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. #31
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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.
    and if you live/work in States like Nevada there is not State income tax for anyone.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by mike2810 View Post
    and if you live/work in States like Nevada there is not State income tax for anyone.
    And if you live in mine, Illinois, the rate is 5%.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MaggieD View Post
    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.
    My state taxes cap gains has ordinary income. I think new hampshire doesn't tax it(i might be wrong).
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MaggieD View Post
    And if you live in mine, Illinois, the rate is 5%.
    while I would like to see a simplier tax code for the US. Until it is changed and as long as anyone files according to the law, I cannot find fault. As I have said in other posts nothing stops someone from contributing more to the treasuary if they choose. Have not seen or heard of any rich person saying tax me more do so yet.

    Your posts have been great.
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    Re: Do you have a higher effective tax rate than mitt romney

    According to IRS form 1040 Adjusted Gross Income (line 38) is wages salaries and tips, plus all additional income - ie interest, dividends etc
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by MaggieD View Post
    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%.
    Say what? figures don't lie I paid 7.35% Social Security and Medicare are not relevant on the 1040.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by snilloctjc View Post
    According to IRS form 1040 Adjusted Gross Income (line 38) is wages salaries and tips, plus all additional income - ie interest, dividends etc
    Don't forget, people like Mitt Romney...a lot of their income is derived from Capital Gains, which is entirely different tax rates than ordinary income. It's less than half the highest tax rate allowed. And people in Romney's earning levels do get tax breaks and advantages that about 85% of wage earners don't get.

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

    Quote Originally Posted by Keridan View Post
    Actually, if you have a family (assuming spouse and 1 child) and made 60k, your sacrifice was was roughly $3,745 or %6.24. A lower effective tax rate and 1/1000th of the total dollar bill. This is using Maggie's tax calculator since I assume you won't be releasing your forms (unless you plan to run for office, that is).
    I'd give up 3 million bucks any day if my salary was in the millions over ~$4K on a salary of $60K.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Removable Mind View Post
    Don't forget, people like Mitt Romney...a lot of their income is derived from Capital Gains, which is entirely different tax rates than ordinary income. It's less than half the highest tax rate allowed. And people in Romney's earning levels do get tax breaks and advantages that about 85% of wage earners don't get.
    And they also paid taxes at the income level at some point before that money was invested to generate dividend and capital gains income. EXCEPTION - pure trust fund winners who have never had to work for wages or salary
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    Re: Do you have a higher effective tax rate than mitt romney

    I may have
    When a man tallies up the oval-all tax load (sales,nuisance,local, school, real estate, state, and federal.
    Did I ever say that tax reform is necessary ?
    And will a SOB like Romney or Gingrich do anything other than try to lower their taxes???????
    IMO, a man is greedy if he "earns" more than $100,000 annually..
    So lets really tax them !
    And this will never happen as long as the conservatives are "in power".
    Compared to me, even Obama is a conservative, BION..

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