The Rich Get Richer

[texasjohn1965]

Originally Posted by WTF

the point is why are his taxes so God Damn low!

Because his money comes from investments.

You can achieve the same tax rate. Quit your job, invest your money, and the profit from your investment will be taxed at the same low rate.

[WTF]

Originally Posted by Ducbutter

I didn't miss any point. You even say he's not a cheat. Therefore,following your logic, he used legal means to lower his tax rate as low as he could. Nothing unethical about that. It's smart. I'll bet you do it. I know the current president does. Romney just started with a lower rate as most of his income was taxed under cap gains.
And Buffet might just be too smart to run for office. But he's also smart enough to take full legal advantage of the tax system. He paid the same percentage as Romney. But I guess since he supports BO there's nothing wrong with him doing it.

Yes you missed the point.

What if there was a law that said Mormons pay 1% tax rate.

People did not know about this law.

People did not believe that Mormons paid only1%

You would have to expose all the Mormons tax returns for people to believe that Mormons paid this ridiculously low rate.

That is WTF I hope happens.

I hope it exposes how fuc'd up our tax system is.

So I again say you missed my point.

My point has not to say Mitt is a crook but to expose the tax system. Mitt is taking one for all the other rich people that pay this ridiculously low rate.

[CJ7]

IMO everyone of you misses the point ..

LEGAL has nothing to do with his returns

[Ducbutter]

Originally Posted by WTF

Yes you missed the point.

What if there was a law that said Mormons pay 1% tax rate.

People did not know about this law.

People did not believe that Mormons paid only1%

You would have to expose all the Mormons tax returns for people to believe that Mormons paid this ridiculously low rate.

That is WTF I hope happens.

I hope it exposes how fuc'd up our tax system is.

So I again say you missed my point.

My point has not to say Mitt is a crook but to expose the tax system. Mitt is taking one for all the other rich people that pay this ridiculously low rate.

That's just silly. We don't need to see Mitt's returns to find out what's in the tax codes. And we all know they're a fucking joke.

[Texas Contrarian]

Originally Posted by Ducbutter

IAnd Buffet might just be too smart to run for office. But he's also smart enough to take full legal advantage of the tax system. He paid the same percentage as Romney. But I guess since he supports BO there's nothing wrong with him doing it.

Actually, Buffett has paid a far, far lower amount of taxes as a percentage of his aggregate wealth creation than Romney has, for reasons that I explained in my earlier post.

But my point is the same: Have you ever heard of anyone, irrespective of political persuasion, choosing to ignore obvious and readily available tax breaks and instead electing to make large donations to the Treasury? (Before impugning someone's honesty or character, it might be worth stopping just for a moment and thinking about that.)

And, yes, the national embarrassment that answers to the name of our tax code needs to be blown up and replaced with something that actually looks like it was designed on purpose. Instead, we have a clusterfuck that started out as a monstrosity and gets junked up with more and more crap every year.

[CJ7]

Romney cant afford the tax return embarrassment he went through when he ran for Gov.

tax system manipulation at its finest ... I'd be really surprised it it didnt surface sooner than later

retroactive tax returns that changed his state residence, and someone else made the mistake?

and Mitt is supposed to be a "businessman"

businessman he is, other than that .............

[rodog44]

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!

It was 20% if you count what he gave to charity. And if you paid twice as much to the IRS as Romney I'll fly to the moon on a fucking bike.

[CJ7]

Originally Posted by rodog44

It was 20% if you count what he gave to charity. And if you paid twice as much to the IRS as Romney I'll fly to the moon on a fucking bike.

romney himself said 13%

is he lying?

from a percentage standpoint half of the taxpayers pay twice as much as Romney did ..

Schwinn or Huffy?

[Texas Contrarian]

Originally Posted by CJ7

romney himself said 13%

is he lying?

from a percentage standpoint half of the taxpayers pay twice as much as Romney did ..

Schwinn or Huffy?

Half of all taxpayers pay federal income taxes at an effective rate of 26%?

Would you like to tell us how you came up with that one?

[rodog44]

Originally Posted by CJ7

romney himself said 13%

is he lying?

from a percentage standpoint half of the taxpayers pay twice as much as Romney did ..

Schwinn or Huffy?

NO. He said it would amount to 20% if charity donations were added. Beside I just said that FG didn't pay more to the IRS. You fucking liberals get hung up on percentages instead of DOLLARS. If his tax returns weren't correct he wouldn't be running for president cause the IRS would have him in jail.

[CJ7]

Originally Posted by CaptainMidnight

Half of all taxpayers pay federal income taxes at an effective rate of 26%?

Would you like to tell us how you came up with that one?

half was a stretch .. but considering the amount of stretch that goes on here I felt compelled


I digress



25% Bracket $70,700 – $142,700 $35,350 – $85,650


single/married

[Texas Contrarian]

Originally Posted by CJ7

half was a stretch .. but considering the amount of stretch that goes on here I felt compelled...

People stretch things while engaging in discussion in this forum?

Say it ain't so!

Please note, though, that to pay an effective tax rate of 26%, your income has to be a hell of a lot higher than the top of the 25% bracket.

What we're essentially talking about here is effective tax rate (which is what really matters), not marginal tax rate. They are two very different things.

Just guessing, as I'm much too lazy to figure it out, but I'd bet that you'd have to be well within the top 5% of the income distribution to pay an effective federal income tax rate of 26%.

[rodog44]

Originally Posted by CaptainMidnight

Half of all taxpayers pay federal income taxes at an effective rate of 26%?

Would you like to tell us how you came up with that one?

HALF of the people dont pay ONE FUCKING dime. And the govt. sends them a check. EARNED INCOME TAX CREDIT.

[Doove]

You all assume he did nothing illegal. Hasn't TTH pointed out that there was an amnesty for tax cheats to settle up by 2009? And Romney won't release anything prior to 2010.

If i was running for President, and admitted to cheating on my taxes in my 2009 tax return, i wouldn't release it either.

[I B Hankering]

Mitt Romney made $21.7 million and paid $3-million in taxes. That's a 13.9% tax rate. But Romney's income was from dividends and capital gains, which are taxed at 15%.
So Romney was right in line. He paid a little less because he donated $3-million to charity, which lowered his taxable income.
According to the Internal Revenue Service, 40% of all Americans pay *no federal income tax*. And if you make up to $200-thousand dollars, which is 97% of all taxpayers, you pay an effective federal rate of 12%, that's lower than Romney's 13.9%.


http://www.erietvnews.com/story/1926...ugh-truth-test