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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 haymarket View Post
    the stink is caused by the farter who expelled the offensive gas... not the one who noticed it ...... see post 1267.

    oh - here was the "big stink" I raised



    Of course, your comment and the reaction of some right libertarians here seem to add credence to the charge that some here badly want to erase all mention of RACE from the lexicon for purely political reasons............ until they themselves bring it up.
    I think everyone understands why you chose to ignore the proper analogy I made which destroys the claim that catawba was "being truthful" and started whining about "introducting race".

    Everyone saw it and you still haven't dealt with the analogy

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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
    There is nothing there I could find that compares the effective tax rates for those who's income is primarily from investments (like Romney) with someone in the working class making $50,000 who is paying both income taxes and payroll taxes. That was my claim that I provided authoritative documentation to back up.

    If I missed where it is referenced, please quote it in your response.

    That is an interesting way to phrase that Cat...Could you explain what you mean by the bolded part above? Because if it is what I think it is, you are being highly disingenuous here.


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

    Quote Originally Posted by j-mac View Post
    That is an interesting way to phrase that Cat...Could you explain what you mean by the bolded part above? Because if it is what I think it is, you are being highly disingenuous here.


    j-mac
    There is nothing odd about the phrasing once you understand that the middle class have to pay SS taxes on their full income, whereas the rich only have to pay taxes on their pay up to $106,800. Any income above that, they do not have to pay SS taxes on. That means that someone making $50,000 has to pay both income taxes and payroll taxes which means he is paying, as fact-checked by politifact, "22 to 23 percent in income and payroll taxes." This vs the 14% effective tax rate that Romney pays as shown by his tax report just released today.
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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
    I think everyone understands why you chose to ignore the proper analogy I made which destroys the claim that catawba was "being truthful" and started whining about "introducting race".

    Everyone saw it and you still haven't dealt with the analogy
    "Everyone" consists of a couple of your fellow believers. That is meaningless and irrelevant.

    I will deal with your 'analogy' of race. This is this. This isn't somethign else. This is this.

    Dealt with, crushed and flushed - smashed and trashed.
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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
    the stink is caused by the farter who expelled the offensive gas... not the one who noticed it ..
    Have you not ever heard the phrase "whoever smelled it delt it"?

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

    And Romney has released his returns today with capital gains playing the big role in his income.

    Romney Tax Returns Show 2-Year Income of $45 Million - NYTimes.com

    a snippet

    Mr. Romney said last week that his effective tax rate was “about 15 percent,” a figure lower than that of many affluent Americans. But his returns suggested that he paid an effective tax rate of nearly 14 percent.

    In addition to his 2010 taxes, Mr. Romney is set to release estimates for his 2011 taxes, which he will file in April. The campaign will report that he will pay $3.2 million in taxes for 2011, for an effective tax rate of 15.4 percent. That is a slightly higher effective rate than he paid the year before, when he paid about $3 million to the Internal Revenue Service.
    Not bad for an income of $45 million to end up paying the rate a waitress can pay.

    Hopefully, this will propel a major national discussion on the capital gains discriminatory rates and who enjoys those preferences.

    And hopefully, those who defend it will atually be able to come up with more than the defends here have or they are doomed to be woefully outdebated.
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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
    There is nothing there I could find that compares the effective tax rates for those who's income is primarily from investments (like Romney) with someone in the working class making $50,000 who is paying both income taxes and payroll taxes. That was my claim that I provided authoritative documentation to back up.

    If I missed where it is referenced, please quote it in your response.
    It shows effective tax people pay regardless of the type of income.. therefore it covered what you are asking. Ask the poster of the data for clarification.
    "I can explain it to you but, I can't understand it for you"

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

    Quote Originally Posted by Dickieboy View Post
    Have you not ever heard the phrase "whoever smelled it delt it"?
    Only from the mouth of an eight year old who fails to understand the stupidity of the claim.
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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
    There is nothing odd about the phrasing once you understand that the middle class have to pay SS taxes on their full income, whereas the rich only have to pay taxes on their pay up to $106,800. Any income above that, they do not have to pay SS taxes on. That means that someone making $50,000 has to pay both income taxes and payroll taxes which means he is paying, as fact-checked by politifact, "22 to 23 percent in income and payroll taxes." This vs the 14% effective tax rate that Romney pays as shown by his tax report just released today.

    Then I think you are indeed being disingenuous here. In order to keep it apples to apples you have to look at Federal income tax effective rates. Your attempt to separate withholding taxes that working people like myself pay and the tax at the end of the year that I will be filing shortly when I get all my documents together, is only a way to muddy the issue. Everyone knows that what ever withholding is taken from my check week to week is deducted from my adjusted tax owed at the end of the year. They are NOT two separate things. So, from my understanding is that people like myself, who earn about $60K per year, pay about a 12% effective rate in taxes. Romney, now, paid an effective rate in 2010 of about 13.9%, and in 2011 est. will pay about 14.5%....That is MORE than I pay. Not to mention real dollars, in the millions.

    So, I really don't see the issue, other than those who oppose him on this oppose his success.

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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
    And Romney has released his returns today with capital gains playing the big role in his income.

    Romney Tax Returns Show 2-Year Income of $45 Million - NYTimes.com

    a snippet



    Not bad for an income of $45 million to end up paying the rate a waitress can pay.

    Hopefully, this will propel a major national discussion on the capital gains discriminatory rates and who enjoys those preferences.

    And hopefully, those who defend it will atually be able to come up with more than the defends here have or they are doomed to be woefully outdebated.
    If we really want to effect change, we've got to demonstrate we know what we're talking about...and not have our opinions discounted because "they just don't understand it."

    A waitress with one child making $30,000 claiming only the standard deductions pays an effective rate of 3.65%. And that's not taking into consideration that she probably doesn't report all her tips.

    Marginal Tax Rate Calculator
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