Mitt Romney pays a lower tax rate than you do.

[Katzndogz]

I don't care what he pays, only what I pay. If Mitt paid more in taxes, I certainly would not pay less.

 

[Ravi]

At what point does wealth become "evil wealth" - $1 mil or $250,000?

That's the message the folks are getting. How many threads do we have on this?

The better question is why does someone that makes $250,000 pay a higher tax rate than someone that makes millions? Small business is the bread and butter of this country, not some doofus that invests his money overseas.

The difference is whether it is salary or investments. Return on investments has a lower tax rate and should because it involves risk.

As does being an employee or a small business owner.

 

[Sunshine]

Of course that question makes no sense to you. You are not an idiot. But it makes perfect sense to people on this forum who think that the rich "don't work" or are "stealing their money", or simply have too much.

To say that the right is "rewriting the narrative" is not true. The class warfare started in 2008 with Obama and Joe the Plumber, and has gained momentum because so many people are hurting.

Here's some interesting quotes about the "evil rich" from the hypocrites in Hollywood:

The Evil Rich vs. The People

I love the left's hypocrisy on wealth.

This country will not be better by taking the money from one to hand to another. It will get better by helping the poor to lift themselves out of poverty. Don't climb the ladder by pulling someone else off it, let them reach down and give you a helping hand up, and then you help the next guy.

And nothing will help the poor more than increasing their taxes and giving more tax breaks to the rich! Great point once again CG.

This country was founded on the principles of life, liberty, and pursuit of property. Feeding the poor as we do now gives them the first of those, for the other two they have to figure it out themselves. And we ALL have the same opportunities to do so through education.

 

[Sunshine]

The better question is why does someone that makes $250,000 pay a higher tax rate than someone that makes millions? Small business is the bread and butter of this country, not some doofus that invests his money overseas.

The difference is whether it is salary or investments. Return on investments has a lower tax rate and should because it involves risk.

As does being an employee or a small business owner.

Business owners get all kinds of tax breaks now. And that is intended to encourage commerce, as the US was built on commerce. Our laws favor commerce. Businesses get to take their business expenses off before reporting company income to the IRS, which increases their botom line and that IS a tax break.

As stated earlier an employee just has to show up. There is no risk in being an employee. All he has to do is roll out of bed and go to work.

You people just don't understand how the system of finance works in this country.

 

[Sunshine]

Tax breaks for salaried or hourly employees:

http://www.irs.gov/pub/irs-pdf/f1040sa.pdf

And I get this one. I am retired from one state government so I get a break because I draw a state pension, but still work:

http://www.irs.gov/pub/irs-pdf/f1040sm.pdf

It isn't a lot, but it amounts to several dollars I wouldn't have had otherwise.

I no longer itemize, but we did when our children were at home and we had all kinds of things we could use. Now, I pay a pretty high 5 figures in taxes on my 6 figure income and, in all honesty, I feel privileged to be able to.

 

[The T]

I love the left's hypocrisy on wealth.

This country will not be better by taking the money from one to hand to another. It will get better by helping the poor to lift themselves out of poverty. Don't climb the ladder by pulling someone else off it, let them reach down and give you a helping hand up, and then you help the next guy.

And nothing will help the poor more than increasing their taxes and giving more tax breaks to the rich! Great point once again CG.

This country was founded on the principles of life, liberty, and pursuit of property. Feeding the poor as we do now gives them the first of those, for the other two they have to figure it out themselves. And we ALL have the same opportunities to do so through education.

But but...why can't we have equal outcome?

/Tongue-In-Cheek rhetoric...

 

[Full-Auto]

And nothing will help the poor more than increasing their taxes and giving more tax breaks to the rich! Great point once again CG.

This country was founded on the principles of life, liberty, and pursuit of property. Feeding the poor as we do now gives them the first of those, for the other two they have to figure it out themselves. And we ALL have the same opportunities to do so through education.

But but...why can't we have equal outcome?

/Tongue-In-Cheek rhetoric...

And now you can with....The Obama card. Just charge the purchase and someone else gets the bill. With using your money we shall spare no expense.

 

[Listening]

It isn't kind of true. It IS true. We all get paid by after tax income. Of course most corporations know how to avoid paying taxes.

The lying by Romney and his water carriers is unbelievable.

If your I.Q. were any lower, they'd have to rerange the scale.

We get paid wages you moron.

Did you really try and insult someones intelligence and in the same breath completely invent a word that doesn't actually exist? Amazing really.

I love all of these right wing nut jobs who are "experts" on everything under the sun but show their true colors throughout every post they make.

Let's see...I am sure there is a point to this post.

I just can't seem to find it.

 

[Listening]

In all the carping that has gone here...has anyone provided a numerical example ?

If not, I'll try my hand at one. I have tried to follow the thread, but can't digest all the pages I missed.

 

[Valerie]

So what did we learn from Mitt Romney's tax returns? On one level, not much. The guy makes a lot of money. Big deal. He shows no wage or salary income; instead, he lives off his investment income. Again, big deal.

All in all, the Romney returns -- all 500-plus pages of them -- are a predictable yawn, at least for anyone seeking scandal and salacious detail.

Still, their release is important. On one level, it provides a measure of reassurance that the candidate is playing the tax game straight, if perhaps a bit aggressively.

But the real value of Romney's disclosure is educational. Tax returns of the rich and famous have a way of highlighting important policy issues that often get ignored in public debate.

The real lessons of Mitt Romney's tax returns - Jan. 26, 2012

Republican presidential candidate Mitt Romney made $42.7 million over the past two years and paid $6.2 million in taxes, according to documents released Tuesday by his campaign.

Romney and his wife, Ann, filed a joint 1040 reporting $21.7 million in 2010 income and $3 million in federal taxes. They also said their 2011 income was $21 million and tax bill was $3.2 million.

Over the two years, Romney's effective tax rate -- the percentage of his income that he owed in federal income taxes -- was 14.5%. (See correction.)

Nevertheless, and contrary to popular perception, Romney's effective federal income tax rate is still above that of many Americans -- 80% of whom have an effective rate below 15%. That tax rate is higher when other federal taxes -- such as the payroll tax -- are included.

The reason Romney's rate is so low -- despite having one of the highest incomes in the country -- is because his income was derived almost entirely from capital gains and dividends from his extensive portfolio of investments. And that form of investment income is typically taxed at just 15%, well below the 35% top tax rate for high earners.

Another reason: He had extensive itemized deductions, which lowered his overall tax liability.

What's in Mitt Romney's tax return - Jan. 24, 2012

 

[Sunshine]

So what did we learn from Mitt Romney's tax returns? On one level, not much. The guy makes a lot of money. Big deal. He shows no wage or salary income; instead, he lives off his investment income. Again, big deal.

All in all, the Romney returns -- all 500-plus pages of them -- are a predictable yawn, at least for anyone seeking scandal and salacious detail.

Still, their release is important. On one level, it provides a measure of reassurance that the candidate is playing the tax game straight, if perhaps a bit aggressively.

But the real value of Romney's disclosure is educational. Tax returns of the rich and famous have a way of highlighting important policy issues that often get ignored in public debate.

The real lessons of Mitt Romney's tax returns - Jan. 26, 2012

Republican presidential candidate Mitt Romney made $42.7 million over the past two years and paid $6.2 million in taxes, according to documents released Tuesday by his campaign.

Romney and his wife, Ann, filed a joint 1040 reporting $21.7 million in 2010 income and $3 million in federal taxes. They also said their 2011 income was $21 million and tax bill was $3.2 million.

Over the two years, Romney's effective tax rate -- the percentage of his income that he owed in federal income taxes -- was 14.5%. (See correction.)

Nevertheless, and contrary to popular perception, Romney's effective federal income tax rate is still above that of many Americans -- 80% of whom have an effective rate below 15%. That tax rate is higher when other federal taxes -- such as the payroll tax -- are included.

The reason Romney's rate is so low -- despite having one of the highest incomes in the country -- is because his income was derived almost entirely from capital gains and dividends from his extensive portfolio of investments. And that form of investment income is typically taxed at just 15%, well below the 35% top tax rate for high earners.

Another reason: He had extensive itemized deductions, which lowered his overall tax liability.

What's in Mitt Romney's tax return - Jan. 24, 2012

Yep. What I already said.

 

[The T]

This country was founded on the principles of life, liberty, and pursuit of property. Feeding the poor as we do now gives them the first of those, for the other two they have to figure it out themselves. And we ALL have the same opportunities to do so through education.

But but...why can't we have equal outcome?

/Tongue-In-Cheek rhetoric...

And now you can with....The Obama card. Just charge the purchase and someone else gets the bill. With using your money we shall spare no expense.

Again with the REP No You Can't crap...oh, well...that's two I owe ya today...

 

[mudwhistle]

I wonder what other taxes and government fees Mitt Romney has to pay that we don't?

You'll never hear that story.

 

[The T]

I wonder what other taxes and government fees Mitt Romney has to pay that we don't?

You'll never hear that story.

No you don't...that is true...since his position is unique...

 

[LeftofLeft]

True Story.

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

So, how about lowering Buffet's rate to his Secretary's? In the process, how about slashing spending?

 

[Listening]

Romney is a member of the Church Of Jesus Christ Of Latter Day Saints. If he holds a temple recommend, then he pays 10% of his (generally) gross to the Church (often called tithing). That is ten percent right off the bat that he does not get taxed on.

I would like to know if he makes other charitable donations.

If so, his effective rate is going up and up (on what is taxable).

 

[bigrebnc1775]

Romney is a member of the Church Of Jesus Christ Of Latter Day Saints. If he holds a temple recommend, then he pays 10% of his (generally) gross to the Church (often called tithing). That is ten percent right off the bat that he does not get taxed on.

I would like to know if he makes other charitable donations.

If so, his effective rate is going up and up (on what is taxable).

He still get's taxed before he gives to his church.

 

[Listening]

Romney is a member of the Church Of Jesus Christ Of Latter Day Saints. If he holds a temple recommend, then he pays 10% of his (generally) gross to the Church (often called tithing). That is ten percent right off the bat that he does not get taxed on.

I would like to know if he makes other charitable donations.

If so, his effective rate is going up and up (on what is taxable).

He still get's taxed before he gives to his church.

That part of it does not even get factored into these calculations.

You are correct. He takes a 35 - 40% hit before he gets any capital gains which are then taxed again.

 

[Chris]

Romney is a member of the Church Of Jesus Christ Of Latter Day Saints. If he holds a temple recommend, then he pays 10% of his (generally) gross to the Church (often called tithing). That is ten percent right off the bat that he does not get taxed on.

I would like to know if he makes other charitable donations.

If so, his effective rate is going up and up (on what is taxable).

He still get's taxed before he gives to his church.

That part of it does not even get factored into these calculations.

You are correct. He takes a 35 - 40% hit before he gets any capital gains which are then taxed again.

This is bullshit.

Corporations know how to avoid taxes.

 

[Chris]

Why should the idle rich, who don't work, pay taxes at a lower rate than the rest of us who do work?

Pass the Buffett Rule.