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. #151
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by TurtleDude View Post
    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
    If taxes and spending are the only issues important to her, I would vote GOP this time around in her position. It still won't make things better, but it might lessen the potential damage.

    However, I factor in other things. I don't know how I will be voting and I'm actually in a worse position being a private business owner. I will have to vote case-by-case.
    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 Keridan View Post
    If taxes and spending are the only issues important to her, I would vote GOP this time around in her position. It still won't make things better, but it might lessen the potential damage.

    However, I factor in other things. I don't know how I will be voting and I'm actually in a worse position being a private business owner. I will have to vote case-by-case.
    if you are a productive member of society your interests are not helped in the long run by a party that seeks to create more dependency which is seduced into voting for that party with the wealth of the productive

  3. #153
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by TurtleDude View Post
    if you are a productive member of society your interests are not helped in the long run by a party that seeks to create more dependency which is seduced into voting for that party with the wealth of the productive
    If only it were that simple! I understand your point, but you have to remember that other things are very important to me. We are close to breaking the barrier on gay marriage and I do support some of the social programs that the GOP doesn't generally care for.

    I'm not really arguing with you so much as stating that how I weight things isn't purely on money and even if the democrats aren't playing exactly my game, I can't immediately support all financial moves by the GOP.
    Omniscience just sucks without omnipotence!

  4. #154
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    Re: Do you have a higher effective tax rate than mitt romney

    Keridan

    Okay. I pulled out my returns for the last four years. If we use the Romney figure of 13.9% as the base, in two years I had slightly higher rates I paid - maybe one full percent higher. In one other year it was almost identical to that of the Romeny rate. In the fourth year it was about a full three points lower but that was in a year I was retired and had not yet gained another job and was low year in book royalties for me compared to normal years when the figure is higher.

    I hope that helps.

    We normally have several sources of income including a full time job for the state, part-time political consulting work, my wife occasionally does some temp part time work as a Speech Pathologist to keep her certification and skills up, two teacher pensions, tax shelter payments from which they take out 20%, investments, book royalties and a few other miscellaneous checks from other things. I once got a check from oversees when characters I created for a book were used by a film company as inspiration for other characters. I guess they were trying to avoid a lawsuit and figured it was better to take the initiative.

    So my income varies from year to year.
    Last edited by haymarket; 01-27-12 at 01:26 PM.
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  5. #155
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MaggieD View Post
    He's not paying less of a percentage than most Americans. Remember, 47% of taxpayers pay nothing at all. Someone making $60,000 is not paying 18%. A married taxpayer earning $60,000 taking no deductions, having one child, is paying 5.75%. Single taxpayers, no dependents, get screwed, however. Their tax rate is 14.58% on that same $60,000. Our tax code is a freakin' MESS.
    This is perhaps the main reason (and simply fairness) that I believe we should have a flat tax with no g-damn deductions. Yes, Romney paid more in taxes than I did, but it hurt him less. I get the liberal argument on this one, I still don't agree with it, because it is not fair that someone who earns more gets penalized for it. However, I also do not agree that someone who earns more pays a lesser percentage either.

    simplify the whole damn thing. one rate regardless of how the money is made, no deductions, problems solved on all ends (including far higher government revenue)

  6. #156
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by TurtleDude View Post
    if you are a productive member of society your interests are not helped in the long run by a party that seeks to create more dependency...
    if the Democrats really wanted to increase dependency, they would seek to overturn the 5-year limit on welfare benefits. but they ain't.

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

    Quote Originally Posted by Keridan View Post
    Actually, a lot of his income (by far most) is capital gains which is treated differently and has a marginal rate of 15%....
    how much money did he earn in salary last year?

  8. #158
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by haymarket View Post
    Keridan

    Okay. I pulled out my returns for the last four years. If we use the Romney figure of 13.9% as the base, in two years I had slightly higher rates I paid - maybe one full percent higher. In one other year it was almost identical to that of the Romeny rate. In the fourth year it was about a full three points lower but that was in a year I was retired and had not yet gained another job and was low year in book royalties for me compared to normal years when the figure is higher.

    I hope that helps.

    We normally have several sources of income including a full time job for the state, part-time political consulting work, my wife occasionally does some temp part time work as a Speech Pathologist to keep her certification and skills up, two teacher pensions, tax shelter payments from which they take out 20%, investments, book royalties and a few other miscellaneous checks from other things. I once got a check from oversees when characters I created for a book were used by a film company as inspiration for other characters. I guess they were trying to avoid a lawsuit and figured it was better to take the initiative.

    So my income varies from year to year.
    Thank you for taking the time to break this down. Especially since you have so much going on!

    Would you mind clarifying whether or not that includes FICA? If so, I'd be curious about the result. If not, I'm sorry for your pain!
    Omniscience just sucks without omnipotence!

  9. #159
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    Thank you for taking the time to break this down. Especially since you have so much going on!

    Would you mind clarifying whether or not that includes FICA? If so, I'd be curious about the result. If not, I'm sorry for your pain!
    NO - it does NOT include FICA.
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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.
    What tuition deduction ...? As I said I have two dependents. My final tax rate included state and property taxes etc.



    Quote Originally Posted by TurtleDude View Post
    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%
    Under the Obama healthcare reform I was able to keep my sons on my healthcare insurance. I am not in the upper 1% that is under his plan. In addition ... I am not just considering myself yet the middle income earners that received a tax break under Obama.

    People like Romney and others whose "income" is earned primarily by capitol gains are able to legally cheat the system and that is what Obama is focused on. In fact, in one debate Romney even commented that under Gingrich tax plan he would have to pay no income tax.

    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
    Quote Originally Posted by liblady View Post
    i don't think he understands how tax brackets work.
    Look carefully at the tax code and I have two dependents not four ... I receive no tuition deductions. Include state, property and other assessments.

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