Fact Check: Is Romney's tax rate really lower than yours?

[Freemason9]

Hell, let's eliminate all income taxes and force the working masses to support the Empire through their blood and sweat, like in the old days.

 

[Uncensored2008]

Fact Check: Is Romney's tax rate really lower than yours?


Seems about 10% lower than mine

I didn't know male prostitutes paid any taxes?

 

[AmyNation]

Our we could switch to something like a consumption tax, and get rid of income taxes althoughter.

 

[Freemason9]

Our we could switch to something like a consumption tax, and get rid of income taxes althoughter.

Right, let's tax the work force for their food, transportation, and housing. Great idea.

 

[Shelzin]

Our we could switch to something like a consumption tax, and get rid of income taxes althoughter.

I don't have a problem with that either.

 

[Shelzin]

Our we could switch to something like a consumption tax, and get rid of income taxes althoughter.

Right, let's tax the work force for their food, transportation, and housing. Great idea.

Uhh... You know what... Nevermind.

 

[blastoff]

Fact Check: Is Romney's tax rate really lower than yours?


Seems about 10% lower than mine

Are you comparing apples and oranges, income vs. capital gains taxes?

 

[Seawytch]

Fact Check: Is Romney's tax rate really lower than yours?


Seems about 10% lower than mine

Yup, mine too.

 

[whitetrashmama]

The problem with these demands to see tax returns is not about finances, it is about privacy. Fact: most people have no clue how to do their own taxes, especially democrats. They think you are a thief if you know how to use a proper deduction. They can demonize anything and everything in a tax return and that is their intent. In fact, the tax return also contains info about those with whom you do business, such as people you may hire, innocent working people, and those people are also suddenly exposed to the hate-stalkers of the demoncrat party. Remember, these are people who attacked Mrs. Romney for having used horseback riding as a therapy for muscular dystrophy, insisting such activity is only for the rich, even though many of us who know about horses know that any working-class kid can get access to such activity if they are willing to muck a stall.

We are indeed at war, in a civil war, a real one, in which people are attacking individuals and all of their associates for the crime of being on the "wrong" side. I wish Romney would see this side of the question a little more clearly and clamp down on his family's right to privacy of their income info. After all, if indeed the accusation is that he did something wrong, then the way to go is to insist that the IRS investigate whatever crime is alleged to have been committed. Invasion of privacy is a crime that needs to be recognized and prosecuted vigourously. *in my dreams.... sigh....*

 

[Uncensored2008]

Yup, mine too.

That government retirement you'll draw from the taxpayers is about 400% higher than the one I'll draw, from my own funds.

Talk about "unfair."

 

[Freemason9]

The problem with these demands to see tax returns is not about finances, it is about privacy. Fact: most people have no clue how to do their own taxes, especially democrats. They think you are a thief if you know how to use a proper deduction. They can demonize anything and everything in a tax return and that is their intent. In fact, the tax return also contains info about those with whom you do business, such as people you may hire, innocent working people, and those people are also suddenly exposed to the hate-stalkers of the demoncrat party. Remember, these are people who attacked Mrs. Romney for having used horseback riding as a therapy for muscular dystrophy, insisting such activity is only for the rich, even though many of us who know about horses know that any working-class kid can get access to such activity if they are willing to muck a stall.

We are indeed at war, in a civil war, a real one, in which people are attacking individuals and all of their associates for the crime of being on the "wrong" side. I wish Romney would see this side of the question a little more clearly and clamp down on his family's right to privacy of their income info. After all, if indeed the accusation is that he did something wrong, then the way to go is to insist that the IRS investigate whatever crime is alleged to have been committed. Invasion of privacy is a crime that needs to be recognized and prosecuted vigourously. *in my dreams.... sigh....*

You want freedom? Try a nation of 320 million individuals, all acting selfishly on their own behalf. We'll meet under the bridge.

 

[Care4all]

The capital gains tax rate is simply too low.

Yep. Far too many people are investing. Especially all those greedy people with 401K's who want retirement funds.

We need to SERIOUSLY discourage investment in America, and punish those who invested in retirement plans.

When Reagan convinced everyone to bring the top tax rate down to 28%, he also agreed to increase the capital gains rate to 28%, saying that capital gains should be taxed at the same rate as earned income. With this I do not agree, but I do believe the capital gains rate should be closer to 25%. The only time since the beginning of the 20th century that the capital gains tax was actually lower than it is today was in the 1920's, before the Great Depression.

When people invest in America, America grows, people have jobs, own houses and thrive.

This goes against EVERYTHING Obama and the democrats are for.

Crush investment before it starts - so says Obama, so say we all.

silly silly boy...WE DON'T EVER GET TO CLAIM the investment in our 401k's as capital gains....

When we retire and pull out the money from our 401k's, we pay INCOME TAX rates for all the money in our 401k's, NOT Capital gains tax rates

 

[Seawytch]

Yup, mine too.

That government retirement you'll draw from the taxpayers is about 400% higher than the one I'll draw, from my own funds.

Talk about "unfair."

Yeah, damn me for choosing to serve my country. Why didn't you choose to serve?

 

[Uncensored2008]

silly silly boy...WE DON'T EVER GET TO CLAIM the investment in our 401k's as capital gains....

Izzatrite?

So, people will pay for 401K at the full income tax rate?

When we retire and pull out the money from our 401k's, we pay INCOME TAX rates for all the money in our 401k's, NOT Capital gains tax rates

Try again, sparky.

{, earnings from investments in a 401(k) account (in the form of interest, dividends, or capital gains) are tax-deferred. The resulting compounding interest with delayed taxation is a major benefit of the 401(k) plan when held over long periods of time. Starting in the 2006 tax year, employees can also elect to designate contributions as a Roth 401(k) deduction. Similar to the provisions of a Roth IRA these contributions are made on an after-tax basis and all earnings on these funds not only are tax-deferred but could be tax-free upon a qualified distribution. However, to do so, the plan sponsor must amend the plan to make those options available.}

401(k) - Wikipedia, the free encyclopedia

I know this is confusing, but 401K is subject ONLY to capital gains tax.

The reason you might be confused is that the contribution is often tax deferred. That means you didn't pay taxes on the initial, invested sum - Romney did. So yes, you'll pay the back income tax on that - but any gains you make, stock growth or interest, is taxed only as a capital gain.

 

[Uncensored2008]

Yeah, damn me for choosing to serve my country. Why didn't you choose to serve?

Unless you're active duty in the military, the country is serving you, not vice versa.

 

[Soggy in NOLA]

Better question... who gives a fuck?

 

[Uncensored2008]

oh, well if fux news says it, it simply has got to be true.

case closed. mitt is certainly not a tax dodgers. or he is. let's ask sean hannity.

Were you born retarded, or is this a result of chronic drug abuse?

 

[Too Tall]

Fact Check: Is Romney's tax rate really lower than yours? | Fox News

IRS data from 2010 shows someone making between $50,000 and $75,000 on average pays an effective rate of 7.8 percent. Even someone making between $100,000 and $200,000 pays a 12.1 percent rate -- also lower than Romney's.

From your link:

While Romney may or may not pay less than the average middle-class earner -- depending on how one defines middle class and how one defines tax rate -- one thing is clear: Romney does pay at a lower rate than the typical wealthy person.

Read more: Fact Check: Is Romney's tax rate really lower than yours? | Fox News

And yes, his tax rate is much lower than mine. He pays less than half my tax rate. Period.

You could lower your tax rate by increasing your contributions to charity, just as Romney does.

 

[OohPooPahDoo]

Fact Check: Is Romney's tax rate really lower than yours? | Fox News

IRS data from 2010 shows someone making between $50,000 and $75,000 on average pays an effective rate of 7.8 percent. Even someone making between $100,000 and $200,000 pays a 12.1 percent rate -- also lower than Romney's.

Sure - if you completely ignore the fact that the FICA tax is a tax on income.


So the answer is that yes, if it were not for the fact that someone making 50-70k a year pays a higher rate in income tax levied by the federal govenrment than Mitt Romney, they would be paying a lower rate.

 

[OohPooPahDoo]

Fact Check: Is Romney's tax rate really lower than yours? | Fox News

IRS data from 2010 shows someone making between $50,000 and $75,000 on average pays an effective rate of 7.8 percent. Even someone making between $100,000 and $200,000 pays a 12.1 percent rate -- also lower than Romney's.

From your link:

While Romney may or may not pay less than the average middle-class earner -- depending on how one defines middle class and how one defines tax rate -- one thing is clear: Romney does pay at a lower rate than the typical wealthy person.

Read more: Fact Check: Is Romney's tax rate really lower than yours? | Fox News

And yes, his tax rate is much lower than mine. He pays less than half my tax rate. Period.

My guess is that its because you actually work for a living so you get taxed at 35% on your top dollars.