The Rich Get Richer

[joe bloe]

Romney's taxes are low because he's paying taxes on income he's already paid taxes on. He's being taxed twice.

Who Pays Income Taxes and How Much?

Tax Year 2009

Percentiles Ranked by AGI

AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid

Top 1%
$343,927
36.73%

Top 5%
$154,643
58.66%

Top 10%
$112,124
70.47%

Top 25%
$66,193
87.30%

Top 50%
$32,396
97.75%

Bottom 50%
<$32,396
2.25%

Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

[Fast Gunn]

Damn!

Can you stay on message for once in your life?

The point is why does someone who makes millions only pays 13% income taxes, but yet wants to be President of The United States?

. . . He's a fucking little thief who's stealing our money, but is still out there asking for our vote too!

[WTF]

Originally Posted by CJ7

sure glad Willard TOLD us his tax rates for the last 10 years ... should be easy enough to prove when he SHOWS us his returns ...

!

A famous man once said ''Trust but verify...''

I wonder if any of our Tea Loons know who said that?

[theaustinescorts]

It's nobody's business what's stated on Mitt's tax returns. He doesn't want to show it because he'll be criticized for taking advantage of the law like everyone else who has the means, so he shouldn't do it.

As for Obama's college records, no one can justify witholding their transcripts when they're applying for a job.

Obama should release his acedemic records if they reflect the yarns he tells in his biography about what he was doing.

We all know he's lied about his background and that of his family. He's a congenital liar and con man.

[Doove]

Originally Posted by theaustinescorts

It's nobody's business what's stated on Mitt's tax returns. He doesn't want to show it because he'll be criticized for taking advantage of the law like everyone else who has the means, so he shouldn't do it.

So you're saying that if he wants to use the Presidency to enrich himself via the tax code he proposes, that's nobody's business? Particularly when his policies will raise taxes on the middle class? That's nobody's business?

As for Obama's college records, no one can justify witholding their transcripts when they're applying for a job.

Nobody gives a shit about the college transcripts of a 50 year old man who's applying for a job.

Obama should release his acedemic records if they reflect the yarns he tells in his biography about what he was doing.

I suppose employers care about that too.

We all know he's lied about his background and that of his family.

Lunatics know this. The rest of us? Not so much.

He's a congenital liar and con man.

And you're a nazi lover.

[joe bloe]

Originally Posted by Fast Gunn

Damn!

Can you stay on message for once in your life?

The point is why does someone who makes millions only pays 13% income taxes, but yet wants to be President of The United States?

. . . He's a fucking little thief who's stealing our money, but is still out there asking for our vote too!

You say "he's stealing our money." Why do you think his money belongs to you? What gives government the right to take away from one person and give to another?

I'll say it again. He pays at a lower rate because his income is from money he's already paid taxes on.

From AskHeritage.org
What Does Romney’s Tax Return Tell Us About Tax Rates?


How many times should your money be taxed? One time? Two times? Three times? Four? Sounds like a ridiculous proposition, but that’s the true story of capital gains taxes in America, and it’s one that’s not being told in the continuing debate over Governor Mitt Romney’s taxes.

For more than a week, the media has focused on the subject of just how much Romney pays in taxes. On Tuesday, the governor released his tax returns indicating that he paid about 15 percent in taxes last year. At first blush, that sounds like a low rate, especially considering that Romney is admittedly worth millions. But as with all things in politics, there is more to the story.
As most Americans know, marginal individual income tax rates in America range between 15 and 35 percent. However, Americans making money from investments typically earn dividends. They face a lower rate to reduce the tax barrier to investing and growing businesses. For Americans in the lowest two income brackets, the tax rate on dividends is zero. For all the rest, the dividend tax rate is 15 percent — hence Romney’s rate.

Why do dividends face lower rates than wages or interest income? Because dividends have already faced one full level of tax at the corporate level.
But that’s income tax. Americans making money from investments also typically pay a capital gains tax at the same lower rate as for dividends. Income and capital gains are very different. Income is what is generated from using resources, as wage income is generated by providing labor services, whereas a capital gain results from an increase in an asset price. Capital gains face a lower rate to reduce the tax barrier to investing, especially in high-risk, high-return, job-creating, business-growing investments.
So right off the bat, Romney is paying what is legally required of him — and even when compared to the average federal income tax burden in America of 9.3 percent, he’s paying more. There’s still more to the story, though.

When Romney pays 15 percent to Uncle Sam, that’s not the first time that money was taxed. J.D. Foster, the Norman B. Ture Senior Fellow in the Economics of Fiscal Policy at The Heritage Foundation, explains that Romney’s money has likely gone through four levels of taxation, meaning that the level of taxation was at 50 percent and likely much higher:

At the very least, he paid nearly 45 percent, but a chunk of this tax was collected before he even saw the remainder. Income from capital gains and dividends means the income was first earned by businesses, most likely corporations which paid tax at 35 percent. So Romney paid his 15 percent only after the government had taken its 35 percent cut. That leaves Romney with a combined tax of 45 cents on the dollar of corporate earnings.

So that’s two levels of taxation — the corporate rate and the capital gains rate. But there’s more. Foster explains that Romney’s cash was likely subject to taxes on capital income repeatedly in the past. Few investments are one and done; rather, most are earned taxed dividends and capital gains over extended periods that are reinvested and taxed again and again. This is a third “level” of taxation. And then Romney was also taxed at the individual rate as wage or salary income–a fourth level. And that’s how you get above 50 percent in taxes. (And don’t forget that Romney contributes 15 percent of his income to charity–money that might not be available if the capital gains tax were raised as many liberals propose.)
Are four levels of taxation, topping out at 50 percent “fair” enough for the left? Unfortunately, the truth about capital gains taxes don’t fit as neatly into a headline as ‘Millionaire Only Pays 15% Tax Rate,’ but Americans deserve to know the truth — and they also deserve to be able to save, invest, spend, and contribute the money they have earned without it being confiscated by progressive politicians seeking a “fair” redistribution of wealth ushered in by a growing federal government.

Instead of eating the rich and burning down their mansions, Congress should find ways to make it easier for Americans to keep their money, invest it, and become more prosperous. In a new paper, Heritage’s Curtis Dubay enumerates ways that Washington can focus on growth and set the economy free, among them: prevent tax hikes, extend the payroll tax holiday or replace it with a more pro-growth policy, make permanent the tax cuts that expire at the end of the year, avoid raising taxes after cutting taxes, repeal the Patient Protection and Affordable Care Act and the tax hikes that go with it, and switch to the New Flat Tax, which would tax individuals on what they spend each year rather than what they earn.
In politics, it’s easy to demonize the rich and engage in class warfare, but tearing people down instead of building others up is no way to govern a country. If Washington politicians truly want to turn America around, they should focus on ways to raise the bar and help individuals succeed–not knock down real success stories in order to become populist heroes.

http://www.askheritage.org/what-does...out-tax-rates/

[IIFFOFRDB]

Originally Posted by Fast Gunn

To anyone with an open mind, the facts alone of a multimillionaire paying only a paltry 13% income taxes tells the entire story.

Neither did I say that he broke the law and you know that plainly enough.

The rich are too smart to commit such obvious crimes, but they find other hidden loopholes to create the the same effect.

What Romney did was hire some fancy accountants to figure out ways to hide money away and legally reduce the tax letter of the law, but broke the spirit of the law.

. . . In order to be prosperous, a country needs it's citizens to be productive and to pay their fair share of taxes in order for the entire system to operate.

P.S. As for those dumb-fucks who don't contribute anything, but still have the audacity to ask how much I paid in Federal income taxes, well, let me tell you, it was more than twice what Romney paid!

You paid more than 2x federal taxes than what Romney paid. Thanks. can you pay 4x next year to please your OOO.

[Submodo]

Originally Posted by joe bloe

Romney's taxes are low because he's paying taxes on income he's already paid taxes on. He's being taxed twice.

Really?

So if I earn 100.00 in wages, after income taxes I get to keep say, 70.00

I buy a share of xyz company for 70.00, using my already taxed money.

xyz pays a nice 10% dividend per share. I get 7.00 in dividends.

But I gotta pay taxes again, now, right?

Dividend rate is 15%.

Do I owe

a) 1.05 (15% of my NEW income - the 7.00 in dividend)

or

b) as you say "he's paying taxes on income he's already paid taxes on"

10.5 (15% of the money i've already paid taxes on - 70.00)

or

c) 11.50 (15% of the already taxed money + the dividend - 77.00)

or

d) yet some other amount

[Fast Gunn]

You really should learn how to read more carefully if you're going to raise accusations against people.

I did not say the money in unpaid taxes belonged to me!

I've got plenty of money and I do not need and frankly do not even want filthy lucre from Romney.

What I said was it is money that a country need to build roads, bridges, schools and sewer systems.

What right does a country have to collect taxes, you ask like some alien?

. . . This is how governments operate. They require a portion of the money that individuals make in order to fund massive public projects.

Originally Posted by joe bloe

You say "he's stealing our money." Why do you think his money belongs to you? What gives government the right to take away from one person and give to another?

I'll say it again. He pays at a lower rate because his income is from money he's already paid taxes on.

HE'S BEING TAXED TWICE. THAT'S WHY IT'S AT A LOWER RATE.

[joe bloe]

Originally Posted by Submodo

Really?

So if I earn 100.00 in wages, after income taxes I get to keep say, 70.00

I buy a share of xyz company for 70.00, using my already taxed money.

xyz pays a nice 10% dividend per share. I get 7.00 in dividends.

But I gotta pay taxes again, now, right?

Dividend rate is 15%.

Do I owe

a) 1.05 (15% of my NEW income - the 7.00 in dividend)

or

b) as you say "he's paying taxes on income he's already paid taxes on"

10.5 (15% of the money i've already paid taxes on - 70.00)

or

c) 11.50 (15% of the already taxed money + the dividend - 77.00)

or

d) yet some other amount

Here, read this.

http://www.askheritage.org/what-does...out-tax-rates/

[Submodo]

Oh.

So your statement should say -

Romney's taxes are low because he's paying taxes on income someone else already paid taxes on. The dividend paying entity and Romney are each being taxed once.

And since Romney is the dividend paying entity....

Makes sense.

[theaustinescorts]

Originally Posted by Doove

Lunatics know this. The rest of us? Not so much.

And you're a nazi lover.

Why don't you just stick your head in a hole in the ground where it belongs.

You will never recover any credibility here after claiming Obama doesn't lie about his family history.

The whole world knows he lied about having a family member who libertated Auschwitz.

www.youtube.com/watch/?v=eVRaA_Z7430

Not even Hitler was as much of a liar and a scoundrel as Barak Hussein Obama.

[cptjohnstone]

I cannot find it at the moment but it was said today his rate would have been 20% had he not given anything to charity per CBS Nightly News

[I B Hankering]

Originally Posted by Fast Gunn

P.S. As for those dumb-fucks who don't contribute anything, but still have the audacity to ask how much I paid in Federal income taxes, well, let me tell you, it was more than twice what Romney paid!

So you paid $6 million or more in taxes in 2010? Yea, right.

[CuteOldGuy]

Originally Posted by Fast Gunn

. . . This is how governments operate. They require a portion of the money that individuals make in order to fund massive public projects.
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No. That is how communist governments operate. The progressive income tax is a plank in the Communist Manifesto. There is no need for the government to take a portion of a person's earnings to fund its operations. Hell, until the late 1800's, I think the entire budget was primarily funded by tariffs.

Even now, there are proposals to fund government that do not touch a person's income, and the country would still collect as much, if not more, in taxes.

All the income tax does is foster the perennial debate over who should pay more, and how much, etc, like we see here. It's only purpose is to fan the flames of class warfare, which is in turn exploited for votes by lying politicians, who then get in office, and provide income tax breaks for their donors, while out of the other side of their mouth they demand they "pay their fair share."

The income tax is bullshit. It should be repealed.