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. #111
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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.
    ok, i was wrong. my married filing jointly effective rate is 14.41

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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

    Quote Originally Posted by liblady View Post
    ok, i was wrong. my married filing jointly effective rate is 14.41
    Sorry, I'm being nitpicky, but I'm enjoying that this thread hasn't gotten out of control. This is just FIT, not SIT or FICA, correct? And your number is based on 2010 return or a calculator for that year or something including standardized deductions?

    If it is comparing directly, then thank you for being the exception. I would love to discuss the details, but I won't ask you to share any income information.
    Omniscience just sucks without omnipotence!

  3. #113
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    Sorry, I'm being nitpicky, but I'm enjoying that this thread hasn't gotten out of control. This is just FIT, not SIT or FICA, correct? And your number is based on 2010 return or a calculator for that year or something including standardized deductions?

    If it is comparing directly, then thank you for being the exception. I would love to discuss the details, but I won't ask you to share any income information.
    2011 calculator. just fit. standard deductions.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


  4. #114
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    Re: Do you have a higher effective tax rate than mitt romney

    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.
    I didn't include the deductions

    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.
    I'm not trying to bash Romney or call him a bad person for taking advantage of the tax laws in place. To pay a higher effective rate though even with the deduction you don't need to be making even 6 figures. I know payroll taxes aren't included (if they were, a lot more average Americans federal taxes would be higher) but it his tax bill...even paying 15%ish in 11' is pretty ridiculous no matter how you cut it.
    “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

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

    Quote Originally Posted by iliveonramen View Post
    I didn't include the deductions

    I'm not trying to bash Romney or call him a bad person for taking advantage of the tax laws in place. To pay a higher effective rate though even with the deduction you don't need to be making even 6 figures. I know payroll taxes aren't included (if they were, a lot more average Americans federal taxes would be higher) but it his tax bill...even paying 15%ish in 11' is pretty ridiculous no matter how you cut it.
    Well, that's the thing. It's not so ridiculous if most people are paying less. In fact, 97% of tax payers paid lower rates than he did.

    I don't think you are making Romney out bad for this. I'm just trying to get these things in perspective. I see a lot of threads going around mixing all kinds of rates and saying all kinds of things about recessive taxes, but when you break down the different parts of the taxes and such, there isn't this huge break for the rich.
    Omniscience just sucks without omnipotence!

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

    Based on Maggie's calculator, my households effective tax rate is less than Mitt Romney's, 10.77%. That's with the standard deduction and our houses interest/property taxes being the deductions we qualify for along with a tiny bit of student loan interest. No children.

    Roughly $88.5k for taxable income, roughly $12k in deductions....came out to about 9.5k paid in taxes.

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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.
    Why would you choose not to take the standardized deduction AND not choose to do any kind of itemized deductions?

  8. #118
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    Well, that's the thing. It's not so ridiculous if most people are paying less. In fact, 97% of tax payers paid lower rates than he did.

    I don't think you are making Romney out bad for this. I'm just trying to get these things in perspective. I see a lot of threads going around mixing all kinds of rates and saying all kinds of things about recessive taxes, but when you break down the different parts of the taxes and such, there isn't this huge break for the rich.
    There shouldn't be a larger break for the rich at all. If anything they should be paying a higher percentage... you know progressive taxation.

  9. #119
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MusicAdventurer View Post
    There shouldn't be a larger break for the rich at all. If anything they should be paying a higher percentage... you know progressive taxation.
    We have progressive taxation. FIT is progressive. It's not perfect, some 2% of very high earners did pay a lower rate than Romney's, but the other 97% paid less.

    If you want to talk about the other taxation, please drop by my thread and talk about where you want it fixed. I welcome your input.
    Omniscience just sucks without omnipotence!

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

    Quote Originally Posted by Zyphlin View Post
    Why would you choose not to take the standardized deduction AND not choose to do any kind of itemized deductions?
    I stated in the post with no deductions it would be 70k.
    “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

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