Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Let's just throw out a number here. Let's say that Romney pays an effective 5% in taxes. And let's take the next logical step and say he gets there 100% legally, via tax credits and tax write-offs, etc.
Does this make him a scoundrel, amoral or evil? No. It means that he is simply conforming to a long list of things that the Federal Government wants him to be doing.
The government wants us to be environmentally friendly, so there are tax credits for having environmentally stuff -- and you can probably qualify for this many times over. Eco-friendly car. Eco friendly furnace. Eco friendly water heater. Eco-friendly household appliances. Eco-friendly house design. There are probably credits for doing things that help preserve endangered species. Credits for using recycled everything. And the list of credits gets enormous for corporations.
The government wants us to give to the poor and less fortunate, so there are tax credits for donating to charitable organizations.
The government wants us to put more money into savings, so money sent directly to savings may be exempt from immediate taxation.
If Mitt Romney is not paying 35% in income tax and doing it legally, then blame the federal tax laws and the Congress. They wrote into law a nearly endless array of ways to pay less taxes. If Obama pays the full 35% then good for him ... but seriously, who cares? If the American people don't like it, they need to start demanding the immediate end to all tax credits. If Mitt's accountant or accountants can legally get his effective tax rate down to 5%, that only means they are doing their job well.
If Mitt Romney isn't being accused of breaking any laws, and he isn't, then I fail to see the point here. No doubt, he'll be pestered into disclosing his tax returns. You can bet the farm that the Democrats will find something there to whine about. There will be some completely irrelevant "gotcha" moment attempted. Asking John McCain how many houses he has was great fun for them in '08. Should be interesting what completely irrelevant tactic the Dems will try with Romney. It must infuriate Democratic strategists that Mitt might just wait awhile, then disclose completely clean records and ruin their opportunity to fabricate something out of nothing.
This nation became the greatest nation on earth by letting capitalism work and letting people who work harder and smarter reap the natural rewards: Success and wealth. I think far too many Americans take far too much interest in punishing all such people for their success. Personally, I'd rather focus such efforts directly on those fat cats who are actually selling out working-class Americans.
It should be amusing to see if this tax records issue becomes a big deal or if it turns out to be a red herring.
If they want fair, then get rid of the IRS and just put in a flat tax. Say 15% for everyone regardless income.
This 15% is not just federal tax, it will cover all taxes:
Federal
State
Local
Social Security
Medicaid
Then this is fair. I am sick and tire those takers complaint the "rich" is not paying their fair shares. But when ask if they are ok to share their salary/wages with someone paying less, then they complaint it is not fair.
I guess next time a wingnut point out that 50% of America pays not federal income taxes the same lame rebuttal can be used.
Quote:
Originally Posted by godofthunder9010
Let's just throw out a number here. Let's say that Romney pays an effective 5% in taxes. And let's take the next logical step and say he gets there 100% legally, via tax credits and tax write-offs, etc.
Does this make him a scoundrel, amoral or evil? No. It means that he is simply conforming to a long list of things that the Federal Government wants him to be doing.
The government wants us to be environmentally friendly, so there are tax credits for having environmentally stuff -- and you can probably qualify for this many times over. Eco-friendly car. Eco friendly furnace. Eco friendly water heater. Eco-friendly household appliances. Eco-friendly house design. There are probably credits for doing things that help preserve endangered species. Credits for using recycled everything. And the list of credits gets enormous for corporations.
The government wants us to give to the poor and less fortunate, so there are tax credits for donating to charitable organizations.
The government wants us to put more money into savings, money sent directly to savings may be exempt from immediate taxation.
If Mitt Romney is not paying 35% in income tax and doing it legally, then blame the federal tax laws and the Congress. They wrote into law a nearly endless array of ways to pay less taxes. If Obama pays the full 35% then good for him ... but seriously, who cares? If the American people don't like it, they need to start demanding the immediate end to all tax credits. If Mitt's accountant or accountants can legally get his effective tax rate down to 5%, that only means they are doing their job well.
If Mitt Romney isn't being accused of breaking any laws, and he isn't, then I fail to see the point here. No doubt, he'll be pestered into disclosing his tax returns. You can bet the farm that the Democrats will find something there to whine about. There will be some completely irrelevant "gotcha" moment attempted. Asking John McCain how many houses he has was great fun for them in '08. Should be interesting what completely irrelevant tactic the Dems will try with Romney. It must infuriate Democratic strategists that Mitt might just wait awhile, then disclose completely clean records and ruin their opportunity to fabricate something out of nothing.
This nation became the greatest nation on earth by letting capitalism work and letting people who work harder and smarter reap the natural rewards: Success and wealth. I think far too many Americans take far too much interest in punishing all such people for their success. Personally, I'd rather focus such efforts directly on those fat cats who are actually selling out working-class Americans.
It should be amusing to see if this tax records issue becomes a big deal or if it turns out to be a red herring.
What's it matter that 50% don't pay any federal income tax when they file their return legally?
Because you lefties want more and more spending, so yes, you lefties, should pay more. Its so easy to ask others to pay more, when you arent paying anything.. Hypocritical left..
Because I pay a much higher effective tax rate and I make a tiny fraction of what he makes.
What happened to paying your fair share? Why has the tax tables been turn on there head and become regressive. What happened to supporting the country?
No you don't, everyone's tax rate is the same. If you have capital gains, they are taxed as the same rate as everyone else who has capital gains. His ordinary income, and your ordinary income are taxed at the same rate.
If you have a problem with the tax code take it up with Obama, I don't see him rushing to change it. Let me give you a hint as to why. The economy would come to a crashing halt if capital gains were taxed the same as ordinary income.
I guess next time a wingnut point out that 50% of America pays not federal income taxes the same lame rebuttal can be used.
All I'm saying is this: Don't hate the player, hate the game.
If the rules of the game are patently unfair, it's time to change the rules.
I'm all in favor of tossing all tax credits in the garbage and starting over. I'm fine with keeping credits for spouse and children on the books, but I say dump the rest. Mitt Romney, Bill Gates and everyone making over $375K will pay 35%. Period. Everyone who falls into the 10% range pays 10%. If the American people want to change that structure, then go for it. But enough of the endless deductions for stupid stuff.
The "Fair Tax" concept would be better, just as long as you charge a higher "luxury tax" % rate for things like second, third, fourth or fifth homes, $200,000 cars, yachts, homes that cost over $1 million, and all manner of super-expensive stuff, etc. The more you spend, the more you pay. Money is 100% useless if you don't spend it, so not spending doesn't really help you. Catch 22.
I disagree with hating on a man who breaks no laws and within the horribly broken system we have today, pays less taxes. He's playing by the rules. I'd rather focus on changing the rules and fixing the broken tax system.
We are talking about a politician, right? You make me LOL!
He was a governor of a state for 4 years. He was in the private sector for over 30 years...not really a career politician actually. He is probably one of the most honest and upright people to run for president. That's not saying there haven't been others.
All I'm saying is this: Don't hate the player, hate the game.
If the rules of the game are patently unfair, it's time to change the rules.
I'm all in favor of tossing all tax credits in the garbage and starting over. I'm fine with keeping credits for spouse and children on the books, but I say dump the rest. Mitt Romney, Bill Gates and everyone making over $375K will pay 35%. Period. Everyone who falls into the 10% range pays 10%. If the American people want to change that structure, then go for it. But enough of the endless deductions for stupid stuff.
The "Fair Tax" concept would be better, just as long as you charge a higher "luxury tax" % rate for things like second, third, fourth or fifth homes, $200,000 cars, yachts, homes that cost over $1 million, and all manner of super-expensive stuff, etc. The more you spend, the more you pay. Money is 100% useless if you don't spend it, so not spending doesn't really help you. Catch 22.
I disagree with hating on a man who breaks no laws and within the horribly broken system we have today, pays less taxes. He's playing by the rules. I'd rather focus on changing the rules and fixing the broken tax system.
No, i'll pass on a consumption tax. Foreigner and those that make money here and live abroad pay ZERO. GREAT scheme to complete the looting of America. The wealthy always are ready with a new scheme that favors them and screws EVERYONE else.
A flat tax on ALL income types. Give each person a person exemption, call it the survival exemption. $5 to $10 grand a person. Treat FICA TAX the same but with no exemption.
He was a governor of a state for 4 years. He was in the private sector for over 30 years...not really a career politician actually. He is probably one of the most honest and upright people to run for president. That's not saying there haven't been others.
Wall St. and corporate America will give record amounts of money to Obama and Romney so one of them wins. If Romney wins, I hope to revisit this discussion.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
