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

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

haymarket said:
I have no beef with rich folk. I have great admiration with people who work hard and are successful and make America even greater.

I believe that America is in a financial crisis and all Americans should pay five point more on their federal income tax. That includes ever wage earner from dollar one to the absolute top. I believe that income should be taxed according to the same progressive rates schedule without discrimination as to the source of that income.
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I want to look at the effect this would have. Do you mean to include corporate taxes?
 
Re: Romney's tax rate is only half as high as the middle class pays

TurtleDude said:
NOt at all, his interests as a billionaire are advanced by screwing over the merely rich like me. the error you make is thinking a guy who makes a billion a year has the same interests as those of us who make enough to be in the top one percent but not enough to see our estate raped at the rate people like you want and then regenerate within 20 years. Buffetts would
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How did Warren Buffett screw you?
 
Re: Romney's tax rate is only half as high as the middle class pays

TurtleDude said:
NOt at all, his interests as a billionaire are advanced by screwing over the merely rich like me. the error you make is thinking a guy who makes a billion a year has the same interests as those of us who make enough to be in the top one percent but not enough to see our estate raped at the rate people like you want and then regenerate within 20 years. Buffetts would
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I also note that it is true that the uber rich don't really spend that much more than the mere rich on consumer goods. what that means is if Buffett suffers even a doubling in his taxes, his spending won't change much if at all. But if you have someone who lives off 40 years of investing when he was working and now at age 62 is living off of 500K a year in dividends will clearly suffer a major lifestyle change if his taxes (federal income tax only) goes from 75K a year to well over 150K a year which would be the case if his dividends were taxed at a top marginal rate of 40% as you want
 
Re: Romney's tax rate is only half as high as the middle class pays

haymarket said:
How did Warren Buffett screw you?
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he wants to screw me by making my income taxes go way up and my estate taxes when I die go way up
 
Re: Romney's tax rate is only half as high as the middle class pays

Keridan said:
I want to look at the effect this would have. Do you mean to include corporate taxes?
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I do not remember mentioning corporate taxes one way or the other.
 
Re: Romney's tax rate is only half as high as the middle class pays

TurtleDude said:
he wants to screw me by making my income taxes go way up and my estate taxes when I die go way up
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So again, you view him as a traitor to his class because he wants to remove the privileges your class has unfairly enjoyed under the current tax code.
 
Re: Romney's tax rate is only half as high as the middle class pays

haymarket said:
How do you come to that incredible conclusion?
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I went through this several times

Company A has profits of one million taxed at 35% means 650K

then when it is distributed to its owners (lets assume they are rich) that 650K is taxed at 40% (your desired tax rate on dividends for the wealthy)

that is another 290K in taxes

that 1 million dollar sum of money has 610K going to the government, and 390 going to the owners
 
Re: Romney's tax rate is only half as high as the middle class pays

haymarket said:
So again, you view him as a traitor to his class because he wants to remove the privileges your class has unfairly enjoyed under the current tax code.
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I guess you cannot get it through your head that he is not in my class

Us making 400K to 4 million a year are much closer to YOU than we are to Buffett
 
Re: Romney's tax rate is only half as high as the middle class pays

TurtleDude said:
I went through this several times

Company A has profits of one million taxed at 35% means 650K

then when it is distributed to its owners (lets assume they are rich)
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You mean its SHAREHOLDERS?
 
Re: Romney's tax rate is only half as high as the middle class pays

haymarket said:
You mean its SHAREHOLDERS?
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shareholders are owners

and I keep asking why the government deserves 61% of money a corporation made
 
Re: Romney's tax rate is only half as high as the middle class pays

TurtleDude said:
I guess you cannot get it through your head that he is not in my class

Us making 400K to 4 million a year are much closer to YOU than we are to Buffett
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So who in his class agrees with him?
 
Re: Romney's tax rate is only half as high as the middle class pays

haymarket said:
I do not remember mentioning corporate taxes one way or the other.
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Right, I was asking for clarification, not putting words in your mouth.
 
Re: Romney's tax rate is only half as high as the middle class pays

haymarket said:
So who in his class agrees with him?
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Other than gates, I don't know, most of the other billionaires don't tend to spout off much
 
Re: Romney's tax rate is only half as high as the middle class pays

TurtleDude said:
I guess you cannot get it through your head that he is not in my class

Us making 400K to 4 million a year are much closer to YOU than we are to Buffett
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So really it is all about envy. Thought so.
 
Re: Romney's tax rate is only half as high as the middle class pays

I posted this before and never got a straight answer. Adam, Hay, how much of a cut do you think government should get, expressed in percentages? Please be specific include both corporate taxes then dividends. Explain your rationale if you could as well.
 
Re: Romney's tax rate is only half as high as the middle class pays

OpportunityCost said:
I posted this before and never got a straight answer. Adam, Hay, how much of a cut do you think government should get, expressed in percentages? Please be specific include both corporate taxes then dividends. Explain your rationale if you could as well.
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You first.
 
Re: Romney's tax rate is only half as high as the middle class pays

AdamT said:
So really it is all about envy. Thought so.
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more idiocy in that post: I am not calling for Buffett to pay more taxes
 
Re: Romney's tax rate is only half as high as the middle class pays

OpportunityCost said:
I posted this before and never got a straight answer. Adam, Hay, how much of a cut do you think government should get, expressed in percentages? Please be specific include both corporate taxes then dividends. Explain your rationale if you could as well.
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most of them will never say because they believe that the government needs the money of those richer than they more than those who earned the income

its like asking a gun hater at what point do gun laws become "unreasonable"
 
Re: Romney's tax rate is only half as high as the middle class pays

I asked you first, you seem to think rates are not high enough. So how high should they be?
 
Re: Romney's tax rate is only half as high as the middle class pays

OpportunityCost said:
I asked you first, you seem to think rates are not high enough. So how high should they be?
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You seem to think they're too high. So how low should they go? And why?
 
Re: Romney's tax rate is only half as high as the middle class pays

TurtleDude said:
most of them will never say because they believe that the government needs the money of those richer than they more than those who earned the income

its like asking a gun hater at what point do gun laws become "unreasonable"
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Its also the only way to get them to put their ideas on the line instead of just screaming MORE! MORE! MORE!
Give a percentage. Im betting he won't.
 
Re: Romney's tax rate is only half as high as the middle class pays

TurtleDude said:
more idiocy in that post: I am not calling for Buffett to pay more taxes
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More envy. The green turtle monster pokes out its head. :)
 
Re: Romney's tax rate is only half as high as the middle class pays

AdamT said:
You seem to think they're too high. So how low should they go? And why?
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no one should pay any governmental entity-state or fed more than 10 percent of their AGI
 
Re: Romney's tax rate is only half as high as the middle class pays

AdamT said:
You seem to think they're too high. So how low should they go? And why?
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I think the dividend rates are too high. More than a few retirees depend on dividend income to fund their retirements. Drop the income percentage at the lower end and increase it at the higher end with brackets going to the sky, 50k/100k/250k/1mil/5mil. Buffet will get what he wants that way. Retirees wont get clobbered and revenue will go up unless and until people decide to use tax abatement, then you just adjust until revenue seems to climb slowly. Btw rates---10%/15%/20%/25%/30%.

I also think that corporate income taxes should fall by 10%, dependent upon a majority US work force and majority US holdings. That answer isnt going to be popular but it is how I think we can give both sides something of what they want--jobs and tax cuts.

Your turn.

Devil's advocate: I wish we could use a VAT but there is no guarantee it will control revenue or drive down government spending. Maybe its as much a pipe dream as anything else.
 
Re: Romney's tax rate is only half as high as the middle class pays

AdamT said:
More envy. The green turtle monster pokes out its head. :)
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I guess in your mind that is the best you can come up with. I merely noted that far lefties who think Buffett speaks for people like me is rather idiotic. I am not envious of Buffett and I don't whine that I pay a higher effective federal income tax rate than he does. He pays tons of taxes and creates a lot of value for society. But his calls for higher taxes are designed to benefit him and is hardly altruistic.

I think everyone should pay the same income tax rate so people like you cannot demand others pay more without you paying any more yourself

with a flat rate if you want me to pay 5% more taxes so will you

I suspect that would calm down the tax hiking fervor of most citizens
 
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