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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
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.

Because fica and state are negligible for him. For me they aren't.
 
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

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%.
 
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.

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.
 
Because fica and sate are negligible for him. For me they aren't.

And I don't have a state income tax at all. Hell, our sales tax is at .0825 on the dollar. And FICA on my tax return amounts to less than $1000....a LOT less than $1000. How much are you paying that it's taking a significant amount of spending money away from you?! If you rolled in everything except sales tax, because that's extremely variable year-to-year for me, after I receive my refund my rate is less than 5%. That's including FICA and SS as well as the income tax.

If you're going to make a comparison it should be apples-to-apples. Being that the comparison is based on Romney's effective tax rate, that's where the comparison should lie.
 
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.
 
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).
 
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.
 
According to IRS form 1040 Adjusted Gross Income (line 38) is wages salaries and tips, plus all additional income - ie interest, dividends etc
 
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.
 
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.
 
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.
 
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
 
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..
 
Say what? figures don't lie I paid 7.35% Social Security and Medicare are not relevant on the 1040.

My mistake. And thank you for setting me straight. There's far too much misinformation/misunderstanding out there about Effective Tax Rate.
 
I pay no income tax, im poor :D
 
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..

You really have a strange definition of rich and greed.

By what right is a free society do you target establish a tax rate simply to take more because it is there?
 
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..

It is telling you pointed only at Republicans
Pelosi, Reid, Obama, Kerry, et.al., are also over your 100K, Seemed a while back they controlled Congress and did nothing.
please stop your partisan hacking.
 
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.

It is, we need to get rid of a lot of the confusion. Single or married shouldn't matter. Kids should not come with a tax deduction. Charitable contributions should be capped.
 
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!

And contributed far less to the total revenue stream of the government and to programs that the government runs.

You're choosing one arbitrary means to determine why someones "sarcifice" is essentially more "fair", others choose a different one...neither of you are universally right because its entirely an opinion based thing.
 
not according to the 2012 US tax bracket

So you want to compare Romney's effective tax rate after deducations with the flat, non-deduction tax brackets.

Awesome

Romney pays less in taxes then Jerry Buss pays in Luxury Tax in the NBA. He must be stopped!

WOO! I can compare two ENTIRELY DIFFERENT THINGS too.
 
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!

Using 2011 tax 1040 and tax tables:

Single person no dependents (versus Romney Married filing jointly)
$50,000 Salary/wages etc
-$3,700 1 exemption (single)
-$5,800 Standard Deduction

Taxable Income = $40,500

Tax from Tax Table $6,244

$6,244 / $50,000 = 12.4%
$6,244 / $40,500 = $15.4%


Per the tax table a married couple filing jointly and no kids (similar to Mitt) making $50,000, and taking the standard deduction would have taxable income of $31,000 and would have a tax bill of $3,804 or 7.6% of Adjusted Gross Income (line 38 IRS Form 1040)

Facts are really pesky

47% of people pay no taxes and in fact a good portion of this group end up getting a refund in excess of what they had withheld due to credits
 
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