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Old 09-21-2012, 01:03 PM  
Mr. Kotter Mr. Kotter is offline
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Romney's Effective Tax Rate in 2011: 14%

http://money.cnn.com/2012/09/21/pf/taxes/romney-tax-return/index.html?hpt=hp_t1

And, BTW, 4,000 millionaires are AMONG the 47% moochers Romney demonized the other day....

http://money.cnn.com/2012/09/18/pf/t...ex.html?iid=EL

Can't wait for the spin on this....

Romney paid 14% effective tax rate in 2011

By Jeanne Sahadi @CNNMoneySeptember 21, 2012: 2:24 PM ET


NEW YORK (CNNMoney) -- Mitt Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1%, his campaign said Friday.

His effective tax rate was up slightly from the 13.9% rate he paid in 2010.

Quiz: What the rich really pay in taxes


The majority of the candidate's income came from his investments, said Brad Malt, a lawyer who presides over Romney's blind trust, in a blog post.
The couple gave just over $4 million to charity. (Related: How much should the rich pay?)

In addition, the Romney campaign said Romney's tax filings from 1990 to 2009 show that the couple paid 100% of the federal and state income taxes they owed and that their overall average annual effective federal tax rate was 20.2%. Annually they never paid an effective rate below 13.66%.
More documents related to Romney's 2011 tax return and his taxes over the 20-year period will be released at 3 p.m ET.

Related: 4,000 millionaires in Romney's '47%'

Romney has been criticized by both Democrats and even some Republicans for not releasing more than two years' worth of tax returns. Criticism reached a crescendo when Senate Majority Leader Harry Reid, repeatedly claimed, without identifying the source of his information, that Romney hadn't paid federal income taxes for a decade.

In response, Romney has said he never paid less than a 13% effective tax rate in any year over the past decade. He further said the obsession over his tax returns is "small minded."

And the GOP presidential nominee has often gotten flak for having paid a low effective tax rate given his outsized income.

But contrary to popular perception, Romney's effective federal income tax rate is still higher than that of most Americans -- 80% of whom have an effective rate below 15%. That number, however, does not include other federal taxes such as the payroll tax.

Romney's running mate, Paul Ryan, released his final 2011 tax return this summer. He paid $65,000 on $323,416 in income, giving him an effective tax rate of 20%. (Related: Romney vs. Obama on tax policy)

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.
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Old 09-22-2012, 02:44 PM   #76
suzzer99 suzzer99 is offline
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Yes because poor people are kicking so much ass in this country right now, we need to increase their tax burden. That will help the economy.
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Old 09-22-2012, 02:54 PM   #77
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Originally Posted by suzzer99 View Post
Yes because poor people are kicking so much ass in this country right now, we need to increase their tax burden. That will help the economy.
But isn't this income redistribution?

Is it right and ethical for the government to take from one person and give to another??
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Old 09-22-2012, 03:47 PM   #78
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Yes because poor people are kicking so much ass in this country right now, we need to increase their tax burden. That will help the economy.
Note to CP:

I'm broke.

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Old 09-22-2012, 04:04 PM   #79
suzzer99 suzzer99 is offline
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Originally Posted by Trivers View Post
But isn't this income redistribution?

Is it right and ethical for the government to take from one person and give to another??
Those people are all still paying payroll tax. It just looks like they're paying negative income tax because they're getting a refund based on some of the payroll taxes. Try to keep in mind these are working poor making almost nothing, and every cent of their disposable income goes towards necessities. Also try to keep in mind that every developed nation on earth does this.

In the last decade or so the wealthy have gotten much wealthier based largely on tax breaks. Meanwhile working poor and middle-class have slipped backward. Republicans answer to this? Raise taxes on the working poor.

Also just to clarify, someone who pays only payroll taxes still pays a higher percent of their income in taxes than Romney. And the Republican answer is to lower taxes for the Mitt Romney's and raise taxes for the people paying only payroll tax. It makes zero sense.

Last edited by suzzer99; 09-22-2012 at 04:20 PM..
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Old 09-22-2012, 05:13 PM   #80
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the Republican answer is to ... raise taxes for the people paying only payroll tax.
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Old 09-22-2012, 06:09 PM   #81
bkkcoh bkkcoh is offline
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It seems if a person pays $5,400 in to the government in taxes and ends up getting $2,200 back a a refund is a lot different then someone who pays in $1,200 in taxes and as a results of EIC gets $5,000 back from the government.

Those who get more back from the government then they pay into the government aren't going to vote the people out of office that are for this type of 'buy-off'. No one in their right mind would want to cut their own throat in that situation.

I don't think the majority of the people if asked without any cameras around would say that is truly right. There needs to be a temporary safety net of some type for people when they fall on bad and hard times. But the cycle has to be broken somehow. With the lack of jobs in the US, that is going to be difficult.
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Old 09-23-2012, 07:07 AM   #82
patteeu patteeu is offline
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Mittens can't even keep things straight in regards to his taxes. This guy is probably one of the most incompetent candidates to ever run for POTUS.

I guess she should drop out now since she is not qualified now.

He paid more in taxes that he had too AFTER he made that statement (which was retrospective) and precisely because people like you would call him a liar if his earlier estimates didn't match his actuals.
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Old 09-23-2012, 07:41 AM   #83
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It seems if a person pays $5,400 in to the government in taxes and ends up getting $2,200 back a a refund is a lot different then someone who pays in $1,200 in taxes and as a results of EIC gets $5,000 back from the government.

Those who get more back from the government then they pay into the government aren't going to vote the people out of office that are for this type of 'buy-off'. No one in their right mind would want to cut their own throat in that situation.

I don't think the majority of the people if asked without any cameras around would say that is truly right. There needs to be a temporary safety net of some type for people when they fall on bad and hard times. But the cycle has to be broken somehow. With the lack of jobs in the US, that is going to be difficult.
I don't think that's completely true. I think there might be a small number of people in that position who recognize how dangerous that is for our country and who would vote against their own personal interests in order to serve the greater good. Kotter wouldn't do it, of course, and there are probably more Kotters than big-picture-thinkers in that group, but I believe a minority would be on the right side.

That said, no one in their right mind would not take full advantage of the system as long as it remains the way it is. It makes no sense to piss into the wind by sacrificing your own wellbeing while the system remains broken.
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Old 09-23-2012, 07:47 AM   #84
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I see the jealous are still at it.
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Old 09-23-2012, 08:19 AM   #85
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I see the jealous are still at it.
I've said all along that as long as whatever Mitt did with his taxes was legal (and no one is insinuating otherwise), no biggie to me.

A gotcha political system has been out in place. Both sides have over 100 people working full time doing nothing but looking at video's. blog posts and anything that they can use to make the other side look bad. It's a natural progression in a partisan environment.

The bigger issue is the tax code. Everyone understands fairness. Maybe they have a difference in opinion as to what is "fair". But, I bet that the majority of Americans understand that its not fair that millionaires and billionaires pay a lower tax rate than the average American. On the flip side its not fair that some people pay no taxes. You fix both with a minimun tax.
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WHAT DID I SAY, HUH?!?!?! TELL ME AGAIN?!?! - WHO HAD FAITH IN YOUR TEAM?!?!? WHAT'S MY MOTHER****IN NAME!?!?!
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Old 09-23-2012, 09:09 AM   #86
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I've said all along that as long as whatever Mitt did with his taxes was legal (and no one is insinuating otherwise), no biggie to me.

A gotcha political system has been out in place. Both sides have over 100 people working full time doing nothing but looking at video's. blog posts and anything that they can use to make the other side look bad. It's a natural progression in a partisan environment.

The bigger issue is the tax code. Everyone understands fairness. Maybe they have a difference in opinion as to what is "fair". But, I bet that the majority of Americans understand that its not fair that millionaires and billionaires pay a lower tax rate than the average American. On the flip side its not fair that some people pay no taxes. You fix both with a minimun tax.
They don't. What is this, are you trying to out-Kotter Kotter?

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