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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 TurtleDude View Post
    HOw can anyone claim that tax rates discriminate in favor of the rich when one percent pay 40% of the income tax
    Because that's not enough. They should be paying more.

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

    Always more. They have to be able to afford their European welfare state, after all.

    Yet, the wealthy are already paying their share and then some. Compared to European nations, it's not that we don't tax the rich, it's that we don't tax the middle class.



    and for those who think that taxing capital gains at higher rates is going to be some kind of panacea... they forget: people are dynamic entities capable of responding to changes in incentive structures - and capital investment is far more fungible than labor
    Last edited by cpwill; 01-23-12 at 07:54 AM.

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

    Quote Originally Posted by Catawba View Post
    Its all he's got..............

    Neither he, nor the GOP can answer why the working class should vote to continue the tax cuts for the wealthy.
    They shouldn't.

    In fact, it is in the best interest of the working class for them to take all the weathy's money and confiscate their property. And perhaps if the wealthy have any hot wives or daughters, it would be in their best interest to divide these trophies among themselves. And it might also be in their best interest to kill all the wealthy too, just to make sure they can't accumulate wealth again.

    As you say, it is imperative that the working class vote in its best interest.

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

    Quote Originally Posted by haymarket View Post
    It has become painfully obvious that never once in all these discussions about capital gains have the defenders of the discriminatory preferences which mainly benefit the rich have ever provided any reasons why salaried workers should support allowing such discrimination to go on. Not once.

    And even now after being challenged hundreds of times they are still impotent to provide a reasonable case why someone making $600,000 in salary should pay 35% while someone making the same amount in capital gains should pay 15%.

    Or maybe today is that day?
    There should be no discrimination. I'd suggest they both be taxed at the same 15% rate.

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

    When the Romney tax returns are released tomorrow - Tuesday - the nation will focus on why he pays so little when others who make far less pay more. The subject of long term capital gains will be front and center and there will be a national debate about them.

    The average American does not have enough disposable income to take advantage of the discriminatory preferences afforded by capital gains. The overwhelming majority of benefit goes to the wealthy.

    So here is the challenge for any who want to take it - and even if those here are not up to the task - someone on the national stage will have to do it: lets take two people
    A - Greg Bartlet - a successful record producer who makes $800,000 a year in salary. He pays a tax rate of 35% for a bill of $280,000.00 in federal income tax minus deductions.

    B - Wesley Weston - who makes investments and this year reaped $800,000 in long term capital gains profits. He pays a tax rate of 15% for a bill of $120,000.00 minus deduction.

    Please explain to Bartlet why he should support a national tax policy which has him paying over twice as much more in federal income taxes than another American who earns the exact same amount as he did.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by Centinel View Post
    There should be no discrimination. I'd suggest they both be taxed at the same 15% rate.
    For someone against taxing income you certainly changed your tune fast.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by haymarket View Post
    When the Romney tax returns are released tomorrow - Tuesday - the nation will focus on why he pays so little when others who make far less pay more. The subject of long term capital gains will be front and center and there will be a national debate about them.

    The average American does not have enough disposable income to take advantage of the discriminatory preferences afforded by capital gains. The overwhelming majority of benefit goes to the wealthy.

    So here is the challenge for any who want to take it - and even if those here are not up to the task - someone on the national stage will have to do it: lets take two people
    A - Greg Bartlet - a successful record producer who makes $800,000 a year in salary. He pays a tax rate of 35% for a bill of $280,000.00 in federal income tax minus deductions.

    B - Wesley Weston - who makes investments and this year reaped $800,000 in long term capital gains profits. He pays a tax rate of 15% for a bill of $120,000.00 minus deduction.

    Please explain to Bartlet why he should support a national tax policy which has him paying over twice as much more in federal income taxes than another American who earns the exact same amount as he did.
    Because investment is a risk. What Wesley Weston is doing moves capital from point to point and give companies the chance to grow. Growth equals jobs. His salary is not guaranteed (but really, who's is), it is dependent on his success of investment. He could easily have made $0.

    We should encourage investment and growth in our economy.
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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
    This post has been about Romney's effective tax rate on his Federal income tax. Your question cannot even be answered...#1, he hasn't released his income tax form; #2, neither you nor anyone else knows how much he pays in various other taxes.

    However, IF his effective tax rate on his income is indeed 15%, it is far higher than the average American. And that is what Romney was referring to...as much as you'd like to spin it otherwise.

    The median household income in the United States is about $46,000. A household with 2 children (single parent) and a mortgage deduction of $9,000 a year pays an effective tax rate of 2.17%. The median income of a dual-earner household with 2 children is about $67,000. Their effective tax rate, with a mortgage deduction of $12,000 is 3.96%.

    You are completely 100% incorrect.

    Marginal and Effective Tax Rates
    The dishonest argument is comparing every single tax someone has (which the federal income tax does not address when computing rates) and applying that number to them with the federal income tax ONLY as paid by some riche investor So what our tax hikers want us to admit is that Joe Average tax payer pays "27%" of his income to taxes that includes

    1) federal income tax (which you have proven is many times lower than what a millionaire investor pays on his investment income solely to the IRS)

    2) his FICA

    3) Gasoline taxes


    4) state sales taxes

    5) state property taxes

    6) state and city income taxes

    7) state vehicle registration-or use tax

    etc etc etc

    its a completely dishonest comparison since those dishonest comparators fail to even discuss what a millionaire investor pays in all those other taxes
    One of those posters has pretended only 1% which of course is a lie given many states have 5-10% state income tax rates to start with

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

    Quote Originally Posted by haymarket View Post
    When the Romney tax returns are released tomorrow - Tuesday - the nation will focus on why he pays so little when others who make far less pay more. The subject of long term capital gains will be front and center and there will be a national debate about them.

    The average American does not have enough disposable income to take advantage of the discriminatory preferences afforded by capital gains. The overwhelming majority of benefit goes to the wealthy.

    So here is the challenge for any who want to take it - and even if those here are not up to the task - someone on the national stage will have to do it: lets take two people
    A - Greg Bartlet - a successful record producer who makes $800,000 a year in salary. He pays a tax rate of 35% for a bill of $280,000.00 in federal income tax minus deductions.

    B - Wesley Weston - who makes investments and this year reaped $800,000 in long term capital gains profits. He pays a tax rate of 15% for a bill of $120,000.00 minus deduction.

    Please explain to Bartlet why he should support a national tax policy which has him paying over twice as much more in federal income taxes than another American who earns the exact same amount as he did.
    Quite simple really. Do you understand what an investment is? Do you understand that an investment can lose money? Does the government guarantee a 35% compensation on investment losses? Would you walk roll the dice knowing that the house would take over a third of your winnings?

    You seem to think that investment is like salary with lots of labor law statutes to protect you so there is minimal risk as in low-yield bonds where neither much capitol gains nor taxes are to be had.

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

    Quote Originally Posted by Blue_State View Post
    Because investment is a risk. What Wesley Weston is doing moves capital from point to point and give companies the chance to grow. Growth equals jobs. His salary is not guaranteed (but really, who's is), it is dependent on his success of investment. He could easily have made $0.

    We should encourage investment and growth in our economy.
    I figured it out. Public employees.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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