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

  1. #981
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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
    One could argue about many tax preferential treatments being social engineering -- which is exactly what they are.
    I agree, and it's a big part of the reason that I think all income should be treated the same.

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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
    Yes! Just because one can invest in foreign corporations (and still pay the tax here) does not prove that it doesn't promote investment in U.S. companies.
    Not sure what your argument is here. Can you lay it out?

    Quote Originally Posted by MaggieD View Post
    Dividends are not a tax deductible expense to a corporation. They pay tax on them.
    Correct.

    Quote Originally Posted by MaggieD View Post
    Just because it's a tiny percentage does not mean it shouldn't be taken into consideration.
    Mostly false. Lets say that the double taxation on dividends issue in effect increases the capital gains tax rate to say 15.1% or so. Whoptie do.

    Quote Originally Posted by MaggieD View Post
    nor have you addressed that taxpayers end up paying taxes on dividends and then losing money on that particular stock.
    If you lose money overall, you owe no taxes. Losses offset profits.

    Quote Originally Posted by MaggieD View Post
    Partnerships don't pay Federal income tax because it's all passed through to the individuals. I don't get your point.
    That the thread you are on shows one of the reasons that the double taxation argument doesn't really have much impact. In the case of Romney's money, there was nobody else paying taxes. Bain Capital didn't pay any taxes on the money. They just gave it to Romney and he paid 15% and that was that.

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

    Quote Originally Posted by Catawba View Post
    "Supply-side economics is better known to some as "Reaganomics", or the "trickle-down" policy espoused by former U.S. president Ronald Reagan. He popularized the controversial idea that greater tax cuts for investors and entrepreneurs provide incentives to save and invest and produce economic benefits that trickle down into the overall economy."
    Another opinion piece…thanks for that…why would I be more compelled to believe his opinions over yours (which I respect)? Do you have evidence that the antithesis, Keynesian economics, have WORKED beyond the theoretical?

    Section 199 is just another attempt of the failed Reaganomics, giving tax cuts to rich companies without any requirements for job creation. Been there, done that, for the last 30 years. No thanks! Where are the jobs the last 10 years of tax cuts to the rich were supposed to create???
    Since it was enacted in 2005, quite distant from the ‘Reagan era’, I somehow miss the connection. Can you support the ‘rich company’ claim with evidence? Technically the employment levels rose until the economic downturn (see BLS tables) which was not based on section 199 tax reductions.


    Maybe you missed that was the opinion of just one of the people surveyed. The Great majority agree with Obama's plan to tax the rich more.
    No, I caught that which was the point. Why is one’s opinion any more valuable than any others including yours (which again I respect)?

    A majority of Americans agree with the majority of Global investors:
    23 Polls Say People Support Higher Taxes to Reduce the Deficit[/URL]
    Did your read the question of the poll? “Can/Should the Budget Deficit Be Reduced with Spending Cuts Alone or Should There Be Some Increase in Taxes?” Note that it DOES NOT limit action to taxes but includes spending cuts…which I also agree with. Quite misleading title wouldn’t you agree?

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

    Quote Originally Posted by Dickieboy View Post
    Another opinion piece…thanks for that…why would I be more compelled to believe his opinions over yours (which I respect)? Do you have evidence that the antithesis, Keynesian economics, have WORKED beyond the theoretical?
    Its what got us out of the Great Depression and prevented the Great Recession from becoming another Great Depression. And any Americans who were adults through the last 30 years understands the supply side economics (trickle down theory) has been a failure.

    If you think the GOP can successfully repackage it, I think you are mistaken, because they have no answer for the question, "where are the jobs that were supposed to be created by last 10 years of tax cuts to the rich???

    What reason does the working class have to continue the tax cuts for the rich??


    Since it was enacted in 2005, quite distant from the ‘Reagan era’, I somehow miss the connection. Can you support the ‘rich company’ claim with evidence? Technically the employment levels rose until the economic downturn (see BLS tables) which was not based on section 199 tax reductions.
    See the definition of Reaganomics:

    "An informal term for supply-side economics, which is a macroeconomic theory stating that a government can best promote growth by providing incentives for persons to produce goods and services. The primary way a supply-side oriented government does this is by maintaining low tax rates so that investors and entrepreneurs may use their money toward production. Maintaining low tax rates on the wealthy is one of the most important and controversial aspects of supply-side economics; the theory states that well off persons have the capital available to produce goods and services and thereby create jobs and grow the economy. Critics contend that this does not happen in reality, and that the wealthy are more likely to keep, rather than invest, their money. Reaganomics acquired the name because it was crucial to the economic policies of the administration of U.S. President Ronald Reagan. See also: Keynesian economics, Monetarism, Trickle-down economics."

    Reaganomics financial definition of Reaganomics. Reaganomics finance term by the Free Online Dictionary.



    No, I caught that which was the point. Why is one’s opinion any more valuable than any others including yours (which again I respect)?
    For the same reason I would listen to five medical experts that concurred with treatment over one that thought differently.



    Did your read the question of the poll? “Can/Should the Budget Deficit Be Reduced with Spending Cuts Alone or Should There Be Some Increase in Taxes?” Note that it DOES NOT limit action to taxes but includes spending cuts…which I also agree with. Quite misleading title wouldn’t you agree?
    That's what the Democrats have been trying to get the GOP to do, to come together like both parties did in the 90s to both cut spending and increase revenues.

    Today, we have the choice between a party who want to both decrease spending and eliminate the tax breaks for the rich vs a party that only wants cut spending on social programs so they can continue the tax breaks for the rich.

    That's how I see it, and I'm willing to bet that is how most of the working class will see it in November when they go to the polls.
    Last edited by Catawba; 01-22-12 at 09:40 PM.
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    Re: Romney's tax rate is only half as high as the middle class pays

    Quote Originally Posted by Catawba View Post
    That's how I see it, and I'm willing to bet that is how most of the working class will see it in November when they go to the polls.

    Only if American's are actually dumb enough not to see straight through the utterly propagandist rhetoric of Debbie Wasserman Schultz, and the DNC.

    Fox News Sunday with Chris Wallace - Fox News

    Boehner makes relevant points about how the House has passed numerous bills only to have Harry Reid scrap them, including budgets.

    This meme of repubs being the problem here is just dishonest.


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

    Quote Originally Posted by j-mac View Post
    Only if American's are actually dumb enough not to see straight through the utterly propagandist rhetoric of Debbie Wasserman Schultz, and the DNC.
    What reason does the working class have to continue the tax cuts for the rich in November??
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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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
    I agree, and it's a big part of the reason that I think all income should be treated the same.
    great, that means short term capital gains should be treated the same as long term ones (better think that through-not a really smart idea)

    It also means that dividend income would not have two slices taken by the government

    and all income would be taxed at the same rate for everyone


    again, this claim of yours is another attempt of "lets find a reason to take more money from the wealthy"

  8. #988
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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
    Here's a pretty revealing stat.:



    I expect my investments to double every 7 years

    why does that bother you so much?

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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
    Does anybody have any real arguments in favor of the ultra low tax rates for rich investors?
    Ultra low rates? when the 15% actual rate the uber wealthy pay is still higher than at least 97% of the country?

    why are not you pissing and moaning about the ZERO RATE 50% of the country pays

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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
    the amount paid is not suppose to be equal.

    A five point across the board raise certainly is egalitarian.

    Please do not intentionally confuse two different things.

    Inheriting money is somebody getting money they did not previously have. Income tax should indeed be paid upon it because they have new income. Its pretty straight forward and simple. My position is based on straight forward principle and does not waver: the government should not discriminate or give preferential treatment to the source of the income.

    My position has been consistent on that from the very start.
    it would only be egalitarian if the current position is too

    its not, the rich are overtaxed, the people who drive government spending are vastly undertaxed

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