons for this. "
BTW, there are "good and logical" reasons for lots of things...lots of "folksy wisdom" that sounds good and correct and gets disproven by the facts, evidence and historical record all the time. What that means is that your "logic" was faulty and failed to account for other factors at play...that your "folksy wisdom" failed to keep up with reality.
if tax cuts for the wealthy were so sucessful then WHY are we not having the sucess the GOP says we should? I am not an economist, in fact it was one of my worst classes in school, but common sense tells me that if a plan keeps failing then you try another plan not the same one.
We the People do not depend on the Government, The Government depends on US!
Lol are these guys serious. Mitty reality check time.. if you really was of latino dissent do you actualy think you would be the Republican candidate for president...... If you do then the jokes on you. Hell you wouldn't even get the vp nomination
"Why or how can conservatives say that Obama is lying for underreporting unemployment by not using "all the under employed or those not looking anymore", yet Romney is telling the truth when if you simply add payroll taxes, that 47% drops to 16%? It's like you guys are willing to stretch the limits to justify what you believe and even more willing to not do so when it doesn't."
Actually, funny story...Faux Noise the other day literally used the usually cited unemployment rate of 7.8% when Obama took office and then compared it to the higher measure of underemployment of 14.7% now in a blatant display of intentional misrepresentation. It was blatant apples-to-oranges presented as though unemployment increased by 7% under Obama. No lie is too big for the desperate conservatives.
The reality is that the higher rate is 14.7% now and was 14.2% when Obama took office. That 0.5% increase in "underemployment" is actually remarkable considering the continuous population growth during the time period.
Leder is quick and in a hurry trying to wipe the stench of Eau de Romney Faux Pas off of him lest he should find himself on the wrong side of a losing proposition come November 6th.
"Yes, I'm well aware of the THEORY as to why they are categorized differently and taxed at a lower rate. Unfortunately for you and the rest of the conservative ideologues out there, it's been debunked and disproven."
Do tell... and please explain how EVERY time cap gains rates have been lowered, net cap gains revenue to the fed has increased. As you always say, numbers don't lie.
@truth hurts – BUT now the TAX FREE RIDERS are called out and that is somehow taboo! Oh yeah, that is the Democrat base! Of course offense must be taken. Scream and cry foul, claim it is all poor people (47%?!!) and accuse the other side of being mean and cruel and out of touch with the "average American".
Agreed... TOTAL BUNK!! Try reading the article before parroting your dumbed down right wing propaganda. The 47% is those who pay NO INCOME taxes, NOT those who pay NO TAXES all. Typical right wing hater response.
That doesn't mean that 47% of the country is on welfare – which is what is implied by the right.
Has someone explained to Robmey that those that avail themselves of loopholes, and susidies are also considered to be on the government dole, regardless of what economic bracket they are in?
Does Romney know that he and the rest of the 1%ers in that room, Leder included, are part of that 47% he's so derisive of?
how can Romney be criticized for being correct
The House and Senate are on welfare. They show up one week a month and get $174,000 to $225,000 per year and all benefits plus a very nice pension.
Between them, tax subsidies for the major corporations, and loopholes for the wealthiest, I doubt what each person on true welfare (temporarily) makes a drop in the huge bucket.
@Fair is Fair – Do tell... and please explain how EVERY time cap gains rates have been lowered, net cap gains revenue to the fed has increased. As you always say, numbers don't lie.
Exactly.. so please provide your right wing diatribe as to why in the last 100 yrs that the times of highest GDP and economic growth came when income tax rates were the highest. Lower taxes do NOT CREATE jobs. That's as mythical as the so-called voter fraud witch hunt the GOP is on... Go look it up.. the numbers don't lie.
$150/month food-stamps for someone struggling is nothing compared to the $70,000 tax deduction for his HORSE.