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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 grip View Post
    You're the only one mentioning the fact that he introduced race into a post. And what was your point of your mentioning it, if not for the sole point of insinuating that it was done inappropriately?
    So in your mind, the great offense was not the silly introduction of RACE into a thread about taxation but the fact that somebody noticed.

    You claiming that there was bigotry involved exists only in your mind. It is NOT in my post.

    Amazing. really amazing.
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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
    Plus it would shift the Marxist approach of looking at success as some kind of moral failing.

    j-mac
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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
    Payroll "taxes" are not taxes. They are insurance premiums.
    Sorry Maggie - but a tax is a tax is a tax no matter what it is used for or what benefit one derives from it.
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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
    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.
    Effective tax rate has nothing to do with FICA. FICA is not a tax...it's an insurance premium. What don't you get about that?

    Quote Originally Posted by haymarket View Post
    Perhaps you missed my post the first time you mentioned this fallacy. Tax Brackets have little to do with one's effective tax rate. Two very different measures. To compare a tax bracket % against an effective tax rate is apples to oranges.


    Quote Originally Posted by MaggieD View Post
    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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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by haymarket View Post
    Sorry Maggie - but a tax is a tax is a tax no matter what it is used for or what benefit one derives from it.
    Only in your world -- and others who haven't taken the time to think it through.
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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
    And your 22% number doesn't count deductions. Add in a child, or get married, and that number drops to the low teens.
    Yes they do, read the Politfacts findings.

    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.
    Not at all, we have increased the cap many times without increasing the benefits to the rich.

    Quote Originally Posted by MaggieD View Post
    Payroll "taxes" are not taxes. They are insurance premiums.
    Since 1969 Social Security receipts have been deposited into the General fund and spent as any other money in the general fund. SS receipts as part of the General Fund were used to offset the lack of federal revenue caused by the tax cuts for the last 30 years. Without that funding through payroll taxes our National debt would be trillions more than it is now, and the rich would not have been able to enjoy the last 30 years of tax cuts.
    Last edited by Catawba; 01-24-12 at 02:17 PM.
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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
    Since 1969 Social Security receipts have been deposited into the General fund and spent as any other money in the general fund. SS receipts as part of the General Fund were used to offset the lack of federal revenue caused by the tax cuts for the last 30 years. Without that funding through payroll taxes our National debt would be trillions more than it is now.
    What does this have to do with the cost of tea in China, Cat?
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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
    Only in your world -- and others who haven't taken the time to think it through.
    My pay stub says otherwise.

    The law authorizing that tax says otherwise.

    The US government says otherwise.

    http://www.ssa.gov/pressoffice/facts...afacts2012.htm
    Last edited by haymarket; 01-24-12 at 02:25 PM.
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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
    My pay stub says otherwise.

    The law authorizing that tax says otherwise.

    The US government says otherwise.
    FICA = Federal Insurance Contributions Act. Yes, it is called a tax. It is really an insurance premium.
    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 Catawba View Post
    Yes they do, read the Politfacts findings.



    Not at all, we have increased the cap many times without increasing the benefits to the rich.



    Since 1969 Social Security receipts have been deposited into the General fund and spent as any other money in the general fund. SS receipts as part of the General Fund were used to offset the lack of federal revenue caused by the tax cuts for the last 30 years. Without that funding through payroll taxes our National debt would be trillions more than it is now, and the rich would not have been able to enjoy the last 30 years of tax cuts.
    Let me guess, another graduate of the Haymarket School of Economics?

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