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Old 01-21-2013, 07:08 PM
 
16,801 posts, read 9,124,877 times
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Quote:
Originally Posted by rorqual View Post
I dont know, I am pissed a wall street tool like Romney pays a lower tax rate than me and able to take advantage of numerous deductions so as not to pay taxes for 8 years.
CNN did a study and estimated that Romney pays a higher effective tax rate than at least 80% of the country and they said the number is probably closer to 90%.

Obama's claim that teachers, fireman, and police pay a higher rate was simply classwarefare tripe that works with the uninformed.
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Old 01-21-2013, 07:08 PM
 
66,558 posts, read 30,358,972 times
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Quote:
Originally Posted by rorqual View Post
Or use offshore Cayman Islands accounts.
If the money is already in the accounts, it's not income. That's why it's not taxed. Wealth isn't taxed at the federal level until death. Only income is taxed until death.
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Old 01-21-2013, 07:11 PM
 
3,287 posts, read 5,437,139 times
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Originally Posted by hawkeye2009 View Post
I paid around $500K. Fortunately, I am cutting my income for 2013 to deny the feds more revenue. I would rather make less in income than to give those pigs one more cent. This is probably one of the reasons that federal revenues drop with tax increases. But I guess it is not about revenue, it is all about "fairness".
So you paid $500k in taxes? Sorry, I really can't believe that unless you own a fairly large business or the CEO of a business. But what you say about making less income to pay the Feds less is happening more and more these days with CEO's bending the rules by giving themselves a $1 salary and giving themselves exclusive stock options worth millions. That's how they avoid paying taxes now.
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Old 01-21-2013, 07:14 PM
 
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Originally Posted by michiganmoon View Post
CNN did a study and estimated that Romney pays a higher effective tax rate than at least 80% of the country and they said the number is probably closer to 90%.

Obama's claim that teachers, fireman, and police pay a higher rate was simply classwarefare tripe that works with the uninformed.
Absolutely correct. The top 10-25% pay an average effective federal income tax rate of only 8.70%. The top 25-50% pay an average effective federal income tax rate of only 6.01%. Romney paid a higher rate than that - nearly twice as much, in fact.
Latest Federal Income Tax Data
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Old 01-21-2013, 07:14 PM
 
Location: Jawjah
2,468 posts, read 1,598,116 times
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Quote:
Originally Posted by michiganmoon View Post
CNN did a study and estimated that Romney pays a higher effective tax rate than at least 80% of the country and they said the number is probably closer to 90%.

Obama's claim that teachers, fireman, and police pay a higher rate was simply classwarefare tripe that works with the uninformed.
Via Politifact: "The 2010 tax return released by Romney and his wife, Ann, showed $3,009,766 in federal income tax paid on $21,661,344 in adjusted gross income -- an effective tax rate of 13.9 percent."
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Old 01-21-2013, 07:16 PM
 
66,558 posts, read 30,358,972 times
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Quote:
Originally Posted by rorqual View Post
Via Politifact: "The 2010 tax return released by Romney and his wife, Ann, showed $3,009,766 in federal income tax paid on $21,661,344 in adjusted gross income -- an effective tax rate of 13.9 percent."
Yep. Nearly TWICE as much as even those in the higher income ranges of the entire bottom 90%. See the IRS data I linked.
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Old 01-21-2013, 07:18 PM
 
Location: USA
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It's called the earned income tax credit. If you think you can erase the debt by raising taxes on poor people in this country, you're a moron.
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Old 01-21-2013, 07:25 PM
 
66,558 posts, read 30,358,972 times
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Originally Posted by It'sAutomatic View Post
It's called the earned income tax credit. If you think you can erase the debt by raising taxes on poor people in this country, you're a moron.
How about we STOP paying them to do nothing more than breed? Those who receive public assistance have a birth rate 3 times that of everyone else. An exponentially growing welfare-dependent class is NOT sustainable. It will simply eclipse the contributing taxpaying members of society's ability to fund their existence. And by contributing taxpaying members, I mean those taxpayers that pay far more TO the government in taxes than they get in benefits and services FROM the government.

Not to mention... how "moral" or "kind" is a country that financially incentivizes the highest rate of birth among its poor? What kind of future are all those children born into poverty going to have? Right off the bat there are overwhelming odds AGAINST them. Why would any country do that to its own children?
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Old 01-21-2013, 07:31 PM
 
16,801 posts, read 9,124,877 times
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Quote:
Originally Posted by rorqual View Post
Via Politifact: "The 2010 tax return released by Romney and his wife, Ann, showed $3,009,766 in federal income tax paid on $21,661,344 in adjusted gross income -- an effective tax rate of 13.9 percent."
roqual,
You fell for Obama's classwarfare tripe. Don't worry many people fall for political BS.

Romney pays a higher effective tax rate than the middle class. I am glad that I am helping inform people and break the campaign lie from Obama's camp.

Is Romney's effective tax rate lower than yours? - Jan. 18, 2012
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Old 01-21-2013, 07:35 PM
 
16,801 posts, read 9,124,877 times
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Originally Posted by It'sAutomatic View Post
It's called the earned income tax credit. If you think you can erase the debt by raising taxes on poor people in this country, you're a moron.
The poor typically have a negative tax rate -- they make a profit off of income taxes.

The bottom 50% pays 2.3% of federal income taxes....the bottom 40% on average gets back more than they paid in.

Putting a Face on America's Tax Returns: A Chartbook | Tax Foundation
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