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

  1. #1681
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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
    If somebody is working I don't want to raise their taxes. I'm talking about actual rich people, not upper middle class people. Lets say, more than $1m/year in investment profits. Those folks are not hurt in any way by paying their taxes and that's who we need to raise taxes on. First of all by treating investment income the same as we treat other income.

    If you mother were alive and raking in $300k a year without working, I'm sure she would be able to get by just fine paying the same tax rates working people do... Besides, there are exclusions for retirements savings to cover at least some of that.
    actually my mother worked about 60 hours a week but because of what her father had left her, she was able to work for non profits such as the local university, a planned parenthood and a local theatrical group without taking any pay. But I tire of people like you making cavalier claims that others can do just fine by having more of their wealth taken when they already pay far more than they use

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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
    well your dem buddies are not so charitable. and lots of people in that 200-400K a year have lots of dividend income especially if they are widows or older
    I agree that many of the Democrats are missing the mark by focusing on taxes on wages. The real issue is the capital gains tax break. Maybe that's just a bigger fish than they have the political will to try to fry. Many of them are talking more and more about capital gains though. OWS and whatnot most definitely is focused on that angle.

    Quote Originally Posted by TurtleDude View Post
    they already pay far more than most people
    Again, when you look at state and federal taxes combined, that isn't true. Most people in the top 1% pay a total of 30% where the median American is just over 27%. So they only pay about 3% more than your average middle class person. Maybe eliminating the tax break for capital gains would bump up your typical 1%er to 33% or something. A 3% bump in the taxes a person makes $300k/year pays is basically a non-event.

    Where it has a more dramatic effect is on actual rich people. Romneys. People who make all their money off investments and make millions. They won't feel the tax, but it will generate a boatload of revenue. Big win.
    Last edited by teamosil; 01-28-12 at 12:53 AM.

  3. #1683
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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
    Again, when you look at state and federal taxes combined, that isn't true.
    C'mon Tea! We discussed this. If you want to attack state taxes, which of the 51 separate governments, economies, and societies do you want to attack first?
    Omniscience just sucks without omnipotence!

  4. #1684
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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 agree that many of the Democrats are missing the mark by focusing on taxes on wages. The real issue is the capital gains tax break. Maybe that's just a bigger fish than they have the political will to try to fry. Many of them are talking more and more about capital gains though. OWS and whatnot most definitely is focused on that angle.



    Again, when you look at state and federal taxes combined, that isn't true. Most people in the top 1% pay a total of 30% where the median American is just over 27%. So they only pay about 3% more than your average middle class person. Maybe eliminating the tax break for capital gains would bump up your typical 1%er to 33% or something. A 3% bump in the taxes a person makes $300k/year pays is basically a non-event.

    Where it has a more dramatic effect is on actual rich people. Romneys. People who make all their money off investments and make millions. They won't feel the tax, but it will generate a boatload of revenue. Big win.
    so you claim that the average person is paying say 100K or more in combined taxes. and you are not being truthful. I know lots of people making 300-500K a year mainly on investment income and they will feel the tax if their tax is doubled or hiked even higher

    and they do pay far more actual tax dollars than anyone you claim to champion

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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
    C'mon Tea! We discussed this. If you want to attack state taxes, which of the 51 separate governments, economies, and societies do you want to attack first?
    How is someone who makes50-75K a year pay combined state and federal taxes higher than someone who makes 500K in investment income? that is impossible. that investor pays more taxes than someone making 75K a year makes

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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
    How much revenue we collect and how much we spend have no relationship at all. That's why we have a $1.4 trillion deficit. The only thing revenue determines is how much of what we spend we have to borrow to cover.

    Personally I would like to see us reduce the deficit by about $600 billion/year. Increase revenues by about $200 billion/year, cut about $200 billion/year from the military and cut about $200 billion/year from domestic spending. That should put us about on track to be balanced as we come out of the recession.

    But from a deficit perspective, fighting tax increases is exactly the same thing as fighting against spending cuts. A $1 tax break means $1 more deficit just like $1 of spending does.
    You have to deal with facts and reality. We spend 1.4 trillion more ayear than we take in and we dont even bat an eyelash. The 'super' committee of democrats and republicans cant even begin to agree on minimal targeted deficit cuts over a 10 year span. You really live in this dream world where all of a sudden a federal government that has spent us into a 15.5 trillion dollar hole is suddenly fiscally responsible? Sorry...the sky is blue on my planet and I know that you give those folks more to spend and all they will do is spend it. And for what? What do we have to show for that 15.5 trillion dollar debt? Hell...we arent even investing in product.

  7. #1687
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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
    C'mon Tea! We discussed this. If you want to attack state taxes, which of the 51 separate governments, economies, and societies do you want to attack first?
    If TD wants to argue that the rich already are carrying too much of the burden, I don't see why it makes any sense at all not to look at the full tax burden they carry. His argument is based on how their personal financial situations are impacted by taxation. From that perspective it doesn't matter one lick which level of government the check is going to.

    But, as a side note, I don't buy that different states are different economies or different societies. All that stuff is interstate these days.

  8. #1688
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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
    so you claim that the average person is paying say 100K or more in combined taxes.
    What?





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  9. #1689
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by VanceMack View Post
    You have to deal with facts and reality. We spend 1.4 trillion more ayear than we take in and we dont even bat an eyelash. The 'super' committee of democrats and republicans cant even begin to agree on minimal targeted deficit cuts over a 10 year span. You really live in this dream world where all of a sudden a federal government that has spent us into a 15.5 trillion dollar hole is suddenly fiscally responsible? Sorry...the sky is blue on my planet and I know that you give those folks more to spend and all they will do is spend it. And for what? What do we have to show for that 15.5 trillion dollar debt? Hell...we arent even investing in product.
    What are you talking about? I never said they were fiscally responsible. They aren't. I want the government to be more fiscally responsible. That means higher taxes and lower spending. You're arguing that we should NOT become more fiscally responsible, we should just keep borrowing to cover our shortfall. We can't do that. We need to pay for what we spend.

  10. #1690
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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
    How is someone who makes50-75K a year pay combined state and federal taxes higher than someone who makes 500K in investment income? that is impossible. that investor pays more taxes than someone making 75K a year makes
    I'm sure in some states they pay a higher percentage of their income in state taxes (consumption taxes). I'm also sure the dollar amount is nowhere near as large.
    Omniscience just sucks without omnipotence!

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