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Do you have a higher effective tax rate than mitt romney

Do you have a higher effective tax rate than mitt romney?

  • Yes

    Votes: 21 53.8%

  • No

    Votes: 18 46.2%
  • Total voters
    39
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.
 
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...
 
99percenter said:
I know i do.

Mitt Romney Tax Returns Released: Paid Just 13.9% Rate In 2010, Had Swiss Bank Account
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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.
 
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And just a follow up question. How many people paid more than $3,016,300 in the final dollar figure?
 
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Keridan said:
And just a follow up question. How many people paid more than $3,016,300 in the final dollar figure?
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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!
 
Higgins86 said:
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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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).
 
Higgins86 said:
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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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.
 
MaggieD said:
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.
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but a single person earning 60 k is paying 25% right?
 
MaggieD said:
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.
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Double the screwed for LGBT, since they don't even have the option to marry the person they love. I don't want to derail on that, but it is absolutely a mess! I can't believe some of the choices that we choose to reward/punish.
 
MaggieD said:
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.
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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
 
MaggieD said:
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.
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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.
 
99percenter said:
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.
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FICA is not intended to be progressive as you get what you put in (in theory).
I was looking through the article and didn't see where they mentioned state was included or not. Did I miss that? Also, do you live in his state?
 
Higgins86 said:
not according to the 2012 US tax bracket
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That doesn't even include standard deductions that everyone gets. It is not the effective rate. Romney's marginal rate would be 35% if capital gains rates were considered a deduction instead of a different source.
 
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99percenter said:
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.
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Actually just including state(5% in my state) and fica makes it over 10%. Than there are sales taxes which are the highest in the nation where i live. I think sales taxes would be negligible for mitt. In fact i think the granite state where he lives doesnt even have a sales tax.
 
Keridan said:
FICA is not intended to be progressive as you get what you put in (in theory).
I was looking through the article and didn't see where they mentioned state was included or not. Did I miss that? Also, do you live in his state?
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State taxes would be negligible for mitt because almost all of his income is probably in cap gains.
 
99percenter said:
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.
Click to expand...

Romney didn't produce his state income tax. You're comparing apples to oranges.
 
99percenter said:
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.
Click to expand...

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.
 
MaggieD said:
That is because you don't understand marginal and progressive tax brackets. The calculator cuts through that confusion.
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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
 
MaggieD said:
Romney didn't produce his state income tax. You're comparing apples to oranges.
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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.
 
99percenter said:
State taxes would be negligible for mitt because almost all of his income is probably in cap gains.
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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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