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

  1. #11
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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
    didn't need to-it was obvious
    Nope. It's called a metaphor. He said "class warfare" so I stayed within the metaphor to respond. See how that works?
    Last edited by misterman; 01-17-12 at 11:09 PM.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by misterman View Post
    Nope. It's called a metaphor. He said "class warfare" so I stayed within the metaphor to respond. See how that works?
    wow that is brilliant

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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 median effective tax rate in the US is 27%.
    actually, as of 2009, it was 11.06%. And that's just for those with a "positive liability". I think you have confused "effective" with "nominal".

    But, you might think, we have a progressive income tax system. Certainly the super rich get hit up on that one. But, nope, they don't. The progressive income tax system really only affects up to upper middle class people. People in really high paying jobs pay 35%, in addition to the other taxes listed above. But once you break past that into the super rich, they don't get paid in wages, they get paid with equity, and equity is only taxed at a measley 15%
    precisely. because they are not stupid - instead they are dynamic creatures that respond to incentives. When you increase marginal rates, you accordingly increase incentives to alter compensation in such a manner as to decrease exposure. Even the President takes advantage of the tax credits and deductions that are available to him, even as he derides others for doing so.

    However, all of Romney's income was taxed before he got it, often at the nominal 35%; so I'm not terribly worried that he's not paying his fair share of supporting the government.

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

    Quote Originally Posted by misterman View Post
    They only call it class warfare when we fight back.
    '


    what a particularly stupid slogan. How, precisely, does investing in American businesses constitute attacking the middle class?

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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
    Not true. If he earns a salary (which he does), he pays FICA just like everyone else. If his state requires he chip in on unemployment, he does that, too. (In Illinois, employees don't pay into that fund. Employer pays it all.) Disability? You only pay disability insurance premiums if you choose to.

    Then you go on to gripe about how much sales tax he pays. More than you, I'll bet....since he spends a whole lot more. Property tax? He probably pays a fortune in property taxes, depending upon the cost of his home. Etc. "So in effect, they don't really pay those either." Logic fail.
    His salary, sales taxes he pays, property taxes he pays, etc, are all almost certainly close to 0% of his income, so I don't get how you think any of those count. Anyways, he is the one saying he pays 15% total. No me, him.

    Quote Originally Posted by MaggieD View Post
    Why do you think Warren Buffett (the left's hero) pays a lesser percentage than his secretary? He pays himself only $100K in annual salary and takes the rest as dividends...or perhaps stock options. Hypocrite, that one.
    That's right- Buffett, like most super rich people, pays a lower tax rate than his own secretary. That's how taxes are set up in this country.

    Quote Originally Posted by MaggieD View Post
    As to Romney? When he "revealed he pays about 15% in taxes," he was talking about his effective tax rate; not his tax bracket. Compare that to yours. Yours is probably closer to 5%. Take the total amount of income tax you paid last year (don't count Social Security) and divide that number by your Adjusted Gross Income. (If you even paid any income tax last year....since 47% of "taxpayers" paid none at all.
    No, again, the median effective tax rate in the US is 27%. You might be missing that federal income taxes are less than half of all taxes.

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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 median effective tax rate in the US is 27%. That's how much the typical American pays between state and federal taxes. Megamillionaire robber baron Mitt Romney, however, only pays 15%.

    That is not uncommon at all for the superrich. They do not pay many of the taxes middle class people pay at all- no FICA, no unemployment, no disability, etc. And many of the taxes that apply to a large portion of middle class's income- sales, property, vehicle, etc- apply to only a very tiny percentage of the income of someone as wealthy as Romney, so in effect, they don't really pay those either.

    But, you might think, we have a progressive income tax system. Certainly the super rich get hit up on that one. But, nope, they don't. The progressive income tax system really only affects up to upper middle class people. People in really high paying jobs pay 35%, in addition to the other taxes listed above. But once you break past that into the super rich, they don't get paid in wages, they get paid with equity, and equity is only taxed at a measley 15%. So, in addition to being excused from most types of taxes, they get a 20% reduction in their tax break because they don't have to work to make their income.

    Romney reveals he pays about 15% in taxes - CNN.com
    So your beef really should be in that capital income is treated differently than non capital income.
    Think I will see if I can find how much Pelosi's income is from capital.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by jamesrage View Post
    Yeap ,weeze gots to get them thar rich greedy bastards.How day they not pay all they income in taxes so we can has our welfares,foodstamsp,section 8s. My ten kids I am raisins all by myselfs needs they cheetos,hot pockets and barbecue pork rinds.
    You're on a thread about him paying much lower taxes than working people... Is that your impersonation of a person who works? Or what?

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

    Quote Originally Posted by cpwill View Post
    '


    what a particularly stupid slogan. How, precisely, does investing in American businesses constitute attacking the middle class?
    doing well, working hard and making money appears to be seen as an attack on the unproductive by those who hate the industrious

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

    House Minority Leader Nancy Pelosi's wealth grows 62% to $35.2M, Boehner, Reid's worth increases too - New York Daily News
    House Minority Leader Nancy Pelosi's net worth skyrocketed 62% last year, to a jaw-dropping $35.2 million, according to financial disclosure forms released Wednesday.

    Pelosi's drastic growth, from an initial $21.7 million in 2009, is attributed to recent stock gains and smart investments. Her husband reported raking in $1 million to $5 million last year from a sale of Apple stocks.

    Well lets see here. the growth was from the sale of stocks. Wait, thats capital, and she paid what percent of that in federal income tax, gee the same as Romney 15%,

    That is what I love about some news stories and not looking at both sides of the political spectrum. At least this one I linked mentioned some Repubs besides Pelosi.
    Last edited by mike2810; 01-17-12 at 11:46 PM.
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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
    You're on a thread about him paying much lower taxes than working people... Is that your impersonation of a person who works? Or what?
    stop the lying

    Romney pays more tax dollars than "working people" and I suspect Romney worked far harder and far smarter than most of the people you call "working people"

    and yes, Romney's effective tax rate during his life is much higher than most "working peoples'"

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