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

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

    I think it's important to remember that the average taxpayer pays an effective tax rate considerably lower than 15% on his income.
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    And I am against that also Maggie. I have stated quite clearly that every single American who earns as little as one dollar should pay at least 5% in 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 Centinel View Post
    I fail to see any inconsistency in the current law. For salary, everyone pays according to the same rate schedule. For gains, everyone pays according to the same rate schedule. Everyone pays once on their salary, and then if they invest their money, they pay again on their capital gain.

    Personally, I'd prefer the federal government to be funded by a combination of revenue tariffs, excise taxes, and requisitions on the states (apportioned by population).
    The very rich are able to structure their income. Joe Plumber cannot. Look at Warren Buffett...part of his tax planning strategy is to only pay himself $100,000 a year as CEO of one of the largest conglomerates in the world. We all know he makes far more than that as the third richest man in the world. But legal tax loopholes allow him to "work the system." The average person can't do that.
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    Re: Romney's tax rate is only half as high as the middle class pays

    I think it's important to remember that the average taxpayer pays an effective tax rate considerably lower than 15% on his income.[/QUOTE]

    its also important to note that in actual tax dollars, Mitt pays more income tax than 60+ million americans combined yet only someone with an IQ under 50 could claim that Mitt uses more government services funded by the income tax than those 60+ million.

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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

    And I am against that also Maggie. I have stated quite clearly that every single American who earns as little as one dollar should pay at least 5% in federal income taxes.
    that is a good start but it is also important to prevent those paying 15% from demanding others pay 45-50-60 percent. so if the rates are increased everyone should pay the same percentage increase

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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
    The very rich are able to structure their income. Joe Plumber cannot. Look at Warren Buffett...part of his tax planning strategy is to only pay himself $100,000 a year as CEO of one of the largest conglomerates in the world. We all know he makes far more than that as the third richest man in the world. But legal tax loopholes allow him to "work the system." The average person can't do that.
    Which is why I think that taxing income is such a bad idea. My preference would be for a low revenue tariff (1 or 2%) and a low general excise tax (1 or 2%), with any additional required funds being raised by requisitions on the states (apportioned by population).

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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
    that is a good start but it is also important to prevent those paying 15% from demanding others pay 45-50-60 percent. so if the rates are increased everyone should pay the same percentage increase
    Ooops, look at you lying again. Nobody except those in Romney's super rich tier pay only 15%. Even people living in poverty pay 16% in taxes. The average American pays 27%. The average Democrat would pay slightly more than that. You know all that. We've been over it like 100 times. Quit playing dumb.
    Last edited by teamosil; 01-21-12 at 06:20 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
    Ooops, look at you lying again. Nobody except those in Romney's super rich tier pay only 15%. Even people living in poverty pay 16% in taxes. You know that. We've been over it like 10 times. Quit playing dumb.
    you have been napalmed on this issue. We are talking about mitt's income tax rate and you are dishonestly trying to include all taxes. percentage rates on sales tax, excise tax, airport tax, etc are IRRELEVANT.

    People in poverty are paying taxes with MONEY GIVEN TO THEM BY THE GOVERNMENT. so stop the bloodclot lying. I tire of your posts which are dishonest and have been proven wrong

    You started this thread to whine about Romney and the rich having income from investments.

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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
    And I am against that also Maggie. I have stated quite clearly that every single American who earns as little as one dollar should pay at least 5% in federal income taxes.
    Well, we're sure on the same page there, Haymarket. Actually, though, I was referring to the fact that effective tax rates have little to do with one's marginal tax bracket. Whereas the 15% tax on cap gains is the effective tax rate for that type of income.

    Example: A married couple make $70,000 in salaries. They have two children. Imputing $1,000 a month in mortgage interest as their only deduction, you'll see by this calculator that their effective tax rate is only 6.88%, or $4,816 in total Federal income tax paid. Their tax bracket and marginal tax rates are the same at 27%.

    Marginal and Effective Tax Rates
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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
    Ooops, look at you lying again. Nobody except those in Romney's super rich tier pay only 15%. Even people living in poverty pay 16% in taxes. The average American pays 27%. The average Democrat would pay slightly more than that. You know all that. We've been over it like 100 times. Quit playing dumb.
    You also appear not to have understood Haymarket's desire that everyone pay at least 5% on income no matter what. So not only are you lying about what I said, you apparently didn't have the ability to understand Haymarket's sensible proposal or my somewhat agreement with it. So what did I lie about when I said i agree that everyone should pay 5%

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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 have been napalmed on this issue. We are talking about mitt's income tax rate and you are dishonestly trying to include all taxes. percentage rates on sales tax, excise tax, airport tax, etc are IRRELEVANT.
    Dude, it's impossible that you honestly still don't understand. Nobody cares that the taxes rich people pay have different names than the taxes middle class people pay. That has nothing to do with anything. Of course they pay different types of taxes. Some taxes target the middle class, some target the rich. Overall, there are a whole lot more than target working middle class people. That's the point. Do you really think that just screaming over and over that the taxes they pay are different taxes is an intelligent way to conduct yourself?

    Quote Originally Posted by TurtleDude View Post
    People in poverty are paying taxes with MONEY GIVEN TO THEM BY THE GOVERNMENT. so stop the bloodclot lying. I tire of your posts which are dishonest and have been proven wrong
    What the hell are you talking about? Only 0.5% of people get welfare. Get a clue.

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