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July 1, 2015

Wealthy Bush Paid More in Taxes Than Even Wealthier Clinton

Five years ago, then-Secretary of State Hillary Clinton bemoaned to a gathering at the Brooking Institute, “The rich are not paying their fair share in any nation that is facing the kind of employment issues [like America’s], whether it’s individual, corporate, whatever the taxation forms are.” What Americans really need is a role model like the “dead broke” Clintons to show them the way, like Hillary suggested last year in an interview with The Guardian: “[W]e pay ordinary income tax, unlike a lot of people who are truly well off, not to name names; and we’ve done it through dint of hard work.” So it should be interesting to see how Clinton responds to a jab this week from Republican presidential candidate Jeb Bush, who released 33 years’ worth of tax returns totaling 1,150 pages. Bush claims, “One fun fact I learned in this process: I have paid a higher tax rate than the Clintons even though I earned less income.” He didn’t get into the nitty gritty — “There are far too many documents here for anyone except the nerdiest accountant to enjoy reading,” he wryly noted — but the Associated Press did the legwork and reports that Bush “paid an effective federal income tax rate of roughly 36 percent in the past three decades and made roughly $27.7 million in total income between 2007 and 2013. By comparison, the Clintons’ earnings exceeded $30 million combined in speaking fees and book royalties between January 2014 and May 2015, according to a personal financial disclosure Clinton filed earlier this year. In that time, the Clintons paid a tax rate of more than 30 percent.” Yes, Bush is wealthy, but it turns out Clinton is even wealthier. The least she could do is give more to Uncle Sam than her less “truly well off” opponent. Good luck defending that one in the debates. By the way, the Clintons get away with a lower tax rate by hiding behind the Clinton Foundation, which is really nothing more than a giant tax loophole.

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