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

  1. #131
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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.
    The reason he pays lower taxes is because of tax deductions and itemized forms. Most middle income tax payers don't have enough in itemized deductions to take the deductions, only wealthier people can manage to get 100,000s in tax deductions whereas the guy making 75,000 likely takes nothing in itemized deductions. If Buffet paid himself a salary, he'd still most likely pay less than his secretary because he'd still qualify for thousands of dollars in deductions. And I don't think that owning stock makes him a hypocrite. Maybe we should tax all income the same...

  2. #132
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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
    My BS detector just redlined. and like most lefties you ignore the real issue-actual dollars paid in taxes vs benefits received for those dollars.
    I thought the real problem was balancing the budget. If you're against middle class welfare, then you should be equally opposed to upper class welfare. Nobody should get a free ride.

  3. #133
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by liblady View Post
    i am demanding that the wealthy pay at least the same rates i do, plain and simple. all income should be taxed at the same rates.
    Conservative hero of yesteryear, Ronald Reagan agreed:

    "the biggest reason for equalizing capital gains rates may be that it would generate a vast amount of additional revenue for the Treasury. The Internal Revenue Service reports that for taxpayers with the top 400 adjusted gross incomes, capital gains in 2008 amounted to an eye-popping average of $154 million for each of those taxpayers, or 57 percent of their adjusted gross income, and this in a year when the stock market plunged. In 2007, it was $229 million each, or 66 percent. Much of the windfall from higher capital gains rates could be offset by cutting the rate on ordinary income. For antitax zealots who vow they won’t accept one more penny of federal tax, all of it could be offset by lower rates on ordinary income. And for advocates of reducing the government deficit at least in part through higher taxes, tax reform is an appealing approach.

    Though controversial, this isn’t a new idea. The most prominently successful advocate of a drastically simplified tax code that treated ordinary income and capital gains the same was Ronald Reagan, who made it a centerpiece of his successful 1986 tax reform proposal."

    "In the end, the most compelling argument for equalizing tax rates on capital gains and ordinary income may not be economic efficiency, growth incentives, higher tax revenue or reducing the deficit. It’s simple fairness. It’s hard to quantify or put a dollar value on a just society. “I’ve earned both, and in my experience earning income from capital gains is a lot easier than earning ordinary income,” Mr. Burman said. “Why not tax both at the same rate? It only seems fair.”
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  4. #134
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by SheWolf View Post
    The reason he pays lower taxes is because of tax deductions and itemized forms. Most middle income tax payers don't have enough in itemized deductions to take the deductions, only wealthier people can manage to get 100,000s in tax deductions whereas the guy making 75,000 likely takes nothing in itemized deductions. If Buffet paid himself a salary, he'd still most likely pay less than his secretary because he'd still qualify for thousands of dollars in deductions. And I don't think that owning stock makes him a hypocrite. Maybe we should tax all income the same...
    no, the reason he pays a lower tax RATE is that dividends and cap gains are taxed at 15%.

    Originally Posted by johnny_rebson:

    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 j-mac View Post
    More Class warfare....YAWN!


    j-mac
    First page of the thread and the phrase already comes out. Class Warfare... it's used as an divisive term anymore and has no other meaning. It's used to avoid having an actual discussion and conversation about legitimate concerns. Yes, class warfare is occurring in this country and it's real. If you note, the people defending Romney are the one's supporting Walker and other politicians in their fight against unions and middle income workers. We shouldn't pick one class over the other, but that's what it looks like.

    I don't understand why it's so damn difficult for our nation to discuss the fact that corporations pay less money in taxes than most of us and make billions in revenue. That should piss everybody off and that should be easily changed by our current president with much, much support. We should also be able to discuss Romney's tax situation and figure out something that is actually FAIR, fair as in, the concept people on both sides use when discussing taxation in this country.

    I really think that this discussion is just pathetic on many levels, and I also find that many, many people are completely ignorant and stupid about the tax code and how it works, yet they believe so strongly that they know what they are talking about. In fact it's some of the loudest people in this debate, who think they know their **** and they don't. It's annoying as ****. Even taking a college tax classes 20 plus years ago doesn't mean you know much about taxes today.

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

    Quote Originally Posted by liblady View Post
    no, the reason he pays a lower tax RATE is that dividends and cap gains are taxed at 15%.
    She said Romney is paid a salary but he said he is unemployed so IDK... but if he is just strictly salary, then he benefiting from massive deductions since salary is not capital gains

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

    Quote Originally Posted by SheWolf View Post
    She said Romney is paid a salary but he said he is unemployed so IDK... but if he is just strictly salary, then he benefiting from massive deductions since salary is not capital gains
    actually, warren buffet pays himself a salary of 100k, which is peanuts.

    Originally Posted by johnny_rebson:

    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

    Well, if I understand it correctly, Romney's income is pretty much based on past investments. One of the incentives for investors to invest is a reduced tax rate. I don't think he did anything illegal or shady.

    But this is just another example of how the playing field is rigged to the point where the rich get richer. It takes money to make money. Money snowballs. Those of us in the middle out here, without a whole lotta money to begin with, we're kinda screwed. If you are born into money (or hit the lottery, LOL) you have the advantage of being able to afford higher education, tax deductions, etc., and the beat goes on.

    I don't think Romney's a bad guy for making money while following the rules. It's the rules I have a problem with. Level the playing field. Under the current system, the American dream is all but gone for those yet to achieve it.

    Where Romney screwed up was saying he didn't make that much money at his 1-2 hour speaking engagements even though one speaking engagement payment is more than the annual average income of the SC citizens.

    This has probably already been brought up on this thread. I just didn't have time to start reading at the beginning.

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  9. #139
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by SheWolf View Post
    The reason he pays lower taxes is because of tax deductions and itemized forms. Most middle income tax payers don't have enough in itemized deductions to take the deductions, only wealthier people can manage to get 100,000s in tax deductions whereas the guy making 75,000 likely takes nothing in itemized deductions. If Buffet paid himself a salary, he'd still most likely pay less than his secretary because he'd still qualify for thousands of dollars in deductions. And I don't think that owning stock makes him a hypocrite. Maybe we should tax all income the same...
    You didn't read the last part of my post. Romney was referring to his Effective Tax Rate -- not his tax bracket. Figure you own out; if you're paying a 5% effective rate, I'll be surprised.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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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
    You didn't read the last part of my post. Romney was referring to his Effective Tax Rate -- not his tax bracket. Figure you own out; if you're paying a 5% effective rate, I'll be surprised.
    i pay more than a 15% effective rate, i'll tell you that.

    Originally Posted by johnny_rebson:

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


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