PDA

View Full Version : Romney Pays Less Than 14 Percent on His Taxes



Conley
01-24-2012, 09:29 AM
US Republican presidential candidate Mitt Romney expects to pay about $6.2m (4m) in taxes on income of $42.5m in the last two years.

That makes for tax rate of 13.9% in 2010 and an expected rate of 15.4% in 2011, his campaign said.

His income places him among the top earners in the US and his taxes have become a campaign issue.

Mr Romney was an early favourite in state primaries but lost the latest, in South Carolina, to rival Newt Gingrich.

Mr Gingrich released his tax figures on Saturday, saying he paid nearly $1m last year, a rate of about 31%.

On the same day he won a striking victory in the South Carolina vote, beating Mr Romney with more 40% of the vote.

http://www.bbc.co.uk/news/world-us-canada-16696347

Now, I don't begrudge the man his success, nor do I think he should pay more taxes than he owes.

However the fact that people that wealthy pay such a small percentage is not right in my mind. I will take some heat for it but I believe the tax code should be simplified and the loopholes closed. If you want to cap the max taxes a person can pay that's fine, because spending 6.2M on taxes is a ton of money, but I do not see how these numbers work when others in the same bracket have to pay 30,35, or 40%. It shouldn't be that the guy making whatever the cut off is for the top bracket to be taxed at that rate and then once you hit 1M suddenly the rate starts dropping.

Conley
01-24-2012, 09:31 AM
I also think it was a good move by Romney to release the records now rather than later.

Pendragon
01-24-2012, 11:58 AM
The Republicans will tell you that Americans pay too much in taxes and that spending is the only problem. They refuse to acknowledge that the system is grossly unfair to the middle and lower socioeconomic classes.

MMC
01-24-2012, 01:57 PM
Romney still was Taxed like 30- 35% from Capital Gains and Investments.

Yeah and Warren Buffet says he is willing to pay more but spends millions in making sure he doesnt have to pay. Course this coming from an Insurance Man and the BS of paying for shit, just in case it happens. Even if it never does! What a fucking scam Insurance was.....huh?

Conley
01-24-2012, 02:07 PM
Yeah, insurance kind of sucks. Even if it worked the way it was supposed to. The worst is when you pay all your life and then you get your claim denied. Screwed both ways. I have no experience with GEICO though.

From what I've read, part of the way Bain Capital made their money was breaking up companies which then caused the Federal Government to take over their pension plans. So without the pension obligations those companies are worth a lot more and when Bain sold them they profit the difference.

MMC
01-24-2012, 02:30 PM
What was this crap about Buffet being over in China to celebrate the Year of the Dragon and sang nationally there I've Been Working on the Rail-Road. WTF is that all about. What he trying to tell the Chinese that Americans work all damn day????? :rollseyes:

Conley
01-24-2012, 02:33 PM
What was this crap about Buffet being over in China to celebrate the Year of the Dragon and sang nationally there I've Been Working on the Rail-Road. WTF is that all about. What he trying to tell the Chinese that Americans work all damn day????? :rollseyes:

:laugh: That's especially bad considering the history of the railroad in this country and how many Chinese built it! :facepalm:

MMC
01-24-2012, 02:36 PM
:laugh: That's especially bad considering the history of the railroad in this country and how many Chinese built it! :facepalm:

Thats what I was thinking.....he best watch out Qui Chang Kane will kick his azz! :evil:

Captain Obvious
01-29-2012, 08:16 PM
I also think it was a good move by Romney to release the records now rather than later.

Romney's wishing he released his personal tax info before SC, I gar-un-tee that.

He didn't want the impression of being another rich, white, male politician. Go figure.

Peter1469
01-29-2012, 08:57 PM
Remember that the money put into investments is taxed at the personal income tax rate (28% for me) or at the corporate income tax rate ($35%). So for all the bed wetters who think that long term capital gains get off with only a 15% tax realize that is a second tax..... Other than the gains on the investment of course.

MMC
01-29-2012, 11:59 PM
Exactly Pete.....which means Romeny paid two taxes and around 50-55 %. I don't care for Romeny to much. But if they are going to try and burn him with this. They got another thing coming.

Also for a Rich guy he worked for it and it wasnt handed down by Daddy. Yet just how does the left explain all those former attorneys they gots in its party. That are Rich white guys or Rich period! Oh and lets not forget those that don't pay their taxes.

Moreover Romeny needs to focus on the class warfare when they come at him with this BS.

jgreer
01-30-2012, 12:03 AM
You guys are completely wrong

He paid less than 15% of his entire income on taxes. Not fifteen% on top of 35, or 50 or whatever BS you have heard

MMC
01-30-2012, 12:26 AM
Thats BS.....he gets taxed on the Mutual which is already incorporated into the account. Then he gets taxed personally as well. So how is not paying 2 taxes?

Peter1469
01-30-2012, 07:56 AM
You guys are completely wrong

He paid less than 15% of his entire income on taxes. Not fifteen% on top of 35, or 50 or whatever BS you have heard

The money that his corporation used to pay Romney was taxed at 35% (minus legal deductions of course). When Romney sells some stock it is taxed again at 15%.

Mister D
01-30-2012, 08:44 AM
It's easy to mislead people with this sort of thing. Not only won't they bother to find out how it all worksd they likely won't even get passed the headline before their outrage kicks in.

wingrider
01-30-2012, 08:53 AM
yep D it is class envy at its finest.. people should quit being envious about anothers success and work on their own sucesses.. to be mad or hate someone because they are smarter and better off than you are shows just how much of a loser you really are,, good post D thanks

Mister D
01-30-2012, 09:17 AM
yep D it is class envy at its finest.. people should quit being envious about anothers success and work on their own sucesses.. to be mad or hate someone because they are smarter and better off than you are shows just how much of a loser you really are,, good post D thanks


Sure does. Sadly, it's encouraged,.

Conley
01-30-2012, 09:21 AM
Some companies are now paying execs mostly through stocks to get around this. For example, they'll get 100k in salary and 1M in stocks (I'm not talking options) so they can get around it. Generally corporations are made up of many employees and there are plenty of tax breaks so that companies like G.E. can avoid paying anything at all.

Conley
01-30-2012, 09:23 AM
If anyone is curious to see the actual numbers, they're here:

http://www.washingtonpost.com/politics/tales-of-the-1040s/2012/01/23/gIQA83IRMQ_graphic.html

It looks like the vast bulk of Romney's income came from interest, dividends, and stocks so it makes sense he'd pay 15%.

He also has huge deductions, like 1.5 M to the Mormon Church.

wingrider
01-30-2012, 10:10 AM
If anyone is curious to see the actual numbers, they're here:

http://www.washingtonpost.com/politics/tales-of-the-1040s/2012/01/23/gIQA83IRMQ_graphic.html

It looks like the vast bulk of Romney's income came from interest, dividends, and stocks so it makes sense he'd pay 15%.

He also has huge deductions, like 1.5 M to the Mormon Church.

only 1.5 million? that does not equal 10 percent of his funds.. it should be 4.2 million, why he is a piker and not paying his fair share after all.. go figure .

on edit I made a mistake if he were to pay the 10 percent tithe it would be 14.2 million his net worth is 142 million so 10 percent of that would be 14.2 million he is ripping off the mormon church,

MMC
01-30-2012, 01:15 PM
The money that his corporation used to pay Romney was taxed at 35% (minus legal deductions of course). When Romney sells some stock it is taxed again at 15%.

Yep..... and if it is a blind trust then he doesnt even know when they are sold correct? Until after the fact.....right?

Captain Obvious
01-30-2012, 04:58 PM
You guys are completely wrong

He paid less than 15% of his entire income on taxes. Not fifteen% on top of 35, or 50 or whatever BS you have heard

"effective" tax rate is what your overall tax rate is to your overall earnings, I believe you're correct geer.

I find it increasingly disingenuous that our representation is/has historically been comprised mainly of rich white guys who simply look out for their own while throwing the underclass a bone every now and then to shut them up.

That's been my stance for a while now and it's not a liberal/conservative thing. BO will never raise taxes on the rich because he, like every other legislator is bought-and-paid-for. Owned by special interests, the lobby which benefit... rich white people.

Until we see radical changes in our system of representation, this will never change.

AKA - this will never change. I'll line up like the rest of the sheep and vote for who I am intended to vote for and that's the sad truth to the matter.

Mr. Burns
01-30-2012, 05:09 PM
I'm considering not voting and washing my hands of the process. Voting just means you condone the system.

Captain Obvious
01-30-2012, 05:14 PM
You know, if these OWS douchebags ever develop a basis for being chaotic like legislature reform, I might just throw a little support their way.

Conley
01-30-2012, 05:17 PM
Intelligent and educated people not voting just makes it easier for them. Don't take the easy way out.