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Old 01-27-2012, 06:13 PM
 
16,758 posts, read 9,106,172 times
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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.
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Old 01-27-2012, 06:19 PM
 
Location: Indiana
2,047 posts, read 1,352,727 times
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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.
you are right, and to see well educated news people spew this kind of lie is behond believe. do they think Americans are that ignorant. someone should put A STOP TO THAT KIND OF NEWS reporting. its propaganda nothing less!!!
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Old 01-27-2012, 06:40 PM
 
8,758 posts, read 8,861,078 times
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I really wonder if most Americans even understand such things as taxes and finance that they don't know better. Not only do 47% pay nothing, many of them actually get back huge refunds at the end of the year that they didn't even pay in due to the 'earned income credit'. I think this tax thing was just a big distraction and it didn't work.
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Old 01-27-2012, 06:55 PM
 
Location: Charlotte
12,646 posts, read 13,915,086 times
Reputation: 1679
Question lol...

By definition, 50 percent of wage earners in the US had net compensation less than or equal to the median wage, which is estimated to be $26,363.55 for 2010. Wage Statistics for 2010

You expect these folks to relate his tax rate to their situation...

He makes twice their yearly income per day.

Interesting.
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Old 01-27-2012, 07:31 PM
 
16,758 posts, read 9,106,172 times
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Quote:
Originally Posted by walidm View Post
By definition, 50 percent of wage earners in the US had net compensation less than or equal to the median wage, which is estimated to be $26,363.55 for 2010. Wage Statistics for 2010

You expect these folks to relate his tax rate to their situation...

He makes twice their yearly income per day.

Interesting.
So..... It is okay to lie about Romney's taxes, because most people don't make his kind of money? So in relation...back in 2004 it would have been okay to lie about John Kerry's tax return since his is even at a lower rate than Romney's?
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Old 01-27-2012, 07:33 PM
 
Location: NC
4,112 posts, read 3,821,469 times
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Don't we want people to pay less taxes?
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Old 01-27-2012, 07:49 PM
 
Location: Charlotte
12,646 posts, read 13,915,086 times
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Quote:
Originally Posted by SNEwx_46 View Post
Don't we want people to pay less taxes?
The short answer is we want them to be in balance so they are not over-burdensome.

Taxes are payable only in the currency that the Federal Government deems it to be. When you consume and produce in the USA you will incur a tax liability. As the state defines, this liability can only be extinguished in the currency that the government deems as legal tender. You will attempt to obtain the currency of the state in order to relinquish your tax liability.

When the government taxes they are reducing the amount of currency in circulation by exactly the amount of the tax. In this sense, taxes “unprint” money.

Taxes are simply a tool to withdraw currency from the system.

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

UNDERSTANDING THE MODERN MONETARY SYSTEM | PRAGMATIC CAPITALISM
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Old 01-27-2012, 07:54 PM
 
Location: Charlotte
12,646 posts, read 13,915,086 times
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Quote:
Originally Posted by michiganmoon View Post
So..... It is okay to lie about Romney's taxes, because most people don't make his kind of money? So in relation...back in 2004 it would have been okay to lie about John Kerry's tax return since his is even at a lower rate than Romney's?
Unfortunately I see nothing to substantiate your claims. Where is your data?

Your question regarding Kerry is irrelevant.
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Old 01-27-2012, 07:55 PM
 
16,758 posts, read 9,106,172 times
Reputation: 6783
Quote:
Originally Posted by walidm View Post
The short answer is we want them to be in balance so they are not over-burdensome.

Taxes are payable only in the currency that the Federal Government deems it to be. When you consume and produce in the USA you will incur a tax liability. As the state defines, this liability can only be extinguished in the currency that the government deems as legal tender. You will attempt to obtain the currency of the state in order to relinquish your tax liability.

When the government taxes they are reducing the amount of currency in circulation by exactly the amount of the tax. In this sense, taxes “unprint” money.

Taxes are simply a tool to withdraw currency from the system.

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

UNDERSTANDING THE MODERN MONETARY SYSTEM | PRAGMATIC CAPITALISM
LOL, you quote a website that is so liberal, it is asking that people vote for Newt, since Obama can beat Newt easier than Romney... Pure Propaganda...no wonder why you don't mind people lying about the effective tax rates...you are a demagogue.
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Old 01-27-2012, 08:09 PM
 
Location: Charlotte
12,646 posts, read 13,915,086 times
Reputation: 1679
Thumbs down uh huh...

Quote:
Originally Posted by michiganmoon View Post
LOL, you quote a website that is so liberal, it is asking that people vote for Newt, since Obama can beat Newt easier than Romney... Pure Propaganda...no wonder why you don't mind people lying about the effective tax rates...you are a demagogue.

Nice try.

We'll take that link now.

You do know how to use http://www.irs.gov/index.html (broken link) correct?
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