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Mitt Romney discloses an effective tax rate of 15%

Discussion in 'Current Events' started by Mikefrombx, Jan 17, 2012.

  1. Mikefrombx

    Mikefrombx Registered User

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    I know that this thread is going to set people off the fucking deep end, but I am a little concerned that Romney has an tax rate less than mine.

    Tell me how that is Obama's fault, or how Republicans are going to help me out.
     
  2. mikeybot

    mikeybot SPANAKOPITA!!!

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    Because he hires good accountants that know loopholes?
     
  3. MayrMeninoCrash

    MayrMeninoCrash Liberal Psycopath

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    1% er problems
     
  4. Josh_R

    Josh_R Registered User

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  5. MurphCO

    MurphCO Well-Known Member
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    Because he probably pays himself by selling pieces of companies instead of by salary, and therefore only pays capital gains...


    Which is 15% now


    As opposed to giving himself a salary, which if over $250k would be subject to regular income tax rates, alternative minimum tax, and likely self employment tax on top of that.


    Smart, not smarmy....
     
  6. CousinDave

    CousinDave Registered User

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    net worth and income are two different things

    its always rich people whose wealth is exponentially greater than their income who say the rest of us need to pay more in labor taxes


    just more proof that the labor tax is the most imoral law since slavery
     
  7. CousinDave

    CousinDave Registered User

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    net worth and income are two different things

    its always rich people whose wealth is exponentially greater than their income who say the rest of us need to pay more in labor taxes


    just more proof that the labor tax is the most imoral law since slavery
     
  8. Lord Zero

    Lord Zero Viciously Silly

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    It's spelled "immoral". Unless you're talking about the new iMoral. :action-sm
     
  9. Von Maestro

    Von Maestro Registered User

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    First, he doesn't have a tax rate less than yours. Any normal income Romney would earn this year would be taxed at a much higher rate than you pay for your teaching related income.

    Second, who said this is Obama's fault?

    Third, why is it the job of Republicans (or government in general) to "help you out"?


    The key word in what Romney said is "effective". The vast majority of the taxes Romney pays, are Capital Gains taxes, essentially, taxes on invested money which he has ALREADY paid taxes on. The news that Romney's effective rate is around 15% is not that shocking to anyone who understands basic investment principles really.
     
  10. Don the Radio Guy

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    Wow. The entitlement mentality is strong with this one.
     
  11. Hate & Discontent

    Hate & Discontent Yo, homie. Is that my briefcase?

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    15% income tax is still too fucking high, no matter how much you make.
     
  12. whiskeyguy

    whiskeyguy PR representative for Drunk Whiskeyguy.

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    People have already pointed out he's paying capital gains tax, but I'll just add that's not ALL the tax he is paying on his income. As a shareholder in a company, you own that company, and thus own the profits that company makes (well, your share of them). Thus, when that company pays corporate income tax, that's actually you paying it.

    So Romney pays 15% tax on his dividends, but he also pays x% corporate income tax on the corporate profits. His income is taxed twice by the federal government, and the 15% is probably the lower of the two taxes.

    Edit: I've stated this example before, but image you earn your money, and at the end of two weeks you're taxed 30% on the money you earned, before you even see it (corporate income tax). Then imagine there is another 15% income tax applied just for transferring that same money to your account (capital gains tax). That's a pretty reasonable comparison.
     
  13. Myhairygrundle

    Myhairygrundle Screw you guys, I'm going home.

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    Cap gains are taxed at a different rate than ordinary income. That is your answer.

    Support a flat tax and this will never be an issue in the fucha.
     
  14. Don the Radio Guy

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    The questions this: If 15% isn't enough, what is?
     
  15. Creasy Bear

    Creasy Bear gorgeousness and gorgeousity made flesh
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    Also... a big chuck of Romney's wealth is in an IRA. IRAs are tax-deffered NOT tax free... they aren't "tax dodges" or "loopholes".

    He may not be paying taxes on that money now, but he sure as hell will when he withdraws that money.

    Don't worry, givesmedats... you'll get your fat slice of dat. Just be patient.
     
  16. Myhairygrundle

    Myhairygrundle Screw you guys, I'm going home.

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    Zero for cap gains. The money has already been taxed once. If someone takes a risk and makes money they should be able to keep all it tax free. If they take a risk and lose their ass on an investment, tough shit.

    I thought the IRA was a Catholic vs Protestant war or sumfin and the Mormons were not involved...tssss.
     
  17. steve500

    steve500 Registered User

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    Exactly.. I doubt there would be much pity for him if he lost a ton on investments. I'm not a Romney fan whatsoever - but it's hard to dispute that he contributes more to the economy (by dollar value.. Who cares about percentages) than 99.4% of people in the USA.

    Now, his Cayman Island bank accounts, those certainly may be a bit shady, and same with his double-dipping of tax deductions by exploiting his tithing loopholes
     
  18. Arch Stanton

    Arch Stanton It's all about the funny!

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    THIS^^^^^^ And by the way, if you want a guy with a tax return that shows he makes no money, get a petition to get Homeless Harry to be nominated. Why is it that you want, and by you I mean people who resent successful people, to be not Elected.

    The guy in there now had some shady real estate deals before being elected. Maybe peole want shady in the office, makes them feel better.
     
  19. Creasy Bear

    Creasy Bear gorgeousness and gorgeousity made flesh
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    The Cayman Islands "loophole" and all of the other "off shore loopholes" where shut down by Unky Sam like ten years ago. From a tax standpoint, having his money in an account in the Cayman Islands is the same as if he had it in an account in Florida. Don't worry, givesmedats... you'll get your slice of dat too.


    Oh... and try and shut down the charitable donation "tithe loophole" and watch the Moral Orals lose their shit and go biblical on your ass.
     
  20. Josh_R

    Josh_R Registered User

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    I don't think people (at least not here) are saying that they want a president who is poor. I do think that Obama/ the Democrats' war against the rich has been effective, so Mitt is afraid to show his tax returns for fear that some of the people who did not realize he is a multimillionaire will defect from his campaign and vote for a "blue-collar guy" type.
     
  21. Norm Stansfield

    Norm Stansfield 私は亀が好きだ。

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    Let's say this is true.( Although I don't think it is, you're probably counting social security contributions, and god knows what else.) But let's say it is. Here are two options, pick one:

    1. Romney is forced to pay more than you, but you have to pay the same.
    2. Both your taxes and Romney's are cut by half, and so is government spending on everything except national defense and law enforcement.

    Which of those would you go with? I'm using this question to determine who's fault it is that your taxes are so high.
     
  22. Party Rooster

    Party Rooster Unleash The Beast

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    I thought IRA's max out at $6000 every year?

    I don't really give a shit how rich the guy is. He should wear it as a badge of honor.
     
  23. MayrMeninoCrash

    MayrMeninoCrash Liberal Psycopath

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    It would be hard for him to play the "I sympathize with your plight, poor, unemployed people. I'm also collecting cans to buy Kraft dinner for my family" card.
     
  24. whiskeyguy

    whiskeyguy PR representative for Drunk Whiskeyguy.

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    Unlike the other politicians we've elected into office?"whaa"
     
  25. Norm Stansfield

    Norm Stansfield 私は亀が好きだ。

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    Collecting cans for dinner? What did they do with their food stamps?
     

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