COMMENTARY | I am a huge fan of comedian Jon Stewart. I think he should run for president. He'd make a great one. That said, I am an equal opportunity commentator, and as such it would be unconscionable for me to allow Stewart a free pass after Tuesday evening's blatant hypocrisy regarding former Massachusetts governor and likely also-ran Mitt Romney.
According to the Huffington Post, Stewart blasted Romney, (who according to CBC earned $21.7 million in 2010) for his earnings and his low tax rate. "How in the world do you, Mitt Romney, justify making more in one day than the median American family makes in a year -- while paying the same tax rate as the guy who scans shoes at the airport?" asked Stewart. Romney's effective earnings, all from investments, as he is per his own words according to the New York Times, unemployed work out to about $57,000 per day in fiscal year 2010.
Here's the problem: According to celebritynetworth.com, Stewart earns $15 million per year as his salary on "The Daily Show." We can assume, because that is a job, he pays closer to the 30 percent rate than Romney's 13.9 percent.
However, that's only part of the picture. Stewart is also estimated to have a net worth of $80 million. Depending on how he is invested, he is also earning a substantial income from his $80 million nest egg. Even if he is invested conservatively, he's likely earning investment income of $4 million per year, which would be taxed at a rate equal to Romney's. Indeed, between investment income and book royalties, and his salary, more than likely Stewart earns more money in the fiscal year than Romney despite paying a marginally higher tax rate.
Stewart goes on to blast Romney for having lobbied against tax reform that would have been detrimental to his personal holdings, but the fact is Stewart benefits from the tax laws too, and as such should have disclosed the same.
Of course, rich men don't want to pay more taxes than they currently do. But what I can't figure out is why anyone thinks the rich man should like taxation any more than the poor man does. That's just insane. I love "The Daily Show" and its contribution to the national dialog, but that bit was just plain hypocritical. Come on, Jon. You're better than that.
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