Romney’s tax rate; the 3.373% difference.

Discussion in 'Economy' started by Supposn, Jan 18, 2012.

  1. Supposn
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    Supposn Senior Member

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    Romney’s tax rate; the 3.373% difference.

    Many wage earners’ incomes are above the qualifying maximum for Medicaid, cannot afford and have no medical insurance.

    Due to insufficient incomes, the working poor are not subject to income taxes but all employees are subject to the 7.65% FICA payroll taxes.

    Additionally employers pay matching FICA taxes. If U.S. payrolls are 1/2 of transactions subject to a sales tax, employers’ 7.65% FICA payroll taxes behave as a 3.977% federal sales tax.
    [0.0765 / (2 – 0,0765)] = 0.03977

    In that case the working poor who pay no income taxes, directly and indirectly pay (0.0765 + 0.03977) =11.627% for FICA

    (0.15 – 0.11627) = 3.373% tax difference between Romney and the working poor.

    Respectfully Supposn
     
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  2. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    except people like Romney make major contributions to our society in terms of jobs and new products while the working poor don't contribute to our growth at all.

    Also, the total collected through SS is only $450 million while total taxes collected is $2.5 trillion more than SS, all of which comes from the rich the top 1% of whom pay 40% of all federal income taxes.
     
    Last edited: Jan 18, 2012
  3. Supposn
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    Supposn Senior Member

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    Tax policies’ moral and ethical basis?

    Edward Baiamonte, I wrote of the federal tax differences between Romney’s acknowledged effective 15% income tax rate and those medically uninsured that directly plus indirectly pay in excess of 11.6% FICA taxes.
    Such working poor wage earners incomes’ exceed Medicaid qualifications but there’s no affordable and reasonably adequate medical insurance available to them. These wage earners are often described as free loaders that pay no income taxes.

    I wrote of the less than 4% difference between their federal taxes. You respond with a discussion of Romney’s “contributions to our society”.

    Our nation’s tax policy is supposingly based upon incomes. If we’re going to discuss contributions to our society, why not further expand the topic to include sacrifices on behalf of our society? When there’s needs or calls for sacrifices on behalf of our nation, I’m not aware that the wealthy in particular rush to be at the forefront of that parade.

    I’m of the opinion that we the voters are responsible for those we chose to elect and those elected officials are responsible for our existing tax systems. It’s my opinion that we and they, rather than the individual taxpayers are responsible for our tax policy.

    Apparently there are many who believe otherwise and Romney’s contribution to our society has become an issue of contention for the choice of Republican presidential candidate. It’s being argued that Romney and Bain Capital were responsible for a portion of USA’s net job losses.

    Respectfully, Supposn
     
    Last edited: Jan 24, 2012
  4. samjones
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    samjones Member

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    Ed believes that the top earners should pay a lower tax rate than those who earn less.

    He's made this pretty clear. I'm sure that he feels that the extremely wealthy really ought not pay any taxes at all.
     
  5. Old_Liberal
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    Old_Liberal Member

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    The fat bastards are doing nothing except enriching themselves on the back of the middle. We need to tax em again like we once did, when we had better sense. Stop coddling these bastards, and let em invest what they have left after taxes in communist china. That is their plan anyways. Gotta take advantage of cheap commie labor while the going is still good. Fuck the rich, they are the problem these days as their greed has destroyed fellow americans.
     
  6. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    Argued but only by fools of course. Bain bought stock in companies with the hope above saving American companies, American jobs, and American products. Only a liberal could imagine thats evil. Only a liberal would not know that saving companies jobs and products is a good thing.
     
  7. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    would you rather see a wealthy venture capitalist have his money stolen at the point of a liberal gun or invested in new start up like Apple, Intel , or Google?????
     
  8. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    If true you would not be so afraid to present your best example of this. Trying to divide America with liberal Marxist class warfare brainwashing is easy and brainless but even one example is impossible isn't it??

    Now we can understand why the liberals spied for Stalin.
     
  9. Supposn
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    Supposn Senior Member

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    Edward Baiamonte, Bain bought stock in companies with the hope above saving American companies, American jobs, and American products; but it’s being argued that Romney AND Bain Capital were responsible for a portion of USA’s net job losses.

    I do not fault Romney or Bain Capital for the roots of problems that were due to our government’s policies; I fault us the voters and those federal officials we elected.

    Are you a fool? Why do you suggest that Romney is evil and oppose enabling U.S. enterprises to better compete in our domestic and the global market?

    Respectfully, Supposn
     

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