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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 Samhain View Post
    A tax bracket system with lower rates than we have today, plus 0 deductions, would generate more revenue than the existing system, simply because everyone would be paying taxes.
    Everyone is paying taxes now except the disabled and elderly poor. How much you propose we tax the disabled and elderly poor????
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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
    Your point is ignorant and ignores the payroll tax that someone making $50,000 has to pay on his entire income in addition to the income tax he has to pay on his entire income. Those that make their money primarily from investments, do not have to pay payroll taxes on their entire income which is why Romney pays 13.9% tax rate on his $24 million while someone just making $50,000 has to pay 22%-23% tax rate.
    You are comparing apples to oranges. Your 22-23% includes all other payroll taxes, while your 13.9% does not.

    Try this factcheck article, FactCheck.org : Obama’s Teacher Tax Whopper, which is where the 50k = 6.1% effective tax rate number comes from as well, you will see that including payroll taxes on someone like the President gets their effective tax rate into the 30s, percent wise.

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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
    From your own link:
    When someone is discussing Effective Tax Rate, they are talking about Federal taxes. Social Security and Medicare, while they would change the "mix," are not taxes per se; they are more akin to insurance premiums, albeit forced.
    Quote Originally Posted by Dickieboy View Post
    As I pointed out previously you missed important points in the article. For one:

    "They estimated that combining the workers’ share of the payroll tax with the employer’s share -- the usual practice among economists -- would mean an extra 15 percentage points for our hypothetical middle-class worker"

    So the percentages you continue to post include the EMPLOYER'S SHARE of FICA and this should be included in the calculation. Why? I understand the presumption but does it show on one's W-2?
    From the politifact finding:

    "We asked two researchers at the Urban Institute-Brookings Institute Tax Policy Center, Roberton Williams and Rachel Johnson, for their advice on how to factor in payroll taxes. They estimated that combining the workers’ share of the payroll tax with the employer’s share -- the usual practice among economists -- would mean an extra 15 percentage points for our hypothetical middle-class worker, and less than 2 additional percentage points for the high-income taxpayer.

    "Adding these to the percentages we previously found for the income tax alone produces a new, "final" rate of 22 to 23 percent for the construction worker and 20 to 30 percent for the $50 million earner."

    And what makes Romney's effective tax rate only 13.9% is that because his income is primarily from investment income, he pays virtually no payroll taxes on his entire income.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by Samhain View Post
    Your 22-23% includes all other payroll taxes, while your 13.9% does not.
    Now you are beginning to get it!!! Someone that make their income primarily from investments pays virtually no payroll taxes, while the guy making $50,000 has to pay both income taxes and payroll taxes on his entire income.
    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

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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
    Now you are beginning to get it!!! Someone that make their income primarily from investments pays virtually no payroll taxes, while the guy making $50,000 has to pay both income taxes and payroll taxes on his entire income.
    And your 22% number doesn't count deductions. Add in a child, or get married, and that number drops to the low teens.

    If you increase the amount of funds that are available to the payroll tax(i.e. remove the 106k cap, or include all income ), you have to increase the benefits of those programs. So in the end, you make higher income earners pay more into the system while also giving them back more in benefits.

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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
    What the hell is "excessive profit"????


    j-mac
    Exxon making $40 billion profit in one year. They monopolize an industry and control pricing.

    Dec. 26, 2008—Gas prices tumble to $1.64 a gallon. Some areas seeing prices as low as $1.45 a gallon. Crude oil is just a little over $40 a barrel.

    Dec. 31, 2008—Crude oil prices plummet below $37 a barrel while the U.S. average price for a gallon of regular unleaded gasoline falls to an amazing 5-year low of $1.61.

    The US dollar is backed by petro-pricing, which is the only reason market investments still use our currency for valuation. If the first goes then the second follows and collapses the dollar and bond market to show it's true value. The ME wars have very little to do with democracy and dictators, they're geopolitical strategies to secure continued access to resources that affect economies world wide.
    Einstein, "science without religion is lame, religion without science is blind."

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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
    Now you are beginning to get it!!! Someone that make their income primarily from investments pays virtually no payroll taxes, while the guy making $50,000 has to pay both income taxes and payroll taxes on his entire income.
    Payroll "taxes" are not taxes. They are insurance premiums.

    Average 2011 monthly Social Security benefits

    •Retired worker: $1,174
    •Retired couple: $1,907
    •Disabled worker: $1,067
    •Disabled worker with a spouse and child: $1,813
    •Widow or widower: $1,133
    •Young widow or widower with two children: $2,409
    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

    To fix the current economic mess you have to figure out what caused it. The corporations and investors gave out too much credit in the form of housing, cars, PC's, TV's, fart phones, recreational vehicles, credit cards, etc. The people gobbled it up and wanted more. The economy took off like a rocket. The government made more in revenues taxing all this new income. They ramped up their budgets and over spent. But the greed was all the way around and the cause. Now we have this over bloated tick of a society that needs a financial haircut. Get the hippies and freeloaders back to work, stop the government from over spending and regulate the monopolizing corporations from bleeding the economy. The people, government and corporations all need each other, so we have to find a fair balance. Now vote for me because I'll kick everyone's ass...lol
    Einstein, "science without religion is lame, religion without science is blind."

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

    Quote Originally Posted by Samhain View Post
    Considering the actual average effective tax rate is 11%, your comparison to a waitress is disingenuous at best.
    actually, its right on the money

    Tax Brackets (Federal Income Tax Rates) 2000 through 2011 and 2012
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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
    I think every American should read this:

    THE COMMUNIST MANIFESTO


    And apply it to today's liberal to understand where they are coming from...

    j-mac
    That makes about as much logical sense as me linking to MEIN KAMPF and saying it exlains right wing thinking in America today.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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