Mitt Romney discloses an effective tax rate of 15%

Mikefrombx

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Jan 13, 2011
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#1
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.
 

mikeybot

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#2
Because he hires good accountants that know loopholes?
 

MurphCO

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#5
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....
 

CousinDave

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Dec 11, 2007
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#6
There is a reason that Romney is skittish about releasing his income tax records. He said he MIGHT release them in April. Perhaps there are some people who are not aware that he is worth about $250 million?

http://www.celebritynetworth.com/richest-politicians/republicans/mitt-romney-net-worth/


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
 

CousinDave

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#7
There is a reason that Romney is skittish about releasing his income tax records. He said he MIGHT release them in April. Perhaps there are some people who are not aware that he is worth about $250 million?

http://www.celebritynetworth.com/richest-politicians/republicans/mitt-romney-net-worth/


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
 

Von Maestro

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#9
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.
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.
 

Hate & Discontent

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#11
15% income tax is still too fucking high, no matter how much you make.
 

whiskeyguy

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#12
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.
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.
 

Myhairygrundle

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Jul 16, 2005
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#13
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.
 

Creasy Bear

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#15
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.
 

Myhairygrundle

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#16
The questions this: If 15% isn't enough, what is?
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.

Also... a big chuck of Romney's wealth is in an IRA.
I thought the IRA was a Catholic vs Protestant war or sumfin and the Mormons were not involved...tssss.
 

steve500

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#17
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
 

Arch Stanton

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Nov 22, 2004
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#18
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.
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.
 

Creasy Bear

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#19
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
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.
 

Josh_R

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Jan 29, 2005
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#20
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.
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.
 

Norm Stansfield

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Mar 17, 2009
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#21
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.
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.
 

Party Rooster

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#22
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.
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.
 

MayrMeninoCrash

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Dec 9, 2004
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#23
I don't really give a shit how rich the guy is. He should wear it as a badge of honor.
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.
 

Norm Stansfield

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#25
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.
Collecting cans for dinner? What did they do with their food stamps?