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

  1. #1601
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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
    I have no beef with rich folk. I have great admiration with people who work hard and are successful and make America even greater.

    I believe that America is in a financial crisis and all Americans should pay five point more on their federal income tax. That includes ever wage earner from dollar one to the absolute top. I believe that income should be taxed according to the same progressive rates schedule without discrimination as to the source of that income.
    I want to look at the effect this would have. Do you mean to include corporate taxes?
    Omniscience just sucks without omnipotence!

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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
    NOt at all, his interests as a billionaire are advanced by screwing over the merely rich like me. the error you make is thinking a guy who makes a billion a year has the same interests as those of us who make enough to be in the top one percent but not enough to see our estate raped at the rate people like you want and then regenerate within 20 years. Buffetts would
    How did Warren Buffett screw you?
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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
    NOt at all, his interests as a billionaire are advanced by screwing over the merely rich like me. the error you make is thinking a guy who makes a billion a year has the same interests as those of us who make enough to be in the top one percent but not enough to see our estate raped at the rate people like you want and then regenerate within 20 years. Buffetts would
    I also note that it is true that the uber rich don't really spend that much more than the mere rich on consumer goods. what that means is if Buffett suffers even a doubling in his taxes, his spending won't change much if at all. But if you have someone who lives off 40 years of investing when he was working and now at age 62 is living off of 500K a year in dividends will clearly suffer a major lifestyle change if his taxes (federal income tax only) goes from 75K a year to well over 150K a year which would be the case if his dividends were taxed at a top marginal rate of 40% as you want

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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
    How did Warren Buffett screw you?
    he wants to screw me by making my income taxes go way up and my estate taxes when I die go way up

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

    Quote Originally Posted by Keridan View Post
    I want to look at the effect this would have. Do you mean to include corporate taxes?
    I do not remember mentioning corporate taxes one way or the other.
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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
    he wants to screw me by making my income taxes go way up and my estate taxes when I die go way up
    So again, you view him as a traitor to his class because he wants to remove the privileges your class has unfairly enjoyed under the current tax code.
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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
    How do you come to that incredible conclusion?
    I went through this several times

    Company A has profits of one million taxed at 35% means 650K

    then when it is distributed to its owners (lets assume they are rich) that 650K is taxed at 40% (your desired tax rate on dividends for the wealthy)

    that is another 290K in taxes

    that 1 million dollar sum of money has 610K going to the government, and 390 going to the owners

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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
    So again, you view him as a traitor to his class because he wants to remove the privileges your class has unfairly enjoyed under the current tax code.
    I guess you cannot get it through your head that he is not in my class

    Us making 400K to 4 million a year are much closer to YOU than we are to Buffett

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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 went through this several times

    Company A has profits of one million taxed at 35% means 650K

    then when it is distributed to its owners (lets assume they are rich)
    You mean its SHAREHOLDERS?
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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
    You mean its SHAREHOLDERS?
    shareholders are owners

    and I keep asking why the government deserves 61% of money a corporation made

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