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. #11
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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.
    Double the screwed for LGBT, since they don't even have the option to marry the person they love. I don't want to derail on that, but it is absolutely a mess! I can't believe some of the choices that we choose to reward/punish.
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  2. #12
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Higgins86 View Post
    but a single person earning 60 k is paying 25% right?
    Uh, no. 14.58%.
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  3. #13
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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.
    Just did my taxes for 2011 my effective rate after deductions (spouse and 1 child, single income, itemized deductions pretty close to standard deduction) and my rate was 7.35% effective.

    As to single versus married -I agree the difference in rate should be driven by child or no child (or dependent instead of child) as so much more of your income is effectively mandated to be spent on things a single person is MORE free to skip - especially health care costs
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MaggieD View Post
    I will be very surprised if you actually know your Effective Tax Rate. Unless you have looked at your income tax return and run the numbers, you have no idea.

    The 13.9% Effective Tax Rate extrapolated from Romney's return (and Gingrich's return) is defined by the total amount of income tax paid divided by adjusted gross income. It rips through the marginal/progressive tables and tells one the actual percentage of one's income is paid in taxes. Most people don't even know their Effective Tax Rate.

    Here are some examples:

    Single taxpayer earning $50,000 taking just the standard deductions: 12.5%
    Married with 2 children taxpayer earning $50,000 taking just the standard deductions: 0%
    Married with 2 children taxpayer earning $80,000 taking an additional $18,000 in deductions (mortgage interest): 3.34%
    Married with 2 children taxpayer earning $200,000 taking an additional $24,000 in deductions (mortgage interest): 16.08%

    Use this calculator to figure out your own -- Marginal Tax Rate Calculator

    Romney's release of his income tax forms should ring the death knell for the legal tax loopholes that allow someone who earns tens of millions of dollars to pay less of a % than someone single earning $50,000. That's just plain wrong.
    I use turbo tax and it gives you a effective tax rate when your done. Include state, fica, and federal taxes it ends up being more than romney's rate.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MaggieD View Post
    Uh, no. 14.58%.

    not according to the 2012 US tax bracket

  6. #16
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by 99percenter View Post
    I use turbo tax and it gives you a effective tax rate when your done. Include state, fica, and federal taxes it ends up being more than romney's rate.
    FICA is not intended to be progressive as you get what you put in (in theory).
    I was looking through the article and didn't see where they mentioned state was included or not. Did I miss that? Also, do you live in his state?
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  7. #17
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Higgins86 View Post
    not according to the 2012 US tax bracket
    That doesn't even include standard deductions that everyone gets. It is not the effective rate. Romney's marginal rate would be 35% if capital gains rates were considered a deduction instead of a different source.
    Last edited by Keridan; 01-24-12 at 10:48 AM.
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  8. #18
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by 99percenter View Post
    I use turbo tax and it gives you a effective tax rate when your done. Include state, fica, and federal taxes it ends up being more than romney's rate.
    Actually just including state(5% in my state) and fica makes it over 10%. Than there are sales taxes which are the highest in the nation where i live. I think sales taxes would be negligible for mitt. In fact i think the granite state where he lives doesnt even have a sales tax.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Higgins86 View Post
    not according to the 2012 US tax bracket
    That is because you don't understand marginal and progressive tax brackets. The calculator cuts through that confusion.
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  10. #20
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    FICA is not intended to be progressive as you get what you put in (in theory).
    I was looking through the article and didn't see where they mentioned state was included or not. Did I miss that? Also, do you live in his state?
    State taxes would be negligible for mitt because almost all of his income is probably in cap gains.
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