• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Romney reveals he pays about 15% in taxes(edited)

Status
Not open for further replies.
The median effective tax rate in the US is 27%. That's how much the typical American pays between state and federal taxes. Megamillionaire robber baron Mitt Romney, however, only pays 15%.

That is not uncommon at all for the superrich. They do not pay many of the taxes middle class people pay at all- no FICA, no unemployment, no disability, etc. And many of the taxes that apply to a large portion of middle class's income- sales, property, vehicle, etc- apply to only a very tiny percentage of the income of someone as wealthy as Romney, so in effect, they don't really pay those either.

But, you might think, we have a progressive income tax system. Certainly the super rich get hit up on that one. But, nope, they don't. The progressive income tax system really only affects up to upper middle class people. People in really high paying jobs pay 35%, in addition to the other taxes listed above. But once you break past that into the super rich, they don't get paid in wages, they get paid with equity, and equity is only taxed at a measley 15%. So, in addition to being excused from most types of taxes, they get a 20% reduction in their tax break because they don't have to work to make their income.

Romney reveals he pays about 15% in taxes - CNN.com

Romney is a millionaire. He pays 35% on his net income, just like anyone else that is a millionaire.

Please, tell me this isn't another one of thise situations where people don't understand the difference between gross income and net income.
 
Re: Romney's tax rate is only half as high as the middle class pays

I dont know...seems to me 'the rich' could make everyone happy if they just completely pulled out of every market.

Every economy would collapse because wealth is intrinsic anymore. The markets need more oversight in areas of exotic investment tools because they're generally scammy in nature. They (banks) have been using them to create imaginary value or wealth then trading it out for real cash, such as the bailouts. It's a bunch of con artists with deep pockets.
 
Re: Romney's tax rate is only half as high as the middle class pays

Every economy would collapse because wealth is intrinsic anymore. The markets need more oversight in areas of exotic investment tools because they're generally scammy in nature. They (banks) have been using them to create imaginary value or wealth then trading it out for real cash, such as the bailouts. It's a bunch of con artists with deep pockets.
Of COURSE every market would collapse...and there wouldnt be anyone to pay the fed taxes...and unemployment would skyrocket. And you know what...maybe just maybe thats what needs to happen. All the whiny little ****s might then stop for a second and reconsider just what the wealthy people in this country DO bring to the table. But of course...the wealthy should do it in the name of LOVE. We understand. We hear you. We are going to strive to be JUST LIKE YOU. You know...parasites.
 
Re: Romney's tax rate is only half as high as the middle class pays

i have the solution to EVERYONES problems...everyone that makes over a million dollars should simply...stop. Pull all of the money out of investment accounts...move all your assets to Swiss bank accounts in non-interest bearing savings accounts. Completely and fully stop investing...in EVERYTHING. EVERYONE is happy. the poor are happy because the rich are no longer exploiting the markets and creating greater wealth for themselves. The rich are happy because they are no longer deemed the evil bad guys. No one could complain about Romney's tax holdings on his income because he wouldnt have any. No one could possibly complain about the democrats wealth beca...no...wait...no one complains about their wealth already. So...win...win! What could POSSIBLY be the downside?

Go for it! A lot of that money is already overseas anyway. I'm going to hang around here with the rich people not too greedy to pony up an extra 5% on their capital gains taxes to make their country more prosperous and with the labor force that is the backbone of production. I hear Somalia is nice this time of year though! See ya! :2wave:
 

Attachments

  • Somalia8.jpg
    Somalia8.jpg
    89.3 KB · Views: 28
Re: Romney's tax rate is only half as high as the middle class pays

Go for it! A lot of that money is already overseas anyway. I'm going to hang around here with the rich people not too greedy to pony up an extra 5% on their capital gains taxes to make their country more prosperous and with the labor force that is the backbone of production. I hear Somalia is nice this time of year though! See ya! :2wave:

How is another 5% on capital gains going to going to make the country more prosperous?
 
Re: Romney's tax rate is only half as high as the middle class pays

I really would like to see one of those pamphlets. Unfortunately, I am a university graduate but I was thinking that you might appeal to special needs students and the OWS crowd. I suspect that there your economic theories might be well received.;)

Actually Paul Krugman owes quite a bit of what he knows to me. :cool:

btw - what "economic theories" if mine are you referring to?
 
Re: Romney's tax rate is only half as high as the middle class pays

You show your intolerance and over sensitivity to even the mention of race in any context by calling it silly, unless you're the inductor. Why is it silly if it makes a valid point? If he kept repeating it in an out of context manner then your recognizing and bringing it to attention is sincere. Otherwise it looks like you're the race baiter. By the way, I don't really believe that either by the limited amount you actually used it.

We discussed economics and taxes for scores of pages. Then, out of the blue, Turtle comes in with a bit about race which had nothing at all to do with the subject. And somehow, someway, his doing this makes me oversensitive? His bringing race into taxation makes me intolerant? Someone else brings in race and I am a race baiter?

Glad to see you don't believe that because it sounds a little fantstical to me too.
 
Re: Romney's tax rate is only half as high as the middle class pays

How is another 5% on capital gains going to going to make the country more prosperous?

Our whole tax code needs to be revised. Profitable corporations that pay no income tax. What?? Hedge fund managers who are allowed to take their income as capital gains rather than salary. What?? Second homes being allowed the mortgage interest deduction. What?? People like Warren Buffett who keep their income at $100,000 a year and take the rest as capital gains or dividends. What?? Limited partnerships being allowed to do the same. What?? The IRS accepting 10 cents on the dollar for delinquent taxes. What?? Federal employees who are taking taxpayer funds for their salaries and pensions themselves not paying their taxes to the tune of over $1 billion. What?? 3% of House staffers and over 4% of Senate staffers tax delinquent to the tune of over $10.6 million. What?? Add to that that 47% of American taxpayers pay no income tax, and you've got a big freakin' mess. Capital gains is just the tip of a very large iceburg.
 
Re: Romney's tax rate is only half as high as the middle class pays

Our whole tax code needs to be revised. Profitable corporations that pay no income tax. What?? Hedge fund managers who are allowed to take their income as capital gains rather than salary. What?? Second homes being allowed the mortgage interest deduction. What?? People like Warren Buffett who keep their income at $100,000 a year and take the rest as capital gains or dividends. What?? Limited partnerships being allowed to do the same. What?? The IRS accepting 10 cents on the dollar for delinquent taxes. What?? Federal employees who are taking taxpayer funds for their salaries and pensions themselves not paying their taxes to the tune of over $1 billion. What?? 3% of House staffers and over 4% of Senate staffers tax delinquent to the tune of over $10.6 million. What?? Add to that that 47% of American taxpayers pay no income tax, and you've got a big freakin' mess. Capital gains is just the tip of a very large iceburg.

Well said. You have my vote.... or my sword... or my axe... or bow ... or something.
 
Last edited:
Re: Romney's tax rate is only half as high as the middle class pays

People like Warren Buffett who keep their income at $100,000 a year and take the rest as capital gains or dividends. What??

I agree with everything you say Maggie but I wanted to point out that the reason he pays a 15% on his salary is the same reason Hedgefund managers pay 15%.
 
Re: Romney's tax rate is only half as high as the middle class pays

Go for it! A lot of that money is already overseas anyway. I'm going to hang around here with the rich people not too greedy to pony up an extra 5% on their capital gains taxes to make their country more prosperous and with the labor force that is the backbone of production. I hear Somalia is nice this time of year though! See ya! :2wave:
really? Like your democrat senators that you never seem to bitch about? like the 'liberals' that would really LIKE to do more...but...well..golly...the government wont FORCE them...so...sorrrrrrry!!!!

You guys are a crack-up... :lamo
 
Re: Romney's tax rate is only half as high as the middle class pays

Go for it! A lot of that money is already overseas anyway. I'm going to hang around here with the rich people not too greedy to pony up an extra 5% on their capital gains taxes to make their country more prosperous and with the labor force that is the backbone of production. I hear Somalia is nice this time of year though! See ya! :2wave:
BTW son...that picture could be taken from downtown Detroit...
 
Re: Romney's tax rate is only half as high as the middle class pays

Go for it! A lot of that money is already overseas anyway. I'm going to hang around here with the rich people not too greedy to pony up an extra 5% on their capital gains taxes to make their country more prosperous and with the labor force that is the backbone of production. I hear Somalia is nice this time of year though! See ya! :2wave:
Oh...and a final...BTW...thats funny you think those rich liberals would let you 'hang out with them'. They might let you clean up after them...after the 35k a plate fundraisers...
 
Re: Romney's tax rate is only half as high as the middle class pays

How is another 5% on capital gains going to going to make the country more prosperous?

By helping to decrease our debt owed by all, and by helping address some of the extreme wealth disparity that is killing economic demand by restoring just a little of the progressiveness that has been cut away from our tax system over the last 30 years.
 
Re: Romney's tax rate is only half as high as the middle class pays

really? Like your democrat senators that you never seem to bitch about? like the 'liberals' that would really LIKE to do more...but...well..golly...the government wont FORCE them...so...sorrrrrrry!!!!

You guys are a crack-up... :lamo

I bitch about the conservative democrats all the time, including the one in the white house. If there were more liberal alternatives, I would vote for them.
 
Re: Romney's tax rate is only half as high as the middle class pays

Do you think it is "screwing the rich" to require someone making $24 million dollars to pay the same effective tax rate as someone making $50,000?

that would mean the guy making 24 million would pay substantially less FEDERAL INCOME taxes because the effective tax rate would be much lower
 
Re: Romney's tax rate is only half as high as the middle class pays

How is another 5% on capital gains going to going to make the country more prosperous?

it is not intended to.

it is intended to make envious losers and those who derive their wealth and power appealing to such losers feel better
 
Re: Romney's tax rate is only half as high as the middle class pays

I agree with everything you say Maggie but I wanted to point out that the reason he pays a 15% on his salary is the same reason Hedgefund managers pay 15%.

what salary?
 
Re: Romney's tax rate is only half as high as the middle class pays

that would mean the guy making 24 million would pay substantially less FEDERAL INCOME taxes because the effective tax rate would be much lower

I'll try to spell it out for you, hell I'll even number them for you as is your custom:

1. When you add the federal income tax that Romney paid along with the Federal payroll taxes he paid, he owes 13.9% of his income in taxes.

2. When you add the federal income tax that someone making $50,000 paid along with the Federal payroll taxes he paid, he owes 22% of his income in taxes.
 
Re: Romney's tax rate is only half as high as the middle class pays

when you start howling about fair tax rate I know I am dealing with a far left extremist.
When I hear someone defend the Bush tax cuts I know I am dealing with a Sheeple.

what isn't fair are people who pay no income taxes voting to increase the taxes of those who pay most of them
Maybe if those who pay the most (as you claim) would raise the income of those who pay no income tax (as you claim), those who pay no income tax (as you claim) would make more than the bare minimum, and those who pay the most (as you claim) wouldn't take more of it and would then not pay the most.

But the reasoning of conservatives, as uttered by Joe Walsh in support of Gingrich, is that there should be no tax for capital gains - then all those uber wealthy people, who are benefitting from the Bush tax cuts, wouldn't have to worry if the Bush tax cuts were done away with, because they could claim all their income from capital gains and pay not taxes at all - then they would be able to say they are just like the poor people, who pay no taxes. Because, after all, the poor could take advantage of capital gains just the same as them, since that is what conservative logic amounts to.
 
Re: Romney's tax rate is only half as high as the middle class pays

Inheriting money is somebody getting money they did not previously have. Income tax should indeed be paid upon it because they have new income. Its pretty straight forward and simple. My position is based on straight forward principle and does not waver: the government should not discriminate or give preferential treatment to the source of the income.

My position has been consistent on that from the very start.

This has to be the greediest generation in the history of the world, bar none.

Not only are we saddling the next generation with many trillions of unpayable debt (at least those who survive abortion roulette) we are now telling them that we want to tax anything they might possibly inherit from their parents. In order to spend it on what? More social programs for the present generation, a woeful bunch of sloths who want the government to make every decision for them, who can't handle personal responsibility.

Instead of inheriting wealth they are inheriting trillions in debt. This inheritance is being ignored.

While driving their SUV's until they got bored with them they are now insisting that there be fewer opportunities for the next generation to enjoy the same lifestyles , that oil exploration must be limited, as well as coal, etc.

So what is this deadbeat, slothful generation leaving the next generation? Debt, rules and regulations their own grandparents would have never recognized.

There is no shame anymore.
 
Re: Romney's tax rate is only half as high as the middle class pays

it is not intended to.

it is intended to make envious losers and those who derive their wealth and power appealing to such losers feel better

That is just silly Turtle. Its about two things
1 - needed revenue to offset deficits
2- tax justice for a better America
 
Re: Romney's tax rate is only half as high as the middle class pays

the stink is caused by the farter who expelled the offensive gas... not the one who noticed it ...... see post 1267.
You mean the one who noticed it and had to make a big deal about it. There was not much notable or offensive about that post, until you decided to make it a major issue.

Yay for you. You get extra prick points.
 
Re: Romney's tax rate is only half as high as the middle class pays

That is just silly Turtle. Its about two things
1 - needed revenue to offset deficits
2- tax justice for a better America

It has been calculated that if the federal government were to increase every single tax by 30% it would take 25 years to balance the books BUT only if the government stopped spending more money. And what is the likelihood of that?

You can kiss the idea of a "better America" goodbye. That's gone and you pissed it away.



Benjamin Franklin was said to have been asked, “Well, Doctor, what have we got—a Republic or a Monarchy?”

To which he replied, “A Republic, if you can keep it.”

He seems to have had some foreboding about this generation of Americans.
 
Re: Romney's tax rate is only half as high as the middle class pays

I'll try to spell it out for you, hell I'll even number them for you as is your custom:

1. When you add the federal income tax that Romney paid along with the Federal payroll taxes he paid, he owes 13.9% of his income in taxes.

2. When you add the federal income tax that someone making $50,000 paid along with the Federal payroll taxes he paid, he owes 22% of his income in taxes.


No, no, no....This is the only way you can get to your number to prop up your claim, I understand, but you have ignored for quite a few pages now, and I know this to be true, because I am that earner you are talking about...The employee has about 7% of their salary withheld for Federal income tax, the employer pays another 7%. At the end of the year as it is now, I get my W-2, and do my taxes. After my deductions, I usually get back about $1500.00 from federal making my tax that I paid throughout the year, about 6% or so.

Your intentionally attempting to meld any, and every tax together concerning someone making roughly my salary in order to make your meme work, which is at best a clear misunderstanding of what people actually pay, at worst you are lying.


j-mac
 
Status
Not open for further replies.
Back
Top Bottom