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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 09-21-2012, 01:04 PM   #2
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Good for him as long as he did it legally. Let's simplify the tax code, and we won't have to worry about this shit.
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Old 09-21-2012, 01:05 PM   #3
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Repost, but I'll give you a break because it was close and you had a bigger article to cut and paste than I did.
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Old 09-21-2012, 01:05 PM   #4
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So he took advantange of tax deductions to reduce his tax rate? And the problem with this is?
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Old 09-21-2012, 01:05 PM   #5
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What percent of the deductions under the code should he tell his accountants to take? Should he have told them not to take any deductions? Half of the deductions? What makes sense to you?

I have to assume that you don't take advantage of legal tax deductions available to you, or you'd just be another hypocritical shill...
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Old 09-21-2012, 01:06 PM   #6
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Good for him as long as he did it legally. Let's simplify the tax code, and we won't have to worry about this shit.
X2.

There isn't a single person amongst those that bitch about someone that does all they can to legally minimize their income tax burden that wouldn't do the exact same thing were they in a position to do so.
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Old 09-21-2012, 01:07 PM   #7
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Originally Posted by KC_Lee View Post
So he took advantange of tax deductions to reduce his tax rate? And the problem with this is?

The problem? A tax code that has been bought and sold to their lapdogs in Congress by those who are paying among the lowest rates....but who garner the lion's share of wealth.

Just may be note-worthy to middle class and working class types.
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Old 09-21-2012, 01:07 PM   #8
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I'm not sure what kind of spin you're waiting for here.
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Old 09-21-2012, 01:07 PM   #9
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Cheap ass ****er could have had his accountant increase his percentage like most wealthy people do.
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Old 09-21-2012, 01:08 PM   #10
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Originally Posted by Mr. Kotter View Post
The problem? A tax code that has been bought and sold to their lapdogs in Congress by those who are paying among the lowest rates....but who garner the lion's share of wealth.

Just may be note-worthy to middle class and working class types.
That thieving son of a bitch only paid $2,000,000 in taxes last year? Grab the pitchforks!
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Old 09-21-2012, 01:08 PM   #11
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Quote:
Originally Posted by Mr. Kotter View Post
The problem? A tax code that has been bought and sold to their lapdogs in Congress by those who are paying among the lowest rates....but who garner the lion's share of wealth.

Just may be note-worthy to middle class and working class types.
So are you upset that President Obama itemized his return as well to lower his tax rate?
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Old 09-21-2012, 01:09 PM   #12
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The problem? A tax code that has been bought and sold to their lapdogs in Congress by those who are paying among the lowest rates....but who garner the lion's share of wealth.
You forgot to mention that those people also pay the vast majority of taxes taken in this country.

Does that fact bother you or something?
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Old 09-21-2012, 01:10 PM   #13
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So are you upset that President Obama itemized his return as well to lower his tax rate?
That's half racist.
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Old 09-21-2012, 01:10 PM   #14
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I'm not sure what kind of spin you're waiting for here.
14%....when many middle class and working class folks pay a higher percent? I think they'll try to find some way to spin that so it won't piss too many more people off...than it already has. Guess we'll see though.
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Old 09-21-2012, 01:10 PM   #15
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If it's even worse when you see that his income has been mischaracterized due to fee conversions over the course of his career.
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