Where have all the fact-checkers gone?
An article in The Aspen Times on July 16 revolving around Mick Ireland’s tax returns and stale Democratic talking points about the two presidential candidates contains several quotes from the mayor, who is described as a tax lawyer, opining on the tax treatment of Mitt Romney’s overseas income.
When I studied tax law, we learned that income earned by a U.S. citizen is fully taxed by the U.S. government no matter where the income is derived. It’s taxed at either ordinary income rates or capital-gains rates, depending on the nature of the income. To state that Mitt Romney paid tax on only 15 percent of his income or that some of his income was taxed at a rate of 5 percent is ludicrous.
I’d give four Pinocchios to the mayor and to the reporter who failed to check the facts.
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