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. #21
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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.
    Romney didn't produce his state income tax. You're comparing apples to oranges.
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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.
    Why would you include state and FICA? That isn't included in the effective rate listed on his return, so by including them on yours you're just distorting the results to favor your stance.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MaggieD View Post
    That is because you don't understand marginal and progressive tax brackets. The calculator cuts through that confusion.

    lol no I do not understand the US tax system because it is absurd, that is why I leave it all to my wife to handle

  4. #24
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MaggieD View Post
    Romney didn't produce his state income tax. You're comparing apples to oranges.
    No im not. Even if he did how it would be negligble. Honestly how much of his income is from actual wages. Probably his speakings fees last year which were around 300k. Thats all the state can tax. They can't tax his 42 mill from capital gains.
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  5. #25
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by 99percenter View Post
    State taxes would be negligible for mitt because almost all of his income is probably in cap gains.
    Sure ... can you just demonstrate that for me? I'm not assuming you are wrong, but neither am I assuming you are right. Additionally, there is a huge difference in how state taxes are handled from federal and for several reasons.

    If nothing else, they are separate governments who work together. That's why there is such a difference state to state. Some have consumption tax, some have income tax.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by tessaesque View Post
    Why would you include state and FICA? That isn't included in the effective rate listed on his return, so by including them on yours you're just distorting the results to favor your stance.
    Because fica and state are negligible for him. For me they aren't.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by snilloctjc View Post
    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
    If that's correct -- 7.35% -- you paid just 3.15% income tax. I'm assuming here that you pay into Social Security and Medicare which, for 2011, has been reduced to 4.2%.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  8. #28
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by 99percenter View Post
    No im not. Even if he did how it would be negligble. Honestly how much of his income is from actual wages. Probably his speakings fees last year which were around 300k. Thats all the state can tax. They can't tax his 42 mill from capital gains.
    Again you show you don't have a grasp on the basics. "That's all the state can tax." Maybe that's your state. (What state are you from?) But it's certainly not mine.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  9. #29
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by 99percenter View Post
    Because fica and sate are negligible for him. For me they aren't.
    And I don't have a state income tax at all. Hell, our sales tax is at .0825 on the dollar. And FICA on my tax return amounts to less than $1000....a LOT less than $1000. How much are you paying that it's taking a significant amount of spending money away from you?! If you rolled in everything except sales tax, because that's extremely variable year-to-year for me, after I receive my refund my rate is less than 5%. That's including FICA and SS as well as the income tax.

    If you're going to make a comparison it should be apples-to-apples. Being that the comparison is based on Romney's effective tax rate, that's where the comparison should lie.
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


  10. #30
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Higgins86 View Post
    lol no I do not understand the US tax system because it is absurd, that is why I leave it all to my wife to handle
    Here's one smart and happily married guy!
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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