Mitt Romney pays a lower tax rate than you do.

[Unkotare]

I hope that by page 30 all the lefty idiots have had the meaning of different tax rates explained to them.

 

[Cecilie1200]

Im fairly certain i pay alot less capital gains tax than Romney.

You need to claim capital gains first. That's probably why.

Exactly.

Which is why it's completely dishonest to compare capital gains tax to income tax.

It makes about as much sense as comparing income tax and sales tax.

 

[PLYMCO_PILGRIM]

You need to claim capital gains first. That's probably why.

Exactly.

Which is why it's completely dishonest to compare capital gains tax to income tax.

It makes about as much sense as comparing income tax and sales tax.

Now you have done it....up next on the class warfare agenda "Progressive sales tax rates"

 

[Cecilie1200]

Raise the capital gains to match the income tax with some sort of exemption for seniors who need that income for basic living needs. Something along those lines.

Wouldn't the low income of said seniors take care of that problem anyway, if gains were taxed at the same rate as income?

I think where you could make an exception would be a be a reduced rate for capital gains that came from purely American investments.

You could have a sliding scale that measured how much of a company's workforce was inside the US, and base the cap gains rate on it.

That would keep the investment money in the US.

Yes, goddamnit, let's make capital gains as complicated and confusing as income tax is, because everyone knows the REAL purpose of taxes isn't funding the government, it's telling people which ones liberals like and which ones they don't!

 

[bigrebnc1775]

15cents out of 100 cents

or .15 dollars out of 1 dollar

Romney made, what, 50 million? so he paid 7.5 million in taxes.

Isn't that a lot of money for one person to have to pay?

Its a lot for sure, i probably wont even make that much in my lifetime.

Its funny....when it comes to the Bush tax cuts people talk in total dollars instead of percent, when it comes to romney they talk about percent instead of total dollars.

its like they can't see that the two are inseperable parts of the same subject....they only seem to cherry pick what makes the "war on wealth/class warfare" rhetoric sound better while staying intentionally blind to the honest truth

Yep dead on target.

 

[Cecilie1200]

Exactly.

Which is why it's completely dishonest to compare capital gains tax to income tax.

It makes about as much sense as comparing income tax and sales tax.

Now you have done it....up next on the class warfare agenda "Progressive sales tax rates"

I don't doubt it. Sales tax is way too simple, and does absolutely nothing to punish rich people for their ability to buy more things than poor people can.

And really, they DO keep trying to make sales tax another social engineering tool, what with luxury taxes, "sin" taxes, stuff like that.

 

[RDD_1210]

Depends come on don't give a percentage give the bottom dollar. How much is 15% of let's say 50 million dollars?

You can't do the math yourself? Why don't you just cut to whatever brilliant point you think you're making. Save us all the hassle, then we can make fun of you for being an idiot and we can all move on.

OH so you refuse to answer the question. Why is that you will not show openly that that 15% of 50 million is 7 million 5 hundred thousand dollars. Why are you afraid of talking about the sum of what a person pays but only talk about the percentage of what a person pay's?

Maybe because we tax based upon percentage and not fixed sum.

You're an idiot, can we move on now?

 

[bigrebnc1775]

You can't do the math yourself? Why don't you just cut to whatever brilliant point you think you're making. Save us all the hassle, then we can make fun of you for being an idiot and we can all move on.

OH so you refuse to answer the question. Why is that you will not show openly that that 15% of 50 million is 7 million 5 hundred thousand dollars. Why are you afraid of talking about the sum of what a person pays but only talk about the percentage of what a person pay's?

Maybe because we tax based upon percentage and not fixed sum.

You're an idiot, can we move on now?

That made no sense at all. even with a percentage you still have a sum of that percentage. 15% of 50 million would be 7 million 5 hundred thousand dollars. isn't that enough out of the pocket of one person?

 

[RDD_1210]

OH so you refuse to answer the question. Why is that you will not show openly that that 15% of 50 million is 7 million 5 hundred thousand dollars. Why are you afraid of talking about the sum of what a person pays but only talk about the percentage of what a person pay's?

Maybe because we tax based upon percentage and not fixed sum.

You're an idiot, can we move on now?

That made no sense at all. even with a percentage you still have a sum of that percentage. 15% of 50 million would be 7 million 5 hundred thousand dollars. isn't that enough out of the pocket of one person?

Not when you compare it to the total amount he made.

 

[bigrebnc1775]

Maybe because we tax based upon percentage and not fixed sum.

You're an idiot, can we move on now?

That made no sense at all. even with a percentage you still have a sum of that percentage. 15% of 50 million would be 7 million 5 hundred thousand dollars. isn't that enough out of the pocket of one person?

Not when you compare it to the total amount he made.

Why isn't 7.5 million dollars enough? damn with how much someone makes. If 7.5 million dollars isn't enough from one person something is terribly wrong with that picture.

 

[RDD_1210]

That made no sense at all. even with a percentage you still have a sum of that percentage. 15% of 50 million would be 7 million 5 hundred thousand dollars. isn't that enough out of the pocket of one person?

Not when you compare it to the total amount he made.

Why isn't 7.5 million dollars enough? damn with how much someone makes. If 7.5 million dollars isn't enough from one person something is terribly wrong with that picture.

So how much is enough? Since you want to say that there should be a fixed number that someone pays, whats the magic number? Let's hear this brilliant plan of yours.

 

[bigrebnc1775]

Not when you compare it to the total amount he made.

Why isn't 7.5 million dollars enough? damn with how much someone makes. If 7.5 million dollars isn't enough from one person something is terribly wrong with that picture.

So how much is enough? Since you want to say that there should be a fixed number that someone pays, whats the magic number? Let's hear this brilliant plan of yours.

Hell God only asked for 10%

 

[RDD_1210]

Why isn't 7.5 million dollars enough? damn with how much someone makes. If 7.5 million dollars isn't enough from one person something is terribly wrong with that picture.

So how much is enough? Since you want to say that there should be a fixed number that someone pays, whats the magic number? Let's hear this brilliant plan of yours.

Hell God only asked for 10%

Sorry, you can't switch back to percentages now. You said 7.5 million is enough to pay because its such a big number, but I pointed out that its a small percentage. So what's the fixed number that you think no one should exceed?

 

[bigrebnc1775]

So how much is enough? Since you want to say that there should be a fixed number that someone pays, whats the magic number? Let's hear this brilliant plan of yours.

Hell God only asked for 10%

Sorry, you can't switch back to percentages now. You said 7.5 million is enough to pay because its such a big number, but I pointed out that its a small percentage. So what's the fixed number that you think no one should exceed?

Way to twist it. hell yes 7.5 million dollars is way to much an income tax is way to much. but go a head twisted I just hope you don't hurt something the way your twisting.

 

[RDD_1210]

Hell God only asked for 10%

Sorry, you can't switch back to percentages now. You said 7.5 million is enough to pay because its such a big number, but I pointed out that its a small percentage. So what's the fixed number that you think no one should exceed?

Way to twist it. hell yes 7.5 million dollars is way to much an income tax is way to much. but go a head twisted I just hope you don't hurt something the way your twisting.

Jesus, I need an interpreter to read your posts.

Are you done now?

 

[Article 15]

Hell God only asked for 10%

Sorry, you can't switch back to percentages now. You said 7.5 million is enough to pay because its such a big number, but I pointed out that its a small percentage. So what's the fixed number that you think no one should exceed?

Way to twist it. hell yes 7.5 million dollars is way to much an income tax is way to much. but go a head twisted I just hope you don't hurt something the way your twisting.

In your opinion, if in a given year someone makes $50 million dollars no matter if it's in regular income, capital gains, or a combination of the two, what should their tax bill be?

A single numerical answer will be sufficient.

 

[Valerie]

People seem to be oblivious to the differences in types of income...


Income you earn from wages is reported on form W-2 and all earned W-2 income is equally subject to the same tax rate table...

W-2

The Form W-2, Wage and Tax Statement, is used to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31. This deadline gives these taxpayers about 2½ months to prepare their returns before the April 15 income tax due date. The form is also used to report FICA taxes to the Social Security Administration. The Form W-2, along with Form W-3, generally must be filed by the employer with the Social Security Administration by the end of February. Relevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue Service.

IRS tax forms - Wikipedia, the free encyclopedia

All other forms of income are reported on form 1099 and subject to different formulas of taxation on different Schedules. THIS is the type of income on Mitt Romney's most recent tax returns...Various types of 1099 income, not income earned from W-2 wages.

1099 series

Form 1099 series is used to report various types of income other than wages, salaries, and tips (for which Form W-2 is used instead). Examples of reportable transactions are amounts paid to independent contractor for services (in IRS terminology, such payments are nonemployee compensation). The ubiquity of the form has also led to use of the phrase "1099" to refer to the independent contractors themselves. In 2011 the requirement has been extended by the Small Business Jobs Act of 2010 to payments made by persons who receive income from rental property.

Each payer must complete a Form 1099 for each covered transaction. Three copies are made: one for the payer, one for the payee, and one for the IRS.[7] Payers who file 250 or more Form 1099 reports must file all of them electronically with the IRS.[8] If the fewer than 250 requirement is met, and paper copies are filed, the IRS also requires the payer to submit a copy of Form 1096, which is a summary of information forms being sent to the IRS. The returns must be filed with the IRS by the end of February immediately following the year for which the income items or other proceeds are paid. Copies of the returns must be sent to payees, however, by the end of January. The law provides various dollar amounts under which no Form 1099 reporting requirement is imposed. For some Form 1099s, for example, no filing is required for payees who receive less than $600 from the payer during the applicable year.

Variants for Form 1099

As of 2011, several versions of Form 1099 are used, depending on the nature of the income transaction:

1099-A: acquisition or Abandonment of Secured Property
1099-B: Proceeds from Broker and Barter Exchange Transactions
1099-C: Cancellation of Debt
1099-CAP: Changes in Corporate Control and Capital Structure
1099-DIV: Dividends and Distributions
1099-G: Government Payments
1099-H: Health Insurance Advance Payments
1099-INT: Interest Income
1099-K: Merchant Card and Third Party Network Payments
1099-LTC: Long Term Care Benefits
1099-MISC: Miscellaneous Income
1099-OID: Original Issue Discount
1099-PATR: Taxable Distributions Received From Cooperatives
1099-Q: Payment from Qualified Education Programs
1099-R: Distributions from Pensions, Annuities, Retirement Plans, IRAs, or Insurance Contracts
1099-S: Proceeds from Real Estate Transactions
1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
1042-S: Foreign Person's U.S. Source Income
SSA-1099: Social Security Benefit Statement
SSA-1042S: Social Security Benefit Statement to Nonresident Aliens
RRB-1099: Payments by the Railroad Retirement Board
RRB-1099R: Pension and Annuity Income by the Railroad Retirement Board
RRB-1042S: Payments by the Railroad Retirement Board to Nonresident Aliens
W-2G: Certain Gambling Winnings

Form 1040 has 11 attachments, called "schedules", which may need to be filed depending on the taxpayer. For 2009 and 2010 there is an additional form, Schedule M, due to the "Making Work Pay" provision of the American Recovery and Reinvestment Act of 2009 ("the stimulus"):

Schedule A itemizes allowable deductions against income; instead of filling out Schedule A, taxpayers may choose to take a standard deduction of between $5,700 and $15,800 (for tax year 2010), depending on age, filing status, and whether the taxpayer and/or spouse is blind.
Schedule B enumerates interest and/or dividend income, and is required if either interest or dividends received during the tax year exceed $1,500 from all sources or if the filer had certain foreign accounts.
Schedule C lists income and expenses related to self-employment, and is used by sole proprietors.
Schedule D is used to compute capital gains and losses incurred during the tax year.
Schedule E is used to report income and expenses arising from the rental of real property, royalties, or from pass-through entities (like trusts, estates, partnerships, or S corporations).
Schedule EIC is used to document a taxpayer's eligibility for the Earned Income Credit.
Schedule F is used to report income and expenses related to farming.
Schedule H is used to report taxes owed due to the employment of household help.
Schedule J is used when averaging farm income over a period of three years.
Schedule L is used to figure an increased standard deduction in certain cases.
Schedule M (2009 and 2010) is used to claim the Making Work Pay tax credit (6.2% earned income credit, up to $400).[5]
Schedule R is used to calculate the Credit for the Elderly or the Disabled.
Schedule SE is used to calculate the self-employment tax owed on income from self-employment (such as on a Schedule C or Schedule F, or in a partnership).

In most situations, other Internal Revenue Service or Social Security Administration forms such as Form W-2 must be attached to the Form 1040, in addition to the Form 1040 schedules. There are over 100 other, specialized forms that may need to be completed along with Schedules and the Form 1040.

Once you finish all the appropriate Schedules, including schedule A which allows for itemized deductions including charitable contributions, then you punch each number onto the 1040 form, then you calculate your Taxable income amount...All ultimately subject to the same tax table...

http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

http://www.irs.gov/pub/irs-pdf/f1040.pdf

 

[Big Fitz]

End welfare for the wealthy.

Pass the Buffett Rule.

Why discriminate? End ALL welfare for EVERYONE and EVERY GROUP.

Oh that's right, you believe discrimination against people you hate, envy or think you're better than is a good thing.

 

[Big Fitz]

Not only that, but has tax exempt charities which family and friends that are on the board of those charities....being paid quite well. He is as dishonest in his rhetoric as they come, and look who uses him as a shining light?

Now that's a novel idea. Get rid of tax exemption for groups. All groups. If we're gonna skin this cat, make sure we get all the fur off.

How do you tax the profits of something that, by definition, is non-profit?

You base it on earnings, not profits. Income's income. Yes this is a borderline redacto in absurdum. So if you get 20 million in earnings, but you donate everything over your budget or refund it... whatever. You're still taxed for the 20 million. If we're gonna make it suck, let's make it suck equally for everyone. Churches? Guess what? You're payin' taxes now. United Way? La Raza? ACORN? ACT? AARP? You bet. Nail em all to the wall and make em all pay their fair share.

If we want to play political brinkmanship... let's kick this pig all the way.

 

[Valerie]

SO, the spinners keep repeating how "Mitt Romney pays a lower tax rate than you do", but that is patently and deliberately misleading...

There has been tremendous hoopla regarding Mitt Romney’s income tax rate. His tax returns show that he paid something just less than 15 percent -- the capital gains tax rate. That makes sense. Most of his income was derived from dividends and capital gains. Further, Mitt gave a lot of money to charity, so he had deductions. Still, this seems a small percentage compared to the income taxes paid by many working-class Americans. Warren Buffett has famously proclaimed that he paid a lower tax rate than his secretary. Something must be wrong!

Both of these examples are used to support higher taxes favored by the political left. They are also oversimplifications that obscure the truth. The reason is that while ordinary income is taxed only once, at the personal level; capital gains are taxed twice, both at the personal level and at the corporate level.

Consider an individual, who owns a share of stock of a particular company. We’ll call this person Mitt. This means that Mitt owns a part of that company. In effect, he owns a share of the profit of the company. Let’s also say that this company has an employee. We’ll call him Barack. He represents the working class.

After all expenses but tax, the company has earned some amount of money. Let’s say that Mitt’s share of the pretax earnings is $1 (based on the fact that he owns one share of stock). There are two scenarios. First, the company could use the dollar to pay Barack additional compensation, the way that most working-class Americans derive their income. Alternatively, Mitt could receive the money as a dividend distribution.


Let’s look at how taxes play out under each scenario. -------->

Romney?s Tax Return: You?re Not Getting the Whole Story - International Business Times