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Thread: Romney reveals he pays about 15% in taxes(edited)

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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by mike2810 View Post
    Your statement may not be valid. Cost of living is not equal across the States or even within a State. My income in a farm town (Wray, CO) would allow me live well above the average. I could not survive very well in SF, California. So it boils down is what will your income buy your where you live.
    That's a fair point. Though part of the reason costs are lower is that other workers are paid less too.

    But the larger point is - the plant is still there, but it didn't really create new jobs.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by MaggieD View Post
    Not true. If he earns a salary (which he does), he pays FICA just like everyone else. If his state requires he chip in on unemployment, he does that, too. (In Illinois, employees don't pay into that fund. Employer pays it all.) Disability? You only pay disability insurance premiums if you choose to.

    Then you go on to gripe about how much sales tax he pays. More than you, I'll bet....since he spends a whole lot more. Property tax? He probably pays a fortune in property taxes, depending upon the cost of his home. Etc. "So in effect, they don't really pay those either." Logic fail.



    Why do you think Warren Buffett (the left's hero) pays a lesser percentage than his secretary? He pays himself only $100K in annual salary and takes the rest as dividends...or perhaps stock options. Hypocrite, that one.

    As to Romney? When he "revealed he pays about 15% in taxes," he was talking about his effective tax rate; not his tax bracket. Compare that to yours. Yours is probably closer to 5%. Take the total amount of income tax you paid last year (don't count Social Security) and divide that number by your Adjusted Gross Income. (If you even paid any income tax last year....since 47% of "taxpayers" paid none at all.
    maggie, romney's income is made up of dividends and capital gains. those are taxed at 15%. I am taxed at higher than 15%. so he really DOES pay a much lower percentage of his total income in federal taxes than I do. THAT'S what is ****ed up.

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    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by misterman View Post
    Um, that plant is alive and well last time I checked. Did you hear something we didn't?

    And Boeing didn't actually create any jobs. It just moved them to a state where it could pay workers less. So it's a net loss for workers, and consumer spending. Good for Boeing's shareholders though.
    Yeah, until the courts rule on the NLRB ruling. If they decide the NLRB was within its rights, the Dreamliner can no longer be assembled in South Carolina.

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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by Keridan View Post
    As for the 15% vs 30% and such, the dollar amounts really do matter. It's progressive in that when they make more, they pay more. They pay VASTLY more every year. They aren't getting off free. I still have trouble with the very idea that 1% of the people pay 38% percent of the total federal income tax revenue and people are saying it isn't progressive enough. This may have to be an agree to disagree situation.
    It's true that they're paying more, but the reason they're paying more is that income disparity has been rising rather dramatically for 30 years. To take it to the extreme, let's say that the 1% have 99.9% of the wealth, and they pay a 1% tax, while the other 99% pays no tax. Is that a raw deal for the 1%? Not exactly. They have all the money and are very lightly taxed. That's basically what's been happening. In constant dollars the average rich person is 700% richer now than he or she was in the 70s, and their tax rate is significantly lower than it was.

    So yes, it is disturbing that such a small percentage of the country is paying such a large percentage of the taxes, but the fact that their paying such a large percentage is just a symptom of the disturbing rise of income inequality.
    Last edited by AdamT; 01-18-12 at 10:46 AM.

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    Re: Romney's tax rate is only half as high as the middle class pays

    Why do you think Warren Buffett (the left's hero) pays a lesser percentage than his secretary? He pays himself only $100K in annual salary and takes the rest as dividends...or perhaps stock options. Hypocrite, that one.
    He's taking advantage of the tax code. Just like Romney is. The difference is Buffet thinks the tax structure should be changed, Romney doesn't give a **** and thinks there's nothing wrong with paying less than his secretary. In fact his tax plan would effectively cut out almost any federal taxes he owes.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by iliveonramen View Post
    He's taking advantage of the tax code. Just like Romney is. The difference is Buffet thinks the tax structure should be changed, Romney doesn't give a **** and thinks there's nothing wrong with paying less than his secretary. In fact his tax plan would effectively cut out almost any federal taxes he owes.
    Buffet would be a lot more credible if his Berkshire Hathaway companies didn't owe taxes dating back 10 years.

    He needs to put up or shut up.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by Gill View Post
    Buffet would be a lot more credible if his Berkshire Hathaway companies didn't owe taxes dating back 10 years.

    He needs to put up or shut up.
    His responsiblity in Berkshire Hathaway is to his shareholders....not his beliefs on the income tax structure in America. He's doing what he's always done...trying to maximize the return to his shareholders.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by Gill View Post
    Yeah, until the courts rule on the NLRB ruling. If they decide the NLRB was within its rights, the Dreamliner can no longer be assembled in South Carolina.
    The NLRB already announced it would drop the suit a month ago.

    And even if it hadn't been dropped, saying that Obama "killed" the plant was premature and unfair. The NLRB did it, and the suit was dependent on the union complaint (I don't think the NLRB can sue without a complaint, which is why it dropped the suit because the union dropped its complaint, but I'm not sure). And it's not like it was creating new jobs anyway, just moving them from a different state.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by Gill View Post
    Buffet would be a lot more credible if his Berkshire Hathaway companies didn't owe taxes dating back 10 years.

    He needs to put up or shut up.
    Whether or not Berkshire owes back taxes is under dispute, and has nothing at all to do with Buffet's opinion that he and other billionaires are personally undertaxed.

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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by misterman View Post
    The NLRB already announced it would drop the suit a month ago.

    And even if it hadn't been dropped, saying that Obama "killed" the plant was premature and unfair. The NLRB did it, and the suit was dependent on the union complaint (I don't think the NLRB can sue without a complaint, which is why it dropped the suit because the union dropped its complaint, but I'm not sure). And it's not like it was creating new jobs anyway, just moving them from a different state.
    I didn't know that. Thanks for the post. And, yes, you're right, it is because the union dropped its complaint. Boeing/Union negotiated the first-ever guarantee that an entire production line would be built in Washington. Give/Take. Makes sense to me.

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