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

  1. #1741
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by Meathead View Post
    Isn't it a bit silly saying he is against the death tax so he can keep it for himself?
    death tax advocates claim (without any evidence) that the Heirs did nothing to "earn" the wealth and then argue a government that already taxed the wealth when it was being created somehow deserve it more

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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
    Ive yet to see you or anyone on the left advocating social cuts and returning social spending to the states
    Obama, for example, proposed $4 trillion in deficit reduction over 10 years. Approximately $1 trillion in revenues, $1 trillion in cuts to military spending and $2 trillion in cuts to domestic spending. The Democrats on the super committee proposed $3 trillion over 10 years with the same proportions.

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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
    Good point - his family then. I also think he is concerned about what he inherits as well so it is also a matter of what he can keep for himself.
    so tell me Haymarket why does the government deserve even a penny given all that wealth was massively taxed (some at 90%) during its accumulation? and don't your arguments apply to any estates hit by the death tax

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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
    No it doesn't....

    Estate Tax
    Estate and Gift Taxes
    Frequently Asked Questions on Estate Taxes

    Etc.

    The "death tax" is just a phrase right wingers came up with in relatively recent history to try to make it sound mean to ask mega millionaires to pay taxes.
    YOu are lying again. The 627 Estate Closing letter I received from the IRS referred to the amount of Ohio State DEATH TAXES

    you are wrong again

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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
    Obama, for example, proposed $4 trillion in deficit reduction over 10 years. Approximately $1 trillion in revenues, $1 trillion in cuts to military spending and $2 trillion in cuts to domestic spending. The Democrats on the super committee proposed $3 trillion over 10 years with the same proportions.
    And that proposal caught my interest! Unfortunately, I found that it was $4 trillion over ten years meaning only 400 billion a year, which lowers, but does not remove, our deficit. It also included 110 billion a year by moving out of a war that was going to end anyway. Further in, the details didn't thrill me much, either.

    However, as I'm not looking for perfect, I won't deny this was at least somewhat of a movement in the right direction.
    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
    so tell me Haymarket why does the government deserve even a penny given all that wealth was massively taxed (some at 90%) during its accumulation? and don't your arguments apply to any estates hit by the death tax
    The previous owner of the money paid taxes on it. That's true of any money anybody gets. If I make $1,000 at work I pay income taxes on that and then if I hire somebody to build me a treehouse, they pay taxes on it too. The fact that some previous owner of the money paid taxes on it doesn't somehow magically excuse the next recipient of the money from paying their taxes. If it did then no money would be taxable.

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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
    YOu are lying again. The 627 Estate Closing letter I received from the IRS referred to the amount of Ohio State DEATH TAXES

    you are wrong again
    Lot of mistakes there bucko. First of all, Ohio can call it's estate tax whatever it wants. The federal estate tax is called, by the IRS, the estate tax as all those links I gave you show. Secondly, Ohio actually calls it the estate tax too:

    Welcome to the Ohio Department of Taxation.
    Welcome to the Ohio Department of Taxation
    Ohio estate tax - Wikipedia, the free encyclopedia

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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
    The federal government did regulate it. There isn't a particular right that child labor interferes with though, so they had to frame it as being under the federal government's power to regulate interstate commerce. But that is an example of stopping destructive competition. States were competing for manufacturing jobs by having worse and worse child labor laws.
    When it hits a certain point, it is child's rights. Also, it's not the fact that things like this need to be watched that I argue. It's taking this too far and changing the entire balance of the economic advantages/disadvantages of the state. I fully believe the states need to be in direct competition for how much they charge people and what those people get out of it.

    Quote Originally Posted by teamosil View Post
    That's called the race to the TOP Competition over doing something better or cheaper or more efficiently or whatever are examples where competition between states is a good thing. It's when the incentives get backwards and they end up having to compete to make the law worse and worse that it's a race to the bottom.
    You and your semantics! I actually knew this, but was making a point, which I think you realize

    I feel they should be racing to the TOP. Be the most efficient. If rights are protected (which is the role of federal government) and governments are left to compete for business, they will try to be the most efficient to attract the folks they need.
    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 teamosil View Post
    The previous owner of the money paid taxes on it. That's true of any money anybody gets. If I make $1,000 at work I pay income taxes on that and then if I hire somebody to build me a treehouse, they pay taxes on it too. The fact that some previous owner of the money paid taxes on it doesn't somehow magically excuse the next recipient of the money from paying their taxes. If it did then no money would be taxable.
    using that logic of yours-which is flawed since gifts are not taxed since there really is no exchange of value which is the main issue for a taxable transaction-you should apply the death tax to all estates

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