Commentators have wondered whether the pick of the economically extreme Ryan as a running mate was an error in calculation, but it seems quite pragmatic to me — should Romney win the presidency, and be succeeded by Ryan, Mitt may end up effectively never having to pay taxes again. The Atlantic crunched the figures:
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Under Paul Ryan’s plan, Mitt Romney wouldn’t pay any taxes for the next ten years — or any of the years after that. Now, do I know that that’s true. Yes, I’m certain.
Well, maybe not quite nothing. In 2010 — the only year we have seen a full return from him — Romney would have paid an effective tax rate of around 0.82 percent under the Ryan plan, rather than the 13.9 percent he actually did. How would someone with more than $21 million in taxable income pay so little? Well, the vast majority of Romney’s income came from capital gains, interest, and dividends.