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Mitt Romney admitted this morning that he pays 15% on the overwhelming majority of his income. His income is from passive investment income-- in other words money he doesn't work for-- It just comes to him based on his investments.
I am in the 33% tax bracket on money that I work my ass off for.
Sorry, this is not tax equity. The top tax bracket needs to go up-- If Mitt Romney is in the same tax bracket as people making 15-35k a year, something is very, very wrong.
Before you start your silly screams of class warfare or wealth envy, please, actually think about this....
Mitt Romney admitted this morning that he pays 15% on the overwhelming majority of his income. His income is from passive investment income-- in other words money he doesn't work for-- It just comes to him based on his investments.
I am in the 33% tax bracket on money that I work my ass off for.
Sorry, this is not tax equity. The top tax bracket needs to go up-- If Mitt Romney is in the same tax bracket as people making 15-35k a year, something is very, very wrong.
Before you start your silly screams of class warfare or wealth envy, please, actually think about this....
You are GUARANTEED your paycheck. If you work for it, you get it, no questions asked. Romney and others who make passive income can LOSE IT ALL.
End of argument.
ETA: You apparently do not know a good accountant if you are paying that much.
LOL I posted something related to this in the business forum to try to encourage people to support the expiration of the Bush tax cuts. I concluded that most Americans don't care.
I personally benefited from the 15% tax rate (and it is an "if that" rate, becuase you can use deductions/expenses to reduce it) w/ some specialized securities. I am not a wealthy person, but boy was it SWEET!
Usually only brokers can find the securities and the investment amount is a lot higher than w/ most stocks...but the dividend rates were a lot higher and I made a lot of money w/ low risk. I purposely picked securities eligible for the 15% rate. I thought WOW if I had an inheritance to invest instead of the leavings from my salary, I would totally be set for life.
LOL
That's how most of the wealthy people in the world live. By wealthy, I mean people who do not have to work for a living. Especially the ones who inherited the money. Those guys can definitely stand to pay a little more in taxes. But again, I wouldn't bother. If you have money to invest, you can try to take advantage of the rates yourself. Regular Americans probably can't imagine it, or they don't care.
Mitt Romney admitted this morning that he pays 15% on the overwhelming majority of his income. His income is from passive investment income-- in other words money he doesn't work for-- It just comes to him based on his investments.
I am in the 33% tax bracket on money that I work my ass off for.
Sorry, this is not tax equity. The top tax bracket needs to go up-- If Mitt Romney is in the same tax bracket as people making 15-35k a year, something is very, very wrong.
Before you start your silly screams of class warfare or wealth envy, please, actually think about this....
Maybe you should be using investing for passive income? Perhaps you should understand that investors provide liquidity to the markets instead of the FED which in doing so devalues our currency. The primary income for the investment was already taxed at the regular rate.
Tell me what incentive there will be for investors in municiple bonds when you raise the tax rate to that of ordinary income? How will cities and states afford to invest in infrastructure improvements then?
Did you take a moment to consider that you promote increasing the capital gains rate for retirees selling off investments from their IRA's and retirement accounts at a time when most can least afford higher taxes?
No, I think it is the OP who has not actually thought about it.......
You are GUARANTEED your paycheck. If you work for it, you get it, no questions asked. Romney and others who make passive income can LOSE IT ALL.
End of argument.
ETA: You apparently do not know a good accountant if you are paying that much.
LOL you are so so wrong. People who invest in common stocks can lose it all... That's the regular working stiff w/ a 401-K.
A richer/better-informed investor can buy in securities that guarantee a rate of return, guarantee the return of principal, AND guarantee the investor will be reimbursed in case of a bankruptcy. AND the investor can pay only 15% in taxes, to boot.
People w/ a lot of money usually put a sizeable portion of the portfolio in safer securities. So unlike the people who have 401-K's invested in mostly common stocks, they're not at as much risk of being wiped out.
Am I the only person who took economics?
To boot, the people who can afford these types of securities are usually only wealthy people. You usually have to buy them through a broker, and the share values are usually large. Too large for the average working person to purchase.
So the facts are that people like Mr. Romney are Better off than a lot of us. He is paying a LOWER tax rate with less-risky investments.
It is comforting to think "Ooh Mitt Romeny may be wealthy, but he is not better off than I."
But that's not true. Wealthy people are way way way better off than a lot of us. Their lives are safer and more comfortable, as well. IMO that's why almost everyone tries to be as wealthy as possible.
Mitt Romney admitted this morning that he pays 15% on the overwhelming majority of his income. His income is from passive investment income-- in other words money he doesn't work for-- It just comes to him based on his investments.
I am in the 33% tax bracket on money that I work my ass off for.
Sorry, this is not tax equity. The top tax bracket needs to go up-- If Mitt Romney is in the same tax bracket as people making 15-35k a year, something is very, very wrong.
Before you start your silly screams of class warfare or wealth envy, please, actually think about this....
NO-ONE should be paying more than 15% of ANY federal tax
CUT ALL TAXES
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LOL, Mittens pays smaller tax rate than middle income Americans
