He Pays 102% Of His Income In Taxes And Barry Wants More

Discussion in 'Politics' started by bitterlyclingin, Feb 3, 2012.

  1. bitterlyclingin
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    bitterlyclingin Silver Member

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    (If ever there was an argument for just letting go and joining the 99 per cent....
    Just sidle up to the welfare line, get your check, get a little weed, get a little blow, see if you can find a chick that will trade a little for a little. Life is good on the dole in Barry Hussein's America. What me worry about Iraq, Afghanistan, Iran? That's for dopes. This is the life!
    And now, Barry wants this guy to do more. MF'er)

    "Meet Mr. 102%.

    James Ross, 58, is a founder and managing member of Rossrock, a Manhattan-based private investment firm that focuses on commercial real estate and distressed commercial mortgages. “I realize I am very fortunate, and in fact I am a member of the 1 percent,” Mr. Ross wrote in an e-mail. His résumé is studded with elite institutions: Yale, Columbia Law School and stints at the law firms Cravath, Swaine & Moore in New York and Holland & Hart in Denver. Since his company fits the category of private equity, he even has carried interest, the kind of incentive compensation that enabled Mitt Romney to pay such a low tax rate.

    Yet Mr. Ross told me that he paid 102 percent of his taxable income in federal, state and local taxes for 2010. “My entire taxable income, plus some, went to the payment of taxes,” Mr. Ross said. “This does not include real estate taxes, sales taxes and other taxes I paid for 2010.” When he told friends and family, they were “astounded,” he said.

    In the midst of a national debate over tax rates and tax policy, I lifted the veil last week on my income tax rates for 2010, a year in which I paid 37 percent of my adjusted gross income in federal, state and city income taxes and 74 percent of my taxable income. (Adjusted gross income — your total income minus retirement plan contributions, tax-exempt interest and other specified exclusions — is usually higher than taxable income, which is adjusted gross income minus your personal exemptions and itemized deductions. So taxes as a percentage of taxable income are almost always higher.)

    I was dismayed by the comparison to Mr. Romney — who paid 13.9 percent of his adjusted gross income of $21.7 million and 17.5 percent of his taxable income of $17.1 million — as well as by the possibility that I paid a higher tax rate than just about anyone. So I invited readers to send me e-mails disclosing their tax rates and circumstances.

    I was deluged with submissions, including many people who pay a higher rate than I do. But at 102 percent, Mr. Ross was in a category of his own."


    At 102%, His Tax Rate Takes the Cake - Yahoo! Finance
     

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