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

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

    I'm pretty sure I do as well. However, I am absolutely sure that I really don't care whether he does or not. I don't sit around whining that somebody has more money than I do, or is capable of working the system better than I am. I've got more important things to concern myself with on a daily basis, and other issues I consider much more important regarding political candidates.

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

    After I receive my tax refund and tuition "refund" I end up paying an effective rate of 3%. I claim 0 and do not file my charitable giving/donations. I take no deductions outside of my tuition, which isn't really a "deduction", I don't think...
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    Re: Do you have a higher effective tax rate than mitt romney

    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.
    Last edited by MaggieD; 01-24-12 at 10:35 AM.
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    Re: Do you have a higher effective tax rate than mitt romney

    And just a follow up question. How many people paid more than $3,016,300 in the final dollar figure?
    Last edited by Keridan; 01-24-12 at 10:22 AM.
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Keridan View Post
    And just a follow up question to see how many people paid more than $3,016,300 in the final dollar figure.


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

    Quote Originally Posted by Keridan View Post
    And just a follow up question. How many people paid more than $3,016,300 in the final dollar figure?

    doesn't matter how much money he paid if he is still paying a less % than many Americans. If I say earned $60k in a year and got taxed 18% I have sacrificed more for taxes than Romeny and have far less to spend on my family than he does!

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

    Quote Originally Posted by Higgins86 View Post
    doesn't matter how much money he paid if he is still paying a less % than many Americans. If I say earned $60k in a year and got taxed 18% I have sacrificed more for taxes than Romeny and have far less to spend on my family than he does!
    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).
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    Re: Do you have a higher effective tax rate than mitt romney

    Quote Originally Posted by Higgins86 View Post
    doesn't matter how much money he paid if he is still paying a less % than many Americans. If I say earned $60k in a year and got taxed 18% I have sacrificed more for taxes than Romeny and have far less to spend on my family than he does!
    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.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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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.

    but a single person earning 60 k is paying 25% right?

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