Romney Pays Less Than 14 Percent on His Taxes

[Conley]

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]

I also think it was a good move by Romney to release the records now rather than later.

[Pendragon]

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]

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 $#@!, just in case it happens. Even if it never does! What a $#@!ing scam Insurance was.....huh?

[Conley]

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]

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?????

[Conley]

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?????

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

[MMC]

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

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

[Captain Obvious]

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]

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.