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. #141
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    Re: Do you have a higher effective tax rate than mitt romney

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

    Quote Originally Posted by American View Post
    What's your secret, I want to pay my fair share too.
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  3. #143
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Catawba View Post
    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."
    Daily Kos: Al Gore was Right -- We DID Need a Lockbox
    So the spending did not change in 1969 or again when that was reversed. It is supposedly a retirement program. But hey, I'm all for dropping or fixing SS. I'm just not for pretending it's the same as FIT or goes to the same places or should be progressive like FIT.

    Show me a candidate ready to fix the debt spending the government is doing and I'll happily take a look. Show me any one ready to take on the mess that is SS and I'll take a look.

    FICA is not FIT and any money spent out of it is a debt the government isn't admitting to because of overspending.

    This is why JS bores me. He wants to make fun of Romney for having money. I'm sure JS really understands the plight of the middle class.
    Omniscience just sucks without omnipotence!

  4. #144
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Dion View Post
    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.
    Actually, with three dependents that you mentioned, an income of 200k pays 22% in FIT after standard deductions, which don't include the tuition and healthcare deductions. I also assumed you were single, since you didn't mention otherwise. You are absolutely in the top 3% and fall in the rare exception who have a higher rate than Romney, however.

    Even if you pretend FICA counts as FIT and add the maximum (which you hit at 106k) and apply both sides to your paycheck (making it 8.4 instead of 4.2), you end up with an additional 4.4%.

    Let's look at it. 22% FIT, 4.4% FICA. That puts you at 26.4% federal taxes. Are you saying your state has a tax rate of 23.6%?? Where do you live? I won't be going there.

    I also hate to be the one to tell you, but President Obama isn't out there fixing things for people in the 200k pay range. Right now, he's pushing for more taxes on people wealthier than you, but not with the intent of lowering your taxes. He just wants to cover a bit more of the incredible spending habit government can't seem to break.

    Unfortunately, neither party is looking out for you.
    Omniscience just sucks without omnipotence!

  5. #145
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Dion View Post
    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.
    so you think Obama respects you more by wanting to tax you even more

    that is idiotic. and if you do what my grandparents did-save as much as they could and invest it, the dems want to tax what you derive from that investment at a rate at least as twice as high as it is now taxed.

    rather than complaining rightfully that your earned income is taxed too much because too many people want to much government and the politicians don't want to tax those masses for what they want, you seem envious of those who have investment income even though dividends are currently taxed at 45% and dems want to tax it at over 60%

  6. #146
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    Actually, with three dependents that you mentioned, an income of 200k pays 22% in FIT after standard deductions, which don't include the tuition and healthcare deductions. I also assumed you were single, since you didn't mention otherwise. You are absolutely in the top 3% and fall in the rare exception who have a higher rate than Romney, however.

    Even if you pretend FICA counts as FIT and add the maximum (which you hit at 106k) and apply both sides to your paycheck (making it 8.4 instead of 4.2), you end up with an additional 4.4%.

    Let's look at it. 22% FIT, 4.4% FICA. That puts you at 26.4% federal taxes. Are you saying your state has a tax rate of 23.6%?? Where do you live? I won't be going there.

    I also hate to be the one to tell you, but President Obama isn't out there fixing things for people in the 200k pay range. Right now, he's pushing for more taxes on people wealthier than you, but not with the intent of lowering your taxes. He just wants to cover a bit more of the incredible spending habit government can't seem to break.

    Unfortunately, neither party is looking out for you.
    The GOP might not be as helpful as it should be but its the dems that want to tax her more and more and more

  7. #147
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Dion View Post
    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.
    I don't know how you're figuring your taxes, my friend, but I'd suggest you get a new tax preparer. Seriously.

    $190,000 earnings; 4 dependants claimed; $18,000 mortgage interest tax deduction [estimated] = Effective tax rate for Federal income taxes: 18.53%. Add SS/Medicare onto that and you've got, this year, 22.73%. (If you looked at Line 60 of your income tax return, you should see a number somewhere around $35,000, assuming your income is around $190,000. If you have other deductions, it would be less.)

    Marginal Tax Rate Calculator
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  8. #148
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    Re: Do you have a higher effective tax rate than mitt romney

    Romney's marginal rate is 35%.

    what sorts of deduction is he using to make his effective rate half as much?

  9. #149
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MaggieD View Post
    I don't know how you're figuring your taxes, my friend, but I'd suggest you get a new tax preparer. Seriously.

    $190,000 earnings; 4 dependants claimed; $18,000 mortgage interest tax deduction [estimated] = Effective tax rate for Federal income taxes: 18.53%. Add SS/Medicare onto that and you've got, this year, 22.73%. (If you looked at Line 60 of your income tax return, you should see a number somewhere around $35,000, assuming your income is around $190,000. If you have other deductions, it would be less.)

    Marginal Tax Rate Calculator
    i don't think he understands how tax brackets work.

    Originally Posted by johnny_rebson:

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


  10. #150
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Thunder View Post
    Romney's marginal rate is 35%.

    what sorts of deduction is he using to make his effective rate half as much?
    Actually, a lot of his income (by far most) is capital gains which is treated differently and has a marginal rate of 15%. That is a slightly different topic and could be gone into here, but it's covered kind of ad nausea in other threads. We are grouping it with standard income tax because even with that lower marginal rate, his FIT comes out higher than 97% of income earners.

    It's not as much about his deductions, but more about where it comes from is the simple answer.
    Omniscience just sucks without omnipotence!

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