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. #131
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Catawba View Post
    FICA is suppose to be funded so that it is self sufficient, that is the point. As stated before:

    "Today, the richest 1 percent of Americans take home over 20 percent of the nation’s total income, almost twice as much as they did in 1983. And, thanks to the ceiling—currently set at $106,800—they pay no Social Security tax on most of what they make. As a result, the Social Security payroll tax now touches only 84 percent of the nation’s income, down from 91 percent in 1983. Lifting the cap to $180,000 would close that 7 percent gap."
    wow that is some serious ink spewing in a squid like evasion. The top one percent make 22 percent of the income but pay almost 40% of the income tax (federal) and when you add in the death tax its over 40% and guess what

    that means those evil one percenters are the ONLY GROUP That pays MORE OF THE INCOME TAX BURDEN than their share of the INCOME

  2. #132
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Catawba View Post
    Since payroll taxes are a factor in Romney paying a lower effective rate on his federal taxes, this thread is exactly the right place to discuss this. The greater good is higher priority than your personal preference.

    No one has claimed that FICA is FIT, but is part of the effective federal taxes everyone pays.
    Trying to include it with FIT is misleading at best. It is not a progressive tax for the reasons stated. It is not a tax. It is a loan to the government who has severely mishandled the money they confiscated. The "greater good" is not served by trying to throw oranges in when you are counting apples.

    The reason I keep pointing to the other thread is that it was designed to discuss the distinctions here. I'll be the first to admit that the government took a higher percentage of your income to "hold" for you until you retire, but I won't throw it in when discussing the already progressive tax rates. They are separate entities.

    This is not my personal preference. This is asking to count apples and oranges separately as they are not the same thing.
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  3. #133
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by TurtleDude View Post
    wow that is some serious ink spewing in a squid like evasion. The top one percent make 22 percent of the income but pay almost 40% of the income tax (federal) and when you add in the death tax its over 40% and guess what

    that means those evil one percenters are the ONLY GROUP That pays MORE OF THE INCOME TAX BURDEN than their share of the INCOME
    Once again you ignore payroll taxes, the middle class is aware that they have to pay FICA taxes on their entire income, whereas the rich that make their income primarily from investments like Romney, who only had to pay payroll tax on one-tenth of 1% of his income.

    40% of federal revenues come from payroll taxes for which the working class pay 90%.
    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

  4. #134
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Catawba View Post
    Once again you ignore payroll taxes, the middle class is aware that they have to pay FICA taxes on their entire income, whereas the rich that make their income primarily from investments like Romney who only had to pay payroll tax on one-tenth of 1% of his income.

    40% of federal revenues come from payroll taxes for which the working class pay 90%.
    the income tax is plenty progressive. trying to argue it should be more progressive based on the inclusion of a non-progressive tax is blatantly dishonest

  5. #135
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    It is not a tax.

    "Payroll Taxes
    Basic Information for Employers" (and for those that think they are not a tax)
    Payroll Taxes: Basic Information for All Employers
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  6. #136
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Catawba View Post
    "Payroll Taxes
    Basic Information for Employers" (and for those that think they are not a tax)
    Payroll Taxes: Basic Information for All Employers
    Okay, fair enough. I'll give you the semantics, but that doesn't change the incredible difference between FICA and FIT and why they should definitely not be mixed.

    SS is still not a fund to cover other social programs and is not designed to supplement social or military spending.
    Any money spent from SS is just a hidden new debt the government has created from overspending.
    FICA was never intended to be progressive as it is not a part of FIT and supposedly gives you a return based on your investment.
    SS is a forced retirement account. If you make more than the 106k cap, then you probably don't need more help with your retirement. Or are you worried about Romney's future?

    We are talking about two distinctly different beasts.
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  7. #137
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    Okay, fair enough. I'll give you the semantics, but that doesn't change the incredible difference between FICA and FIT and why they should definitely not be mixed.
    They have been mixed since 1969 when SS funds were put into, and were spent from, the general fund. When they are unmixed, then you will have a valid point.
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  8. #138
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Catawba View Post
    They have been mixed since 1969 when SS funds were put into, and were spent from, the general fund. When they are unmixed, then you will have a valid point.
    I think you are referring to the Johnson administration putting the SS fund "on-budget" or showing it as part of the total holdings of the government. This was not a change in how the spending was handled in 1969. Additionally, this was changed in 1990 when it was taken "off-budget" again.

    Social Security History FAQs Internet Myths II
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  9. #139
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    I think you are referring to the Johnson administration putting the SS fund "on-budget" or showing it as part of the total holdings of the government. This was not a change in how the spending was handled in 1969. Additionally, this was changed in 1990 when it was taken "off-budget" again.

    Social Security History FAQs Internet Myths II
    From your source:

    "This means only that they are shown as a separate account in the federal budget."

    We should have listened to Gore:

    "When Al Gore was running for President in 2000, one of the linchpins of his campaign was that he would take the entitlement trust funds and put them in a "lock box," thus preventing Congress from raiding the funds to pay for its pet projects at the expense of future generations. He was routinely ridiculed by the vast right wing noise machine for this idea. With his defeat, the idea of protecting the trust fund went out the window and as we all know, the Republican Congress treated it like a free lunch, eating away at our future in order to avoid raising taxes on the wealthy."
    http://www.dailykos.com/story/2011/0...Need-a-Lockbox
    Last edited by Catawba; 01-27-12 at 02:18 AM.
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  10. #140
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    Re: Do you have a higher effective tax rate than mitt romney

    Yep ... I provide healthcare and work about 50+ hours a week. My income is close to 200K ... I pay 38 % of my income in federal taxes and if you add up all my taxes I pay slighter more than 50% of my income in taxes.

    I have two children (tuition/healthcare) etc and another family member connection I help financially due to health issues.

    The republican candidates tax policies disrespects people like me ... middle American chump working my ass off.

    Warren Buffet is right on target.

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