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How much harder will Romney work for a tax cut?

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Mitt Romney paid 14% tax in 2010, the only year that he has released a (partial) tax return. And that was 14% of his taxable income after he had squirreled away millions in swiss bank accounts.

According to plutocrat economics, low taxes on the rich make them work harder. Mitt paid $6.2 million in taxes on a total of $42.5 million in taxable income leaving him with $36.3 million rather than the $29.8 million he would have left if he had paid tax at a 30% rate.

So how much harder did Romney work for that extra disposable income? Or put it another way, how much less would he have worked had the tax rate been higher?

The answer of course is that Romney was 'unemployed' (NYT). He didn't work at all in 2010. Romney had made enough money as a corporate raider that he didn't need to work at all.

Romney's returns also give the lie to the ludicrous notion that lower tax rates on the rich actually increase tax revenues. If Romney's tax rate was 30%, he would have to be so upset about paying the same as the rest of us that he decided to leave $21.9 million on the table for his taxes to fall.

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