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

  1. #291
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by TNAR View Post
    I'm pretty sure I paid a -2 or -3 percent last year (2010).

    Edit: Wait, is it accurate to say "paid" if my rate was negative?
    Oh boy, TD is going to be so envious.

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

    Quote Originally Posted by AdamT View Post
    Oh dear, you really think that you're not paying income taxes because you're buying munis with your income? I hope the IRS isn't reading this!
    Tax Accounting Classes, Adam!!! Tax-free Muni's are Federally tax free. Don't know that? I'm sorry for you.

    Well, perhaps you have little or no straight income and you're just relying on investment income? If so it's generally not a great idea to make bad or mediocre investments to try to avoid LTCG. You must have gotten slaughtered over the last few years, yes?
    Not at all....in fact my tax-frees are up about 15% (I think) in the last few years.

    If you're paying 15% of your Adjusted Gross Income in Federal income taxes, you need a professional tax preparer...unless, as I said, you're making well in excess of $200K a year.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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

    Quote Originally Posted by teamosil
    Maybe federal taxes only, not counting FICA... Total you almost certainly paid a higher percentage than Romney.
    Perhaps you should read the OP again. Romney claimed to have paid a "15% income tax". We need to compare apples to apples here.

    45% of households owe no federal income taxes.

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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
    If you were honest, you'd get right up out of your chair, go get your 2010 Federal Income Tax Form and figure it out. But you won't, because you want to hang on to that illusion. Divide the Federal income tax you paid last year by Line 37 which is your Adjusted Gross Income. See what you come up with.
    We have a progressive tax system and all the bracket percentages are marginal rates. Here his how the taxes are calculated:

    Tax Brackets (Federal Income Tax Rates) 2000 through 2011 and 2012


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

    Quote Originally Posted by TNAR View Post
    Perhaps you should read the OP again. Romney claimed to have paid a "15% income tax". We need to compare apples to apples here.
    Yeah, so state and federal income and capital gains taxes. Those are the only taxes he would pay any kind of meaningful percentage of his income on. The rest of the taxes are regressive, so once you get up near his tier they are well below 1% of your income. So, his total taxes paid are between 15% and 16% of his income. Meaning he pays about the same as somebody in the lowest 20%, but less than the people in other brackets.
    Last edited by teamosil; 01-18-12 at 11:55 PM.

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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
    Tax Accounting Classes, Adam!!! Tax-free Muni's are Federally tax free. Don't know that? I'm sorry for you.



    Not at all....in fact my tax-frees are up about 15% (I think) in the last few years.

    If you're paying 15% of your Adjusted Gross Income in Federal income taxes, you need a professional tax preparer...unless, as I said, you're making well in excess of $200K a year.
    The municipal bond market is down roughly 40% over the past few years, while my portofolio is up about 50%. One sure way to avoid taxes is to lose money. I'll give you that much.

    I would suggest that you find someone who knows something about investments and not just tax avoidance.
    Last edited by AdamT; 01-18-12 at 11:56 PM.

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

    Quote Originally Posted by AdamT View Post
    The municipal bond market is down roughly 40% over the past few years, while my portofolio is up about 50%. One sure way to avoid taxes is to lose money. I'll give you that much.
    Well, if that's true, I'm one hell of a fund picker, 'cause mine are up. But since you play fast and loose with percentages, I'm not going to pat myself on the back.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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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
    Maybe federal taxes only, not counting FICA... Total you almost certainly paid a higher percentage than Romney.

    http://www.ctj.org/pdf/taxday2011.pdf
    I’m having trouble with your link. The CBO report, Effective Federal Tax Rates Under Current Law, 2001 to 2014
    Indicates the 2010 effective FEDERAL tax rates to be first Q- 5.8%, 2nd - 12.3%, 3rd – 16.1%, 4th – 20.5% 5th – 27.1% . The numbers in the column on your link ‘Federal Taxes’ appear to be vastly different. What gives? Which is the more reputable souce?

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

    Quote Originally Posted by teamosil
    Those are the only taxes he would pay any kind of meaningful percentage of his income on. The rest of the taxes are regressive, so once you get up near his tier they are well below 1% of your income.
    I agree with your conclusion but this is not what you said earlier. I just wanted to make sure we were all being honest here.

    Taxes are absolutely regressive. But then again so are all prices!

    A very poor man must serve up nearly 100% of his income in order to obtain food, clothing, and perhaps shelter but a rich man can afford all of these things to excess and only utilize a minute portion of his income. Does this mean that all prices should be progressive as well? Perhaps it is not the difference in material wealth which is the problem here...

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

    Quote Originally Posted by AdamT
    I would suggest that you find someone who knows something about investments and not just tax avoidance.
    Tax avoidance is perfectly legal; tax evasion is illegal.

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