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. #211
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Catawba View Post
    When Romney released his tax records he created a sticky wicket for himself and the GOP. They have turned the presidential election focus to this question:


    Why is investment income taxed less than wages?


    "Why do Mitt Romney and other wealthy investors pay lower taxes on the income they make from investments than they would if they earned their millions from wages? Because Congress, through the tax code, has long treated investment more favorably than labor, seeing it as an engine for economic growth that benefits everyone.

    President Barack Obama and the Occupy Wall Street movement are challenging that value system, raising volatile election-year issues of equity, fairness — and Romney's tax returns.

    Romney, who released his 2010 and 2011 tax returns this week, has been forced to defend the fact that he paid a tax rate of about 15 percent on an annual income of $21 million. His tax rate is comparable to the one paid by most middle-income families. His income, however, is 420 times higher than the typical U.S. household."
    Why is investment income taxed less than wages? - CBS News

    why do people who pay less income taxes in a lifetime than Romney pays in a year whine so much about tax rates when Romney's tax rate on any type of income is higher than theirs?

  2. #212
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Jerry View Post
    I don't know for certain, I'll try your link tomorrow...but I don't pay income tax at all and I get a hefty return every year, so I have confidence I'm paying less than 13%.

    In either case, I don't care about politicians doing shady things like hiding money...they're politicians, this is what they do. Obama isn't exactly blameless himself. I know that when I begin building wealth I'll be looking for ways to keep it away from Uncle Sam, too.
    My brother once decided to take the route of minimizing his withholding as much as he was able and then he just didn't file a tax return. ...For 5 years. He was all self righteous about the bull****. He managed to avoid prison by getting a lawyer and approaching the IRS with his wallet in his hand and an apology on his lips. Between paying back the state and the feds plus penalties, he ended up going bankrupt over the whole mess.

    There's a lesson hiding in there somewhere.

    The feds will come down on you like a ton of bricks if you appear on their radar.

  3. #213
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by TurtleDude View Post
    why do people who pay less income taxes in a lifetime than Romney pays in a year whine so much about tax rates when Romney's tax rate on any type of income is higher than theirs?
    The working class who pay a higher tax rate then those whose income is primarily from investment income see no advantage for continuing tax cuts for the rich which results in higher debt that the working class then have to suffer reduced benefits to repay.

    Since the last cutting of the Capital gains tax rate didn't create US jobs, there is simply no reason for the working class to continue to vote for them.
    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. #214
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Catawba View Post
    The working class who pay a higher tax rate then those whose income is primarily from investment income see no advantage for continuing tax cuts for the rich which results in higher debt that the working class then have to suffer reduced benefits to repay.

    Since the last cutting of the Capital gains tax rate didn't create US jobs, there is simply no reason for the working class to continue to vote for them.
    1) that is a lie if you make fair comparisons. maybe 3% of Americans pay a higher effective income tax rate than the 15% Romney pays on his income-mainly investment income.

    2) including non-progressive taxes into the "working class" (BTW to have an effective federal income tax rate of 15% you need to be pulling in 200K or more a year, if you have dependents, a mortgage and such you are approaching the top 1% if you have an effective federal income tax rate of 15%) tax rate is dishonest since you are no longer comparing federal income tax rate with Romney's federal income tax rate


    3) Romney's actual tax payments are several million dollars-more taxes in one year than thousands pay in their lifetime of federal income taxes. Romney sure doesn't get anymore for paying more in year than you will pay in your lifetime and he sure doesn't use more government in that one year than you will use in your life

    perhaps taxes ought to decrease in terms of rate as the actual dollars you pay increases.that would clearly be more fair

  5. #215
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by TurtleDude View Post
    1) that is a lie if you make fair comparisons. maybe 3% of Americans pay a higher effective income tax rate than the 15% Romney pays on his income-mainly investment income.

    2) including non-progressive taxes into the "working class" (BTW to have an effective federal income tax rate of 15% you need to be pulling in 200K or more a year, if you have dependents, a mortgage and such you are approaching the top 1% if you have an effective federal income tax rate of 15%) tax rate is dishonest since you are no longer comparing federal income tax rate with Romney's federal income tax rate


    3) Romney's actual tax payments are several million dollars-more taxes in one year than thousands pay in their lifetime of federal income taxes. Romney sure doesn't get anymore for paying more in year than you will pay in your lifetime and he sure doesn't use more government in that one year than you will use in your life

    perhaps taxes ought to decrease in terms of rate as the actual dollars you pay increases.that would clearly be more fair
    'Tax rates on capital gains have fluctuated over the past century, sometimes matching the rates for ordinary income but more often substantially below them. The current top gains tax rate is 15 percent, less than half the 35 percent top rate on ordinary income and lower than at any time since the depression. But if Congress does not change the law, the expiration of the Bush-era tax cuts and imposition of taxes associated with the 2010 healthcare legislation will boost the maximum tax rate on gains to 25 percent in 2013."
    Tax Rates on Capital Gains
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  6. #216
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Catawba View Post
    'Tax rates on capital gains have fluctuated over the past century, sometimes matching the rates for ordinary income but more often substantially below them. The current top gains tax rate is 15 percent, less than half the 35 percent top rate on ordinary income and lower than at any time since the depression. But if Congress does not change the law, the expiration of the Bush-era tax cuts and imposition of taxes associated with the 2010 healthcare legislation will boost the maximum tax rate on gains to 25 percent in 2013."
    Tax Rates on Capital Gains

    so what? 97% of the US do not pay as high an effective rate as Romney does and few people pay as much actual tax dollars as he does

  7. #217
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by TurtleDude View Post
    so what? 97% of the US do not pay as high an effective rate as Romney does
    "The tax rate that Romney paid both in 2010 and 2011 is less than what most middle-income Americans were required to pay, mainly because a majority of Romney's earnings were derived from investments rather than wages."

    Mitt Romney Made $42 Million, Paid Less Than 14 Percent in taxes - ABC News
    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

  8. #218
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Catawba View Post
    "The tax rate that Romney paid both in 2010 and 2011 is less than what most middle-income Americans were required to pay, mainly because a majority of Romney's earnings were derived from investments rather than wages."

    Mitt Romney Made $42 Million, Paid Less Than 14 Percent in taxes - ABC News
    ABC news-the bag men for Obama

    and its a lie

    they are taking into account more than federal income taxes when stating what average people paid-
    we have already proven 97% of America pays a lower income tax rate

    it might fool the idiots and those who want to see Obama win but not those who are either honest or understand the prevarication

    and there is no citations to prove the ABC assertions
    Last edited by TurtleDude; 01-29-12 at 10:21 PM.

  9. #219
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    Re: Do you have a higher effective tax rate than mitt romney

    Beware False Claims: 'Romney's Tax Rate Is Below That of Most Wage-Earning Americans' | NewsBusters.org


    The reality is that in 2009, the most recent year that records are available, 97 percent of Americans paid less than the 13.9 percent Romney did in 2010.

    As demonstrated by Romney's 2010 return, the media are using Adjusted Gross Income to determine his tax rate. On line 37, the Romneys reported $21.6 million in AGI. This is the figure used Tuesday in press reports concerning this matter.

    As you can see from the first table at the bottom of this article, people that had an AGI of $100,000 and under $200,000 in 2009 had an average tax rate of 11.9 percent. All those making under $100,000 had tax rates that were even less. The only people paying more than this were those that made over $200,000 paying at rates between 19.6 percent and 25.8 percent.

  10. #220
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by TurtleDude View Post
    ABC news-the bag men for Obama

    and there is no citations to prove the ABC assertions
    "The average taxpayer, earning a little over $65,000, likely paid about 9 percent in income taxes and 16 percent in payroll and income taxes combined last year, according to the Tax Policy Center, a think tank in Washington."

    Romney earned more than $42 million in last two years; paid about 15 percent in taxes - Business Updates - Massachusetts business news from The Boston Globe

    That versus the 13.9% in combined federal taxes that Romney paid.
    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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