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

  1. #861
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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by MaggieD View Post
    More information needed. If my pension plan holds Microsoft stock and Microsoft pays a 3.5% dividend, that dividend goes directly into my tax-deferred pension plan. It's going to be taxed at ordinary income when I take it out anyway, no? Any dividends I earn in my IRA go into my IRA accounts tax-deferred as well. 401K's same way. What am I missing?
    I was actually speaking about retirees who invested in the market and no longer have any earned income

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

    Quote Originally Posted by Dickieboy View Post
    As I understand (barely) money contributed to these is tax deferred. The amount originally contributed is taxed at normal income rates based on your bracket upon withdrawal. Any appreciation in the account is taxed at capital gain rates upon withdrawal. BUT my understanding of the VAST COMPLEX tax system leaves MUCH to be desired…I’m glad someone gets paid to know that crap!
    If you have a regular IRA, every dollar that comes out is taxed at ordinary income tax rates. If you have a Roth IRA, the money comes out tax-free. 'Cept watch for Turtle's post; cause he knows more about this than both of us put together.
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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by MaggieD View Post
    -- I'm not sure he's a liar, Turtle. I think he's just ****in' with us.
    He's lying. He knows that a guy who lives in a state with state income tax and that tax is 5% or more, its a lie to claim that Romney didn't pay even one percent on his income other than federal income tax. What do you think the property tax in that area is? or the sales tax.

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

    Quote Originally Posted by TurtleDude View Post
    I think the point he correctly makes is that stuff that is constitutional is valid, stuff that is not is not
    There's a big difference between paying taxes to support national defense (from which everyone benefits) and paying taxes so the government can give handouts to people.

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

    Why would one include FICA taxes in this discussion? Aren't these 'investments' that will be paid out ultimately to those who paid them in?

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

    Quote Originally Posted by Centinel View Post
    There's a big difference between paying taxes to support national defense (from which everyone benefits) and paying taxes so the government can give handouts to people.
    and use your money to buy the votes of people whose main political interests involve taking even more of your money

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

    Quote Originally Posted by Dickieboy View Post
    Why would one include FICA taxes in this discussion? Aren't these 'investments' that will be paid out ultimately to those who paid them in?
    that's what FDR and his ilk told the public when that nonsense was passed in its original form

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

    Quote Originally Posted by Dickieboy View Post
    So in 2007 the total realized capital gains was $924b and revenue on said gains was $126b (13.6%). The AVERAGE annual projected realized capital gains 2010-2015 is $740b. If the UNDERSTOOD proposal in this thread is to raise the capital gains tax rate to the 35% the US will realize an increase in revenue of $148b annually (740x.20). Notwithstanding the effect it will have on the economy does this REALLY sound like an effective way to reduce a $1.2t deficit? Am I missing something?

    The Revenue Outlook
    After further reflection why not just take them all? Even the $740b will not cover the deficit.

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

    Quote Originally Posted by TurtleDude View Post
    and use your money to buy the votes of people whose main political interests involve taking even more of your money
    Isn't that what supper pacs are for now?

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

    Quote Originally Posted by Dickieboy View Post
    After further reflection why not just take them all? Even the $740b will not cover the deficit.
    the entire purpose of taxing the rich more is to persuade the masses that the dems can now spend more to buy their votes

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