View Poll Results: Do you have a higher effective tax rate than mitt romney?

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  • Yes

    27 60.00%
  • No

    18 40.00%
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Thread: Do you have a higher effective tax rate than mitt romney

  1. #221
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    I don't see a good breakdown of the standard deductions on that site
    Here is a better site that has some breakdowns for standard deductions with some explanations: Tax Brackets 2011

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

    Quote Originally Posted by Catawba View Post
    "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.
    wait, social security is a tax? I thought it was "my" contributions to "my" retirement, thereby giving me a moral demand on a social security pay out no matter what the effect on the nations' fisc was?

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

    99,

    A CLARIFICATION you may not like it, but hear me out.

    The lower tax rate that Mitt and W. Buffett, etc... have been attacked for taking advantage of is the capital gains tax rate. That rate IS lower than many people's income tax rate.. I think it is in the ball park os 20%. ALL TRUE!!

    The thing is, those investments that yield capital gains were initially acquired with AFTER TAX DOLLARS. So, Mitt and Warren purchased large quantities of bonds (for example), with dollars that were taxed at normal income tax rates. Then, those investments yield gains that are taxed for a second time at this publicized lower rate.

    So, those lower rates you refer to can be quite misleading. The earnings of those men we are discussing have actually gone through two levels of taxation, and possibly three levels of taxation, depending on how those initial earnings were acquired.

    This detail is conveniently glossed over. So, the good leftist has a wonderful class-envy talking point with this argument, the problem is that it is so easy to mislead with it.

    By the way, low capital gains taxes are good for the economy, they incite investment, growth and employment. Legislators like Schumer would jake those rates up significantly (like they have with our corporate tax rates... now the highest in the world).

    Peace, Comment_guy

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

    Quote Originally Posted by cpwill View Post
    wait, social security is a tax? I thought it was "my" contributions to "my" retirement, thereby giving me a moral demand on a social security pay out no matter what the effect on the nations' fisc was?
    Whether SS is a tax is completely dependent on whether you classify SS payments, Medicare, & etc as entitlements. If you continuously call SS et al entitlement spending in arguments and discussions then, yes, as far as you're concerned FICA is indeed a Federal tax. If you don't want FICA included in tax discussions then you should not refer to SS et al as entitlements.

    In other words, you can't have it both ways. Either it's a tax and entitlement or it's contributions to a retirement/insurance system and is not an entitlement. You choose.
    Last edited by MoSurveyor; 04-29-12 at 02:12 PM.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MoSurveyor View Post
    Whether SS is a tax is completely dependent on whether you classify SS payments, Medicare, & etc as entitlements. If you continuously call SS et al entitlement spending in arguments and discussions then, yes, as far as you're concerned FICA is indeed a Federal tax. If you don't want FICA included in tax discussions then you should not refer to SS et al as entitlements.

    In other words, you can't have it both ways. Either it's a tax and entitlement or it's contributions to a retirement system and is not an entitlement. You choose.
    Please don't encourage useful facts to be introduced into the discourse. We can't handle the truth...

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

    Without looking (or caring), I'm sure I do, but I don't have the number of tax write-offs he does and if I did, you'd be damn sure I'd be taking them. I don't care what his tax rate is.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MoSurveyor View Post
    Whether SS is a tax is completely dependent on whether you classify SS payments, Medicare, & etc as entitlements. If you continuously call SS et al entitlement spending in arguments and discussions then, yes, as far as you're concerned FICA is indeed a Federal tax. If you don't want FICA included in tax discussions then you should not refer to SS et al as entitlements.

    In other words, you can't have it both ways. Either it's a tax and entitlement or it's contributions to a retirement/insurance system and is not an entitlement. You choose.
    People call SS/Medicare "the entitlements" as a shorthand, and that descriptor is used by those who want to defend the system against necessary reform. SS is and has always been a tax, which is why you are not, in fact, "entitled" to a single dime.

    However, it is also not part of FIT, and adding multiple taxes together to compare against anothers' single tax rate is to deliberately compare apples and oranges.

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

    Quote Originally Posted by cpwill View Post
    People call SS/Medicare "the entitlements" as a shorthand, and that descriptor is used by those who want to defend the system against necessary reform. SS is and has always been a tax, which is why you are not, in fact, "entitled" to a single dime.

    However, it is also not part of FIT, and adding multiple taxes together to compare against anothers' single tax rate is to deliberately compare apples and oranges.
    "Multiple taxes" my ass. They both come out of my paycheck and are based on how much I make. What you're saying is a dodge by politicians and others who want people to only look at the moving hand instead of the one holding the disappearing coin.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MoSurveyor View Post
    "Multiple taxes" my ass.
    well I don't know about your buttocks, but the fact is that payroll and FIT are indeed different taxes. not really sure why that is a shocker to you.

    They both come out of my paycheck and are based on how much I make.
    that is not necessarily true, however, color me curious - do you consider unemployment to be a tax you pay?

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

    Quote Originally Posted by cpwill View Post
    People call SS/Medicare "the entitlements" as a shorthand, and that descriptor is used by those who want to defend the system against necessary reform. SS is and has always been a tax, which is why you are not, in fact, "entitled" to a single dime.

    However, it is also not part of FIT, and adding multiple taxes together to compare against anothers' single tax rate is to deliberately compare apples and oranges.
    Its a common tactic of the "tax the rich more" parasites. the fact is-Mitt pays a higher effective FIT rate than 97% of the country so the people who voted yes are either liars or we have a ton of people on this board making well over 200K a year

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