During the 2012 presidential campaign, Mitt Romney argued that even though he paid only about 14 percent in taxes on his investment income, his total tax burden was much higher because the income is also taxed through the corporation income tax. A blogger at talking points memo.com criticized this reasoning, stating: “This is a preposterous explanation on so many levels. TPM’s employees pay tax. Are they also paying the tax TPM Media LLC pays?” [Marshall, 2012]. Explain the error in this blogger’s reasoning.
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