View Poll Results: Do you have a higher effective tax rate than mitt romney?

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Thread: Do you have a higher effective tax rate than mitt romney

  1. #101
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Jerry View Post
    I don't know for certain, I'll try your link tomorrow...but I don't pay income tax at all and I get a hefty return every year, so I have confidence I'm paying less than 13%.

    In either case, I don't care about politicians doing shady things like hiding money...they're politicians, this is what they do. Obama isn't exactly blameless himself. I know that when I begin building wealth I'll be looking for ways to keep it away from Uncle Sam, too.
    What's your secret, I want to pay my fair share too.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

  2. #102
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by cpwill View Post
    Bingo. Romney pays the legal rate.
    But...but...but it's not fair.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

  3. #103
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    Re: Do you have a higher effective tax rate than mitt romney

    Question Conservatives... YOU BE THE TAX CODE in the following...

    If there is a single mom with say, 3 kids. She lives in an apartment. She has a sister who lives with her...barters her room and board by taking care of the kids. Her annual income is $28,000. What percent of Federal Income Tax should she be MANDATED to have withheld deducted from her payroll pay? And of that amount, how much should she not be able to retrieve from any taxes she's paid through payroll deductions ...which she'll file at tax time?
    Last edited by Removable Mind; 01-26-12 at 03:36 PM.

  4. #104
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Removable Mind View Post
    Question Conservatives... YOU BE THE TAX CODE in the following...

    If there is a single mom with say, 3 kids. She lives in an apartment. She has a sister who lives with her...barters her room and board by taking care of the kids. Her annual income is $28,000. What percent of Federal Income Tax should she be MANDATED to have withheld deducted from her payroll pay? And of that amount, how much should she not be able to retrieve from any taxes she's paid through payroll deductions ...which she'll file at tax time?
    Currently, with no itemized deductions, she pays -$3,630 dollars annually in FIT. This includes the sister that she pays for more than half of expenses on as a dependent. If you don't include the sister, it's still negative.

    I didn't, nor do I think anyone else did in this thread, suggest she needs to start shelling out more FIT. I think the focus was on whether her negative percentage was higher than Mitt Romney's 13.9% positive amount.

    If you are referring to her state and FICA, I'd love to take that discussion up on the thread I started at http://www.debatepolitics.com/genera...-and-fica.html.
    Omniscience just sucks without omnipotence!

  5. #105
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    Re: Do you have a higher effective tax rate than mitt romney

    The minimum amount of income when filing married jointly (as one has to assume Romney does) is $112,600.00.
    I'm getting an 18% effective tax rate with that salary. In order to pay an effective tax rate for a married couple filing jointly at around 14% is closer to 70k a year. That puts the effective rate at around 13.93% which is about what Romney pays. Of course with no deductions.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

  6. #106
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by iliveonramen View Post
    I'm getting an 18% effective tax rate with that salary. In order to pay an effective tax rate for a married couple filing jointly at around 14% is closer to 70k a year. That puts the effective rate at around 13.93% which is about what Romney pays. Of course with no deductions.
    Do you have it set to HOH or married, filing jointly?

    The fact that I have to ask that is evidence of a problem here.

    I get your numbers if I put HOH, but my numbers if I put married.
    Omniscience just sucks without omnipotence!

  7. #107
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    Do you have it set to HOH or married, filing jointly?

    The fact that I have to ask that is evidence of a problem here.

    I get your numbers if I put HOH, but my numbers if I put married.
    Well..I'm looking at married filing jointly.

    17,000 taxed at 10%=1700
    52,000 taxed at 15%=7800
    1,000 taxed at 25%=250

    Total tax bill= 9750
    9750/70000=.139286
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

  8. #108
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by iliveonramen View Post
    Well..I'm looking at married filing jointly.

    17,000 taxed at 10%=1700
    52,000 taxed at 15%=7800
    1,000 taxed at 25%=250

    Total tax bill= 9750
    9750/70000=.139286
    I'm sorry, could you cite where you are getting these numbers? Are you including the standardized deductions?

    The reason I ask is that the calculator posted by Maggie shows different values and I would like to verify accuracy of either one.
    Omniscience just sucks without omnipotence!

  9. #109
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    Re: Do you have a higher effective tax rate than mitt romney

    Tax Brackets 2011 | taxbrackets2011.com

    I just based it on the tax brackets for 2011. I didn't use the standardized deductions. Using them it would be closer to a joint salary of 90k which still isn't very much for a houshold.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

  10. #110
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by iliveonramen View Post
    Tax Brackets 2011 | taxbrackets2011.com

    I just based it on the tax brackets for 2011. I didn't use the standardized deductions. Using them it would be closer to a joint salary of 90k which still isn't very much for a houshold.
    Well, a couple things here. The first is that I don't see a good breakdown of the standard deductions on that site, but I didn't go through it completely.

    The second item is that this is regarding Romney's rates from 2010, not 2011. His rates will increase according to the OP in 2011 to 15.4. For a 1-1 comparison, I would suggest Maggie's calculator unless it is shown to be faulty. I looked at the site who put it up there and I don't see issues with it.
    Omniscience just sucks without omnipotence!

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