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

  1. #1651
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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 favor three things

    1) all federal income tax rates should go up five points
    2) stop applying discriminatory preferences for different sources as income and simply tax all money an individual makes as income according to the standard rate applicable on the progressive chart
    3- stop giving the top 6% a break on FICA and pop the cap while freezing benefit levels

    I do not have a proposal for corporate taxes but would endorse this from Senator Bernie Sanders of Vermont

    Sen. Bernie Sanders: End Tax Breaks for Profitable Corporations
    1. Okay, 5% revenue increase from income tax, that's about 55 billion dollars
    2. Historically, raising capital gains causes neutral or declined revenue because people will stop selling houses and not move money
    3. You want an 11% increase in all incomes over 106k? It sounds extreme to me.
    3a. Does this mean you want FICA applied to the general fund after it pays for retirements or do you want everyone's SS distributions to go up?

    Regarding the corporate idea, that is a large shift that is debated elsewhere extensively and I see a huge derailment if I get into the specifics.

    EDIT: wording
    Last edited by Keridan; 01-27-12 at 10:40 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
    You ignore the tremendous benefit of living in a just and more equitable society which buys long term peace for all Americans -and that includes you Turtle.
    but I shouldn't pay thousands more when others are paying nothing in FIT and CAN pay something. and I suspect your desire for equitable society is not something you and I will ever agree on. My Idea-everyone benefits from government-everyone pays the same rate (which still means we pay more than most for the same benefits_

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

    I forgot to mention that the government is spending about 9 billion a day. That 5% increase in revenue will get us through less than a week. This is why I feel we have a spending problem far bigger than a revenue problem.
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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 forgot to mention that the government is spending about 9 billion a day. That 5% increase in revenue will get us through less than a week. This is why I feel we have a spending problem far bigger than a revenue problem.
    which is why I advocate a tax system that will make this sort of government spending distasteful to most americans

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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
    What matters is how you vote. If you vote for the people - the vast majority of people who work for a living and are struggling right now, that is what the people notice first. Your own personal finances rank down the list unless you constantly vote against the people then they merely confirm your bias.

    Working Democrats are NOT against rich folks. They are against rich folks who are against them.
    So as long as they pander to the poor and continue to toss crumbs...as long as they throw out populist tripe...they 'feel' ya...I get it. Believe me...I get it.

  6. #1656
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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 forgot to mention that the government is spending about 9 billion a day. That 5% increase in revenue will get us through less than a week. This is why I feel we have a spending problem far bigger than a revenue problem.
    It is haymarket's proposal, not mine, but just to clarify something- increasing the tax rates 5% isn't just a 5% increase in revenue. The average American pays about 13% in federal taxes, so if you increase that 5%, that would be 18%. So that's actually a 38% increase in revenues (5/13).

    The elimination of the capital gains tax break and the FICA contribution cap would also dramatically increase revenue.

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

    Quote Originally Posted by teamosil View Post
    It is haymarket's proposal, not mine, but just to clarify something- increasing the tax rates 5% isn't just a 5% increase in revenue. The average American pays about 13% in federal taxes, so if you increase that 5%, that would be 18%. So that's actually a 38% increase in revenues (5/13).

    The elimination of the capital gains tax break and the FICA contribution cap would also dramatically increase revenue.
    that assumes that it would have no other effect

    why not jack up taxes on the rich until they have no more disposable income than the average voter?

    you just don't seem to understand that as long as most people think its the duty of others to pay down the deficit most people will demand more government

  8. #1658
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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
    which is why I advocate a tax system that will make this sort of government spending distasteful to most americans
    I understand your point about everyone feeling the pain when taxes are levied. To a degree I even feel the same. However, it won't ever pass. Even if the burden is 1% to 15% and all taxes have to be lowered or raised equally, it removes way too much political ground. Plus, the politicians will always find a way to get around it, 535 people's full time job is figuring out how to get elected again.
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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 understand your point about everyone feeling the pain when taxes are levied. To a degree I even feel the same. However, it won't ever pass. Even if the burden is 1% to 15% and all taxes have to be lowered or raised equally, it removes way too much political ground. Plus, the politicians will always find a way to get around it, 535 people's full time job is figuring out how to get elected again.
    the country is going to end up like Greece because as long as most people want more government handouts there is no way to stop it

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

    Quote Originally Posted by teamosil View Post
    I definitely agree with Haymarket, so I won't bother repeating what he already pointed out, but I would add that even for a Democrat being megarich does kind of make it harder for them to connect with the voters. Kerry struggled with that for example. But when you add on top of that a candidate who is campaigning on things like cutting programs the middle class rely on and further reducing the tax burden on the super rich, that's a lot bigger problem. Especially during a year like this where awareness of the rich/working people gap is so high.
    Maybe...just maybe...a candidate (regardless of their income bracket) that sees a national debt that is at 15.5 trillion and climbing and a congress that has spent 1.4 trillion more a year than what they bring in and cant agree even to minor cuts in deficit spending over 10 years, MIGHT just realize that none of this is sustainable and that cuts MUST be made before we become Greece. Perhaps candidates simply differ on the notion that jacking up taxes on the investing classes for the sake of dumping more money into the hands of congress who in turn spend all and more and continue to increase the debt that our GRANDCHILDREN are going to have to pay as being a BAD idea. The president isnt supposed to run around tossing skittles and candy bars and pretend thats going to fix things. Bush was terrible on the debt spending and increases he authorized by signing those spending bills. Obama has been worse and has promised to spend even MORE. That may make you feel all warm and squiggly inside...great. Your grandkids are going to be less than thrilled.

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