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Old 01-28-2012, 05:41 AM
 
Location: it depends
6,074 posts, read 5,308,407 times
Reputation: 5771

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Quote:
Originally Posted by walidm View Post

“Spending cuts are the same thing as a tax increase.” -- Treasury Secretary Timothy Geithner

UNDERSTANDING THE MODERN MONETARY SYSTEM | PRAGMATIC CAPITALISM
Spoken like a true Democrat.

Evidently Geithner believes that a reduction in povernment power (government spending cuts) is identical to a reduction in the power of individual Amricans (tax increases.)

It is pretty sad that Mr. Geithner is considered any kind of authority on taxes, considering his personal trouble with them.
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Old 01-28-2012, 07:40 AM
 
Location: Hinckley Ohio
6,722 posts, read 4,409,233 times
Reputation: 1376
Quote:
Originally Posted by michiganmoon View Post

Quote:
Originally Posted by buzzards27 View Post
Check your facts, that 13.9% mittens paid included payroll taxes. Total effective federal tax rate includes FICA taxes. When you compare apples to apples you have a completely different story.
Actually, the 13.9% does not include FICA and the FICA would make up a small portion as Social Security has a ceiling.

P.S. Yes the IRS.gov Table sheet and USAToday are so much more biased than a website whose front page is pleading with democrats to vote for Newt in the primary and is misquoting people.
No, actually that 13.9% effective tax rate of mittens includes his FICA taxes. Take a closer look.

Does mittens have an entry for SELF EMPLOYMENT taxes on his return, line 56 on my return? Self employment taxes ARE FICA taxes and they would be included on 1040 line 60, total taxes.

See, I was a business owner, sole proprietor, and have always paid both sides, employee and employer, sides of the payroll taxes. Without looking I know mittens tax bill includes the money he paid to social security and Medicare taxes for his wage income.

When you are comparing tax burdens, IE, "97% pay less than mittens", it is disingenuous to negate the payroll taxes burden everyone pays when you INCLUDE those taxes into what mittens paid.

Last edited by buzzards27; 01-28-2012 at 07:52 AM..
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Old 01-28-2012, 08:13 AM
 
Location: Portland, OR
8,803 posts, read 7,543,833 times
Reputation: 4501
Quote:
Originally Posted by michiganmoon View Post
The spin machine has been out in full force distorting the truth about Romney's income tax return rate, which is slightly under an effective rate of 15%.

97% of Americans pay less than an effective income tax rate of 15%.

47% of American households pay an effective tax rate of 0% or even make a profit off of income taxes.

Maybe Romney should/could pay more...but the spin that he pays less than the common American is a lie.

Furthermore, ALL Americans pay 15% on Dividends...additionally Democrats like JFK and Bill Clinton have encouraged investing through means like lowering the dividend tax rate, as they believed that investing helps the economy.
I paid a 14% effective rate, but then I paid 5.65% in FICA and then 5.5% in Virginia State income taxes. So I pay a 25% effective rate of my income. See where I'm going with this? You fail to include the other taxes.
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Old 01-28-2012, 08:52 AM
 
Location: N. Ga
3,694 posts, read 3,265,580 times
Reputation: 2054
Just out of curiosity.... wouldn't a lot of these folks in the top tiers be getting hit with AMT?
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Old 01-28-2012, 09:29 AM
 
Location: Maryland
18,613 posts, read 16,348,929 times
Reputation: 6340
The earned income credit needs to be done away with it is a big scam.
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Old 01-28-2012, 04:38 PM
 
16,650 posts, read 9,024,815 times
Reputation: 6723
Quote:
Originally Posted by VTHokieFan View Post
I paid a 14% effective rate, but then I paid 5.65% in FICA and then 5.5% in Virginia State income taxes. So I pay a 25% effective rate of my income. See where I'm going with this? You fail to include the other taxes.
That is nice. It is still a lie to say that most Americans pay more in federal income taxes than Romney.
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Old 01-28-2012, 04:46 PM
 
16,650 posts, read 9,024,815 times
Reputation: 6723
Quote:
Originally Posted by buzzards27 View Post
No, actually that 13.9% effective tax rate of mittens includes his FICA taxes. Take a closer look.

Does mittens have an entry for SELF EMPLOYMENT taxes on his return, line 56 on my return? Self employment taxes ARE FICA taxes and they would be included on 1040 line 60, total taxes.

See, I was a business owner, sole proprietor, and have always paid both sides, employee and employer, sides of the payroll taxes. Without looking I know mittens tax bill includes the money he paid to social security and Medicare taxes for his wage income.

When you are comparing tax burdens, IE, "97% pay less than mittens", it is disingenuous to negate the payroll taxes burden everyone pays when you INCLUDE those taxes into what mittens paid.
Actually the number reported does not include FICA. His pay roll taxes are so small anyways and his income so large that it wouldn't change the number. Yes you find it outrageous that people have to help fund their own retirement. But the point stands. It is a lie to say that most Americans pay more in federal income taxes than Romney.
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Old 01-28-2012, 04:57 PM
 
29,988 posts, read 37,039,899 times
Reputation: 12758
Quote:
Originally Posted by SNEwx_46 View Post
Don't we want people to pay less taxes?
Apparently you missed the memo from the Obama administration:


Be Patriotic and Pay Higher Taxes - YouTube




Quote:
Originally Posted by aus10 View Post
Just out of curiosity.... wouldn't a lot of these folks in the top tiers be getting hit with AMT?
Yes. Even the middle & upper middle class gets hit with the AMT.
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Old 01-28-2012, 05:19 PM
 
Location: NC
586 posts, read 513,758 times
Reputation: 275
16.2% here
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Old 01-28-2012, 05:29 PM
 
69,372 posts, read 55,255,137 times
Reputation: 9358
Quote:
Originally Posted by VTHokieFan View Post
I paid a 14% effective rate, but then I paid 5.65% in FICA and then 5.5% in Virginia State income taxes. So I pay a 25% effective rate of my income. See where I'm going with this? You fail to include the other taxes.
Everyone else pays these othe taxes as well..
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