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Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 8:09:08 PM

seekingOwnertoo

Posts: 1323
Joined: 8/1/2009
Status: offline

Hmm, seems Mitt Romney released his tax returns ... and generously paid 13% of his multi-million dollar income in taxes.

Of course .. He did NOT take all his deductions! Because he wanted to keep his tax rate where he said it would be!

ROFL ROFL ROFL

Of course, i pay 20% in taxes on my seemingly poverty level income.

In the 1980's ... Mitt Romney would have paid 70% of his income in taxes, no questions asked.

What is wrong with politics today, when people struggling to make a living, pay MORE (percentage wise) than multi-millionaires?

And why do we get bamboozled by politicians claiming reducing taxes fixes the economy?

Because clearly, we are all WORSE OFF, then the 1980's!

Post #: 1

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 8:18:10 PM

Arturas

Posts: 3245
Status: offline

quote:

ORIGINAL: seekingOwnertoo

Hmm, seems Mitt Romney released his tax returns ... and generously paid 13% of his multi-million dollar income in taxes.

Of course .. He did NOT take all his deductions! Because he wanted to keep his tax rate where he said it would be!

ROFL ROFL ROFL

Of course, i pay 20% in taxes on my seemingly poverty level income.

In the 1980's ... Mitt Romney would have paid 70% of his income in taxes, no questions asked.

What is wrong with politics today, when people struggling to make a living, pay MORE (percentage wise) than multi-millionaires?

And why do we get bamboozled by politicians claiming reducing taxes fixes the economy?

Because clearly, we are all WORSE OFF, then the 1980's!

I don't know where to start with this. There is so much parroted leftist propaganda in this it would lift a sunken ship off the bottom of the deepest sea with all this hot air.

The tax code is designed to reward anyone who builds a business (and therefore employs people) and those who give to charity and those who invest in certain businesses the government deems important to the nation. The tax code also helps out when investors lose money in a failed business and Romney does not just make money on job building businesses, he also loses lots of money. Therefore, Romney pays less taxes because he invested more in America and risked more of his money in businesses needed by this country and more of his money, percentagewise, in charities than you did.

If he paid the same rate in taxes you and I did he would not be investing and and providing jobs and we would be the loser on that deal.

Jeeze.

_____________________________

"We master Our world."

(in reply to seekingOwnertoo)

Post #: 2

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 8:31:28 PM

TheHeretic

Posts: 19100
Joined: 3/25/2007
From: California, USA
Status: offline

Perhaps they prefer to see their money redistributed to the needy without a government middleman taking his cut. Tack on the charitable contributions, which they make at twice the rate the Obama's give at, and see where that brings us. 40%, according to the link below

Of course, conservatives generally contribute far more of their income to charity than liberals, so I might be talking to deaf ears.

We made it out to the endangered feline center's event, but won't be able to do the domestic violence shelter's dinner and auction, this year. Those tickets are just out of range. Damn Obama economy.

http://blogs.wsj.com/washwire/2012/09/22/romneys-taxes-a-window-into-charitable-giving/

(in reply to seekingOwnertoo)

Post #: 3

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 8:33:27 PM

CharmCityCpl

Posts: 19
Joined: 1/16/2011
Status: offline

Don't forget, lefty there is ALSO probably counting his FICA, that are basically premiums paid to Social Security and Medicare insurance, for benefits he expects to recieve down the road. I wonder if he subtracts what he gets back on his refunds from what he says he's paying? Somke people pay income tax, and FICA and get more back in their refund than was paid in basic income tax, but not the FICA, and they THINK they are paying income tax. But the INCOME TAX poortion of the tax bill is SUPPOSED to be all that is funding the Federal Govt. Thus those that get all of THAT back (and maybe more due to EIC tax credits) are NOT actually paying income tax at all, and THOSE are the 47% that "pay no income taxes". For God's sake, the man shelled out $1.9 MILLION dollars just in income taxes, give it a rest!

(in reply to Arturas)

Post #: 4

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 8:36:33 PM

LookieNoNookie

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: seekingOwnertoo

Hmm, seems Mitt Romney released his tax returns ... and generously paid 13% of his multi-million dollar income in taxes.

Of course .. He did NOT take all his deductions! Because he wanted to keep his tax rate where he said it would be!

ROFL ROFL ROFL

Of course, i pay 20% in taxes on my seemingly poverty level income.

In the 1980's ... Mitt Romney would have paid 70% of his income in taxes, no questions asked.

What is wrong with politics today, when people struggling to make a living, pay MORE (percentage wise) than multi-millionaires?

And why do we get bamboozled by politicians claiming reducing taxes fixes the economy?

Because clearly, we are all WORSE OFF, then the 1980's!

They paid less % but clearly, vastly more in $ because they have more deductions than you.

They have more deductions than you because they saved their money, invested wisely or possibly inherited, and the assets they've accumulated (which generally are things like apartment buildings, equipment, etc., all of which provide deductions to minimize the tax bite, by creating jobs, thus creating deductions which lower ones tax bill on an aggregate basis, therefore providing more available cash to invest in things like apartments, equipment etc., which create jobs....it's kind of circular).

The government does this to entice those with money (or the desire to accumulate more) to invest in things that will provide jobs.

(That's why he paid 13% and you paid 20%).

< Message edited by LookieNoNookie -- 9/22/2012 9:10:35 PM >

(in reply to seekingOwnertoo)

Post #: 5

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 8:56:49 PM

BamaD

Posts: 20687
Joined: 2/27/2005
Status: offline

quote:

ORIGINAL: LookieNoNookie

quote:

ORIGINAL: seekingOwnertoo

Hmm, seems Mitt Romney released his tax returns ... and generously paid 13% of his multi-million dollar income in taxes.

Of course .. He did NOT take all his deductions! Because he wanted to keep his tax rate where he said it would be!

ROFL ROFL ROFL

Of course, i pay 20% in taxes on my seemingly poverty level income.

In the 1980's ... Mitt Romney would have paid 70% of his income in taxes, no questions asked.

What is wrong with politics today, when people struggling to make a living, pay MORE (percentage wise) than multi-millionaires?

And why do we get bamboozled by politicians claiming reducing taxes fixes the economy?

Because clearly, we are all WORSE OFF, then the 1980's!

They paid less % but clearly, vastly more in $ because they have more deductions than you.

They have more deductions than you because they saved their money, invested wisely or possibly inherited, and the assets they've accumulated (which generally are things like apartment buildings, equipment, etc., all of which provide deductions to minimize the tax bite, byt creating jobs).

The government does this to entice those with money (or the desire to accumulate more) to invest in things that will provide jobs.

(That's why he paid 13% and you paid 20%).

And he gave 30% to charity isn't that giving something back?

(in reply to LookieNoNookie)

Post #: 6

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:01:26 PM

erieangel

Posts: 2237
Joined: 6/19/2011
Status: offline

Come on!! If Romney paid anything into FICA (do you pay FICA on INVESTMENT INCOME?) it would have only been on the first $100,000 of his income.

And to Heretic, lets not even start with adding Romney's charitable giving with his tax obligations. He gives to charity--his church gets most of it--because he wants to LOWER what he gives to Uncle Sam. And I'm sure, the day after the election, Romney will be amending his tax filings to take a deduction on every penny of his 2011 charitable contributions.

(in reply to CharmCityCpl)

Post #: 7

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:11:04 PM

LookieNoNookie

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: BamaD

quote:

ORIGINAL: LookieNoNookie

quote:

ORIGINAL: seekingOwnertoo

Hmm, seems Mitt Romney released his tax returns ... and generously paid 13% of his multi-million dollar income in taxes.

Of course .. He did NOT take all his deductions! Because he wanted to keep his tax rate where he said it would be!

ROFL ROFL ROFL

Of course, i pay 20% in taxes on my seemingly poverty level income.

In the 1980's ... Mitt Romney would have paid 70% of his income in taxes, no questions asked.

What is wrong with politics today, when people struggling to make a living, pay MORE (percentage wise) than multi-millionaires?

And why do we get bamboozled by politicians claiming reducing taxes fixes the economy?

Because clearly, we are all WORSE OFF, then the 1980's!

They paid less % but clearly, vastly more in $ because they have more deductions than you.

They have more deductions than you because they saved their money, invested wisely or possibly inherited, and the assets they've accumulated (which generally are things like apartment buildings, equipment, etc., all of which provide deductions to minimize the tax bite, byt creating jobs).

The government does this to entice those with money (or the desire to accumulate more) to invest in things that will provide jobs.

(That's why he paid 13% and you paid 20%).

And he gave 30% to charity isn't that giving something back?

Without any debate whatsoever (with the exception that he gave something more along the lines of 23% to charity).

< Message edited by LookieNoNookie -- 9/22/2012 9:24:53 PM >

(in reply to BamaD)

Post #: 8

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:17:56 PM

seekingOwnertoo

Posts: 1323
Joined: 8/1/2009
Status: offline

quote:

ORIGINAL: Arturas

he tax code is designed to reward anyone who builds a business (and therefore employs people) and those who give to charity and those who invest in certain businesses the government deems important to the nation. The tax code also helps out when investors lose money in a failed business and Romney does not just make money on job building businesses, he also loses lots of money. Therefore, Romney pays less taxes because he invested more in America and risked more of his money in businesses needed by this country and more of his money, percentagewise, in charities than you did.

So like ... what country did Romney invest in???????

Sure isn't the USA !!!!!!!!!!!!!!!

(in reply to Arturas)

Post #: 9

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:20:23 PM

seekingOwnertoo

Posts: 1323
Joined: 8/1/2009
Status: offline

quote:

ORIGINAL: erieangel

Come on!! If Romney paid anything into FICA (do you pay FICA on INVESTMENT INCOME?) it would have only been on the first $100,000 of his income.

And to Heretic, lets not even start with adding Romney's charitable giving with his tax obligations. He gives to charity--his church gets most of it--because he wants to LOWER what he gives to Uncle Sam. And I'm sure, the day after the election, Romney will be amending his tax filings to take a deduction on every penny of his 2011 charitable contributions.

You are 100% correct ... that is how the 1% works ...

(in reply to erieangel)

Post #: 10

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:20:41 PM

LookieNoNookie

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: erieangel

Come on!! If Romney paid anything into FICA (do you pay FICA on INVESTMENT INCOME?) it would have only been on the first $100,000 of his income.

And to Heretic, lets not even start with adding Romney's charitable giving with his tax obligations. He gives to charity--his church gets most of it--because he wants to LOWER what he gives to Uncle Sam. And I'm sure, the day after the election, Romney will be amending his tax filings to take a deduction on every penny of his 2011 charitable contributions.

Number 1, FICA is paid on "earned income" (labor), not on "unearned income (investments). In 2011, the upper limits required on a salary or payroll deduction for SSI FICA) was $106,800. No one paid SSI on any amounts above the number. Unless he got a weekly paycheck (which he did not), he paid zero FICA because he had no obligation legally to do so.

And yes, giving to charity ("He gives to charity--his church gets most of it"....actually....his church got all of it), whether 4 million as he recently did, or $38.74 as some might, saves you exactly, and no more than, your tax basis.

If Romney's tax basis was 13%, the $4,000,000.00 he gave to his church (of which he deducted 1/2 of), saved him $260,000.00.

If he does amend his tax returns next year (he has 3 years to do so on charitable gifts), it will have saved him $520,000.00.

Hell of investment yeah?....spending $4,000,000.00 to have the government lower your taxes by $520,000.00.

Yeah....sure....he's evil.

Uh huh.

(in reply to erieangel)

Post #: 11

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:20:44 PM

TheHeretic

Posts: 19100
Joined: 3/25/2007
From: California, USA
Status: offline

quote:

ORIGINAL: erieangel

And to Heretic, lets not even start with adding Romney's charitable giving with his tax obligations. He gives to charity--his church gets most of it--because he wants to LOWER what he gives to Uncle Sam. And I'm sure, the day after the election, Romney will be amending his tax filings to take a deduction on every penny of his 2011 charitable contributions.

Yes, I'm quite sure that you believe the very worst of Mr. Romney, and every single one of his motivations, Erie.

(in reply to erieangel)

Post #: 12

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:22:08 PM

seekingOwnertoo

Posts: 1323
Joined: 8/1/2009
Status: offline

quote:

ORIGINAL: CharmCityCpl

Don't forget, lefty

Chuckles .. no one has ever called me THAT before ... BTW ... I do have a PTN from the IRS ... I know how taxes work! LOL

(in reply to CharmCityCpl)

Post #: 13

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:29:25 PM

LookieNoNookie

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: seekingOwnertoo

quote:

ORIGINAL: Arturas

he tax code is designed to reward anyone who builds a business (and therefore employs people) and those who give to charity and those who invest in certain businesses the government deems important to the nation. The tax code also helps out when investors lose money in a failed business and Romney does not just make money on job building businesses, he also loses lots of money. Therefore, Romney pays less taxes because he invested more in America and risked more of his money in businesses needed by this country and more of his money, percentagewise, in charities than you did.

So like ... what country did Romney invest in???????

Sure isn't the USA !!!!!!!!!!!!!!!

If I recall, he invested where he best felt he could maximize his return.

Anyone that has a 401K does the exact same thing.

And if you buy any products manufactured in foreign countries (such as TV's, spark plugs, stereo's, most tomatoes and cucumbers, the vinyl or leather used in your car seats or living room couch, your TV clicker, laptop, mouse, oil, shoes, jeans, shirts, underwear, socks, pens, Bic lighters, flashlights, and so on), you are doing the exact same thing, on a vastly smaller scale:

Maximizing what remains in your pocket by investing in products manufactured by labor and equipment currently positioned and owned by foreign corporations.

< Message edited by LookieNoNookie -- 9/22/2012 9:30:27 PM >

(in reply to seekingOwnertoo)

Post #: 14

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:30:49 PM

erieangel

Posts: 2237
Joined: 6/19/2011
Status: offline

quote:

ORIGINAL: TheHeretic

quote:

ORIGINAL: erieangel

And to Heretic, lets not even start with adding Romney's charitable giving with his tax obligations. He gives to charity--his church gets most of it--because he wants to LOWER what he gives to Uncle Sam. And I'm sure, the day after the election, Romney will be amending his tax filings to take a deduction on every penny of his 2011 charitable contributions.

Yes, I'm quite sure that you believe the very worst of Mr. Romney, and every single one of his motivations, Erie.

Well, there was another motivation. Remember when Romney said he has never paid anything less than 13% in taxes?? It looks suspiciously as if he had his tax preparers take that number and work backward.

Which puts Romney in a conundrum because he also said that if he paid more taxes than he owed, he wouldn't be qualified to be president. OOPS!!

(in reply to TheHeretic)

Post #: 15

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:49:02 PM

LookieNoNookie

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: erieangel

quote:

ORIGINAL: TheHeretic

quote:

ORIGINAL: erieangel

And to Heretic, lets not even start with adding Romney's charitable giving with his tax obligations. He gives to charity--his church gets most of it--because he wants to LOWER what he gives to Uncle Sam. And I'm sure, the day after the election, Romney will be amending his tax filings to take a deduction on every penny of his 2011 charitable contributions.

Yes, I'm quite sure that you believe the very worst of Mr. Romney, and every single one of his motivations, Erie.

Well, there was another motivation. Remember when Romney said he has never paid anything less than 13% in taxes?? It looks suspiciously as if he had his tax preparers take that number and work backward.

Which puts Romney in a conundrum because he also said that if he paid more taxes than he owed, he wouldn't be qualified to be president. OOPS!!

It doesn't look even remotely suspicious like he did that to insure his tax rate was 13% or higher....that's exactly what he did and that's exactly why he did it.

Had he chosen to give less in charitable (23% of his total income.....anyone else here giving 1/4 of their total income to people in need?), let's say, the minimum required to qualify for a deduction (I think it's 7% of AGI, but I'm not certain, if so that would have been a gift of $1,200,000.00 as opposed to $4,000,000.00....as an adjunct....how many here gave even 7% of their total income to charitable organizations this year? Last year? How about the year before....and the one before that?), he would have kept more money personally, paid closer to 15% (an additional $24,000.00), instead, he gave more to his church...a difference of $2,550,000.00.

Now lemme think for a second here....regardless of what one may think of the Mormon (or any other) church....

Uhmmmmmm.....give ANOTHER 24 (thousand) dollars that I don't legally have to, to people in Washington DC that piss every dime away even before they receive it....

OR......give slightly more than ANOTHER (additional) 2 and 1/2 million dollars to his church, where they actually do some nice things for needy people and help others.

Hmmmmmmm......I guess I'm gonna have to think about that one because it sure looks shady to me.

This guy is fucking evil personified!!!!

< Message edited by LookieNoNookie -- 9/22/2012 9:52:46 PM >

(in reply to erieangel)

Post #: 16

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 9:58:39 PM

slvemike4u

Posts: 17896
Joined: 1/15/2008
From: United States
Status: offline

quote:

ORIGINAL: TheHeretic

quote:

ORIGINAL: erieangel

And to Heretic, lets not even start with adding Romney's charitable giving with his tax obligations. He gives to charity--his church gets most of it--because he wants to LOWER what he gives to Uncle Sam. And I'm sure, the day after the election, Romney will be amending his tax filings to take a deduction on every penny of his 2011 charitable contributions.

Yes, I'm quite sure that you believe the very worst of Mr. Romney, and every single one of his motivations, Erie.

Why shouldn't she(or me for that matter) feel that way,Romney has shown himself to be completely duplicitous ,condescending absent a moral compass other than naked ambition....and not smart enough to realize someone just might be taping him when he speaks to his own .

edited to add....goodnight,footbal Sunday and back willing a few early holes of golf.Have fun folks.

< Message edited by slvemike4u -- 9/22/2012 10:01:06 PM >

_____________________________

If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4

(in reply to TheHeretic)

Post #: 17

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 10:34:17 PM

DomKen

Posts: 19457
Joined: 7/4/2004
From: Chicago, IL
Status: offline

quote:

ORIGINAL: Arturas

quote:

ORIGINAL: seekingOwnertoo

Hmm, seems Mitt Romney released his tax returns ... and generously paid 13% of his multi-million dollar income in taxes.

Of course .. He did NOT take all his deductions! Because he wanted to keep his tax rate where he said it would be!

ROFL ROFL ROFL

Of course, i pay 20% in taxes on my seemingly poverty level income.

In the 1980's ... Mitt Romney would have paid 70% of his income in taxes, no questions asked.

What is wrong with politics today, when people struggling to make a living, pay MORE (percentage wise) than multi-millionaires?

And why do we get bamboozled by politicians claiming reducing taxes fixes the economy?

Because clearly, we are all WORSE OFF, then the 1980's!

I don't know where to start with this. There is so much parroted leftist propaganda in this it would lift a sunken ship off the bottom of the deepest sea with all this hot air.

The tax code is designed to reward anyone who builds a business (and therefore employs people) and those who give to charity and those who invest in certain businesses the government deems important to the nation. The tax code also helps out when investors lose money in a failed business and Romney does not just make money on job building businesses, he also loses lots of money. Therefore, Romney pays less taxes because he invested more in America and risked more of his money in businesses needed by this country and more of his money, percentagewise, in charities than you did.

If he paid the same rate in taxes you and I did he would not be investing and and providing jobs and we would be the loser on that deal.

Jeeze.

Romney hasn't invested in anything in over a decade. He's officially been unemployed since before he ran for Governor of MA.

(in reply to Arturas)

Post #: 18

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 10:35:56 PM

DomKen

Posts: 19457
Joined: 7/4/2004
From: Chicago, IL
Status: offline

quote:

ORIGINAL: erieangel

do you pay FICA on INVESTMENT INCOME?

No.

(in reply to erieangel)

Post #: 19

RE: Romney Paid 13% ? How come I Pay 20% ? - 9/22/2012 10:55:31 PM

LookieNoNookie

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: DomKen

quote:

ORIGINAL: Arturas

quote:

ORIGINAL: seekingOwnertoo

Hmm, seems Mitt Romney released his tax returns ... and generously paid 13% of his multi-million dollar income in taxes.

Of course .. He did NOT take all his deductions! Because he wanted to keep his tax rate where he said it would be!

ROFL ROFL ROFL

Of course, i pay 20% in taxes on my seemingly poverty level income.

In the 1980's ... Mitt Romney would have paid 70% of his income in taxes, no questions asked.

What is wrong with politics today, when people struggling to make a living, pay MORE (percentage wise) than multi-millionaires?

And why do we get bamboozled by politicians claiming reducing taxes fixes the economy?

Because clearly, we are all WORSE OFF, then the 1980's!

I don't know where to start with this. There is so much parroted leftist propaganda in this it would lift a sunken ship off the bottom of the deepest sea with all this hot air.

The tax code is designed to reward anyone who builds a business (and therefore employs people) and those who give to charity and those who invest in certain businesses the government deems important to the nation. The tax code also helps out when investors lose money in a failed business and Romney does not just make money on job building businesses, he also loses lots of money. Therefore, Romney pays less taxes because he invested more in America and risked more of his money in businesses needed by this country and more of his money, percentagewise, in charities than you did.

If he paid the same rate in taxes you and I did he would not be investing and and providing jobs and we would be the loser on that deal.

Jeeze.

Romney hasn't invested in anything in over a decade. He's officially been unemployed since before he ran for Governor of MA.

You're probably right....he probably keeps all his money in a bucket in the back yard. Yeah, that's probably what he does with his money.

(in reply to DomKen)

Post #: 20

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