Mitt Romney pays a lower tax rate than you do.

[hjmick]

True Story.

Romney Says His Effective Tax Rate Is ‘Probably’ 15%

Is he doing anything illegal?

 

[Cecilie1200]

Okay, for the thinking-impaired, let's see if I can clarify this a bit.

Stockholders basically own the company. The profits that come in, upon which the company is taxed, are theirs. They belong to the stockholders at the moment they're earned. So the stockholders are, in essence, themselves being taxed when the company is. THEN, when the stockholders take money from their company's profits, they get taxed AGAIN. So yes, capital gains taxes ARE, basically, a double tax. It is not the same as the company paying salaries to its employees, which are then taxed as employee income, because 1) payroll comes out of operating costs, not profits, and 2) the money the company makes doesn't in any way belong to the employees, unless they are also stockholders.

I realize this is a very simplified explanation, but I'm explaining to simpletons, so . . .

 

[OohPooPahDoo]

True Story.

Romney Says His Effective Tax Rate Is ‘Probably’ 15%

Is he doing anything illegal?

Its not illegal for the rich with investment income to get laws passed that make their income exempt from income taxation. Its just wrong. Wish I had time to lobby Congress to get my income except from the income tax and taxed at a special lower rate, but I'm too busy earning income.

 

[Article 15]

Okay, for the thinking-impaired, let's see if I can clarify this a bit.

Stockholders basically own the company. The profits that come in, upon which the company is taxed, are theirs. They belong to the stockholders at the moment they're earned. So the stockholders are, in essence, themselves being taxed when the company is. THEN, when the stockholders take money from their company's profits, they get taxed AGAIN. So yes, capital gains taxes ARE, basically, a double tax. It is not the same as the company paying salaries to its employees, which are then taxed as employee income, because 1) payroll comes out of operating costs, not profits, and 2) the money the company makes doesn't in any way belong to the employees, unless they are also stockholders.

I realize this is a very simplified explanation, but I'm explaining to simpletons, so . . .

False. A company can be operating at a loss, pay no taxes, and still have their stock go up.

A corporation's tax bill is not tied to the value of their stock. To claim that a shareholder's profit on the sale of their stock has been taxed twice is ludicrous.

You aren't fooling anyone with a clue about these things.

 

[Chris]

True Story.

Romney Says His Effective Tax Rate Is ‘Probably’ 15%

Is he doing anything illegal?

Probably.

That's why he has an offshore account in the Caymans, and he won't release his tax return.

 

[Article 15]

True Story.

Romney Says His Effective Tax Rate Is ‘Probably’ 15%

Is he doing anything illegal?

So legality is the basis we are using for whether a criticism of a candidate is valid?

 

[Cecilie1200]

Okay, for the thinking-impaired, let's see if I can clarify this a bit.

Stockholders basically own the company. The profits that come in, upon which the company is taxed, are theirs. They belong to the stockholders at the moment they're earned. So the stockholders are, in essence, themselves being taxed when the company is. THEN, when the stockholders take money from their company's profits, they get taxed AGAIN. So yes, capital gains taxes ARE, basically, a double tax. It is not the same as the company paying salaries to its employees, which are then taxed as employee income, because 1) payroll comes out of operating costs, not profits, and 2) the money the company makes doesn't in any way belong to the employees, unless they are also stockholders.

I realize this is a very simplified explanation, but I'm explaining to simpletons, so . . .

False. A company can be operating at a loss, pay no taxes, and still have their stock go up.

A corporation's tax bill is not tied to the value of their stock. To claim that a shareholder's profit on the sale of their stock has been taxed twice is ludicrous.

You aren't fooling anyone with a clue about these things.

::sigh:: I clearly should have borrowed my toddler's Crayolas and drawn pictures. I always have such trouble dumbing things down enough for leftists.

 

[Dr Grump]

Okay, for the thinking-impaired, let's see if I can clarify this a bit.

Stockholders basically own the company. The profits that come in, upon which the company is taxed, are theirs. They belong to the stockholders at the moment they're earned. So the stockholders are, in essence, themselves being taxed when the company is. THEN, when the stockholders take money from their company's profits, they get taxed AGAIN. So yes, capital gains taxes ARE, basically, a double tax. It is not the same as the company paying salaries to its employees, which are then taxed as employee income, because 1) payroll comes out of operating costs, not profits, and 2) the money the company makes doesn't in any way belong to the employees, unless they are also stockholders.

I realize this is a very simplified explanation, but I'm explaining to simpletons, so . . .

You are wrong. The money belongs to the company. It only belongs to the people once they take money out. That's the way it is and has always been. Only an idiot would think otherwise.

What happens if the company makes a healthy profit but issues more shares instead of a dividend? Or they spend the profits on capital expenditure?

You're right, you should get out the crayons and stick with remedial drawing..

 

[Chris]

Okay, for the thinking-impaired, let's see if I can clarify this a bit.

Stockholders basically own the company. The profits that come in, upon which the company is taxed, are theirs. They belong to the stockholders at the moment they're earned. So the stockholders are, in essence, themselves being taxed when the company is. THEN, when the stockholders take money from their company's profits, they get taxed AGAIN. So yes, capital gains taxes ARE, basically, a double tax. It is not the same as the company paying salaries to its employees, which are then taxed as employee income, because 1) payroll comes out of operating costs, not profits, and 2) the money the company makes doesn't in any way belong to the employees, unless they are also stockholders.

I realize this is a very simplified explanation, but I'm explaining to simpletons, so . . .

False. A company can be operating at a loss, pay no taxes, and still have their stock go up.

A corporation's tax bill is not tied to the value of their stock. To claim that a shareholder's profit on the sale of their stock has been taxed twice is ludicrous.

You aren't fooling anyone with a clue about these things.

::sigh:: I clearly should have borrowed my toddler's Crayolas and drawn pictures. I always have such trouble dumbing things down enough for leftists.

No, actually you have trouble admiting you are wrong. Profits and stock value are not the same thing.

The value of stock is not taxed until it is sold. And if the value is increasing over time, you are avoiding taxes, not paying them twice.

You are just repeating Republican talking points.

Like people sitting on their ass making money on other people's work are "job creators."

 

[ABikerSailor]

Okay.......lemmie get this straight.........

If you're an investment capatilist, you get to pay taxes at a lower rate, because you may lose money through your investment.

Does that mean we should give tax breaks for gamblers as well?

I mean........just to be fair.

 

[Chris]

"I like to fudge people."

 

[Ravi]

Okay, for the thinking-impaired, let's see if I can clarify this a bit.

Stockholders basically own the company. The profits that come in, upon which the company is taxed, are theirs. They belong to the stockholders at the moment they're earned. So the stockholders are, in essence, themselves being taxed when the company is. THEN, when the stockholders take money from their company's profits, they get taxed AGAIN. So yes, capital gains taxes ARE, basically, a double tax. It is not the same as the company paying salaries to its employees, which are then taxed as employee income, because 1) payroll comes out of operating costs, not profits, and 2) the money the company makes doesn't in any way belong to the employees, unless they are also stockholders.

I realize this is a very simplified explanation, but I'm explaining to simpletons, so . . .

False. A company can be operating at a loss, pay no taxes, and still have their stock go up.

A corporation's tax bill is not tied to the value of their stock. To claim that a shareholder's profit on the sale of their stock has been taxed twice is ludicrous.

You aren't fooling anyone with a clue about these things.

True, but she is fooling a lot of stupid people. And stupid people in large numbers are dangerous.

 

[Vast LWC]

Okay, for the thinking-impaired, let's see if I can clarify this a bit.

Stockholders basically own the company. The profits that come in, upon which the company is taxed, are theirs. They belong to the stockholders at the moment they're earned. So the stockholders are, in essence, themselves being taxed when the company is. THEN, when the stockholders take money from their company's profits, they get taxed AGAIN. So yes, capital gains taxes ARE, basically, a double tax. It is not the same as the company paying salaries to its employees, which are then taxed as employee income, because 1) payroll comes out of operating costs, not profits, and 2) the money the company makes doesn't in any way belong to the employees, unless they are also stockholders.

I realize this is a very simplified explanation, but I'm explaining to simpletons, so . . .

For the thinking impaired that seem to think that everyone else is thinking impaired because they don't agree with your world-view...

How does one calculate "profit"?

Are operating expenses not deducted from profit?

Does the government pay a corporation for the entirety of their operating expenses?

Therefore, are taxes not taken into account by companies when calculating how much they can pay their employees while still making a profit?

And this:

"2) the money the company makes doesn't in any way belong to the employees"

Except for the money that the company owes the employees in the form of compensation for their service. That would be, specifically, money that the company makes that belongs to the employees.

I guess you just conveniently ignored that.

So, again, in the end, capital gains are a "Double Tax" then all income tax is a "Double Tax". Your entire argument is based on semantics.

 

[Vast LWC]

But really, Article 15's point is better than mine, and more to-the-point.

 

[PLYMCO_PILGRIM]

True Story.

Romney Says His Effective Tax Rate Is ‘Probably’ 15%

Actually Mitt and I pay the exact same tax rate on capital gains.

Its a bit dishonest to compare capital gains and employment income as they are taxed differently.

 

[peach174]

True Story.

Romney Says His Effective Tax Rate Is ‘Probably’ 15%

Why, how dare he pay the same captial gains tax as everybody else.

 

[Skull Pilot]

Media Myth Debunked: 97 Percent of Americans Pay Less Tax Than Romney's 15 Percent | NewsBusters.org

According to last year's report from the Internal Revenue Service, as a function of Adjusted Gross Income, 97 percent of 2009 filers paid less than 15 percent:

Thread closed.

 

[NYcarbineer]

So I shouldn't have to pay the federal gas tax because I'm doing it with money that was already taxed once?

Who ever said that? You have to pay gas taxes to build and repair the roads you drive on.

btw, the government is trying to swindle you when they tell you that you need to pay a new tax to build and repair roads when you have already been paying that tax for years.

The people who said are all the people who claimed Romney's capital gains had already been taxed once.

 

[PLYMCO_PILGRIM]

Media Myth Debunked: 97 Percent of Americans Pay Less Tax Than Romney's 15 Percent | NewsBusters.org

According to last year's report from the Internal Revenue Service, as a function of Adjusted Gross Income, 97 percent of 2009 filers paid less than 15 percent:

Thread closed.

that is another way to look at it....works better than the other honest assesment that the 15% cap gains rate is the same rate all americans pay on cap gainst regardless of income level.

Nice chart!

 

[Chris]

Warren Buffett isn’t the only rich guy who wants to higher taxes on the rich.

A new survey from Spectrem Group found that 68% of millionaires (those with investments of $1 million or more) support raising taxes on those with $1 million or more in income. Fully 61% of those with net worths of $5 million or more support the tax on million-plus earners.

Buffett, as you might recall, has proposed raising taxes on million-plus earners, saying the ultra-rich pay lower rates than everyday workers.

Millionaires Support Warren Buffett’s Tax on the Rich - The Wealth Report - WSJ