Mitt Romney pays a lower tax rate than you do.

[Big Fitz]

Why isn't 7.5 million dollars enough? damn with how much someone makes. If 7.5 million dollars isn't enough from one person something is terribly wrong with that picture.

So how much is enough? Since you want to say that there should be a fixed number that someone pays, whats the magic number? Let's hear this brilliant plan of yours.

Hell God only asked for 10%

Haven't you heard? Liberals believe themselves better than, and having more refined tastes than God. That's why they 'need' more.

 

[RDD_1210]

So how much is enough? Since you want to say that there should be a fixed number that someone pays, whats the magic number? Let's hear this brilliant plan of yours.

Hell God only asked for 10%

Haven't you heard? Liberals believe themselves better than, and having more refined tastes than God. That's why they 'need' more.

There is no god, lets stick to reality on this planet for the sake of this discussion.

 

[Ravi]

SO, the spinners keep repeating how "Mitt Romney pays a lower tax rate than you do", but that is patently and deliberately misleading...

There has been tremendous hoopla regarding Mitt Romney’s income tax rate. His tax returns show that he paid something just less than 15 percent -- the capital gains tax rate. That makes sense. Most of his income was derived from dividends and capital gains. Further, Mitt gave a lot of money to charity, so he had deductions. Still, this seems a small percentage compared to the income taxes paid by many working-class Americans. Warren Buffett has famously proclaimed that he paid a lower tax rate than his secretary. Something must be wrong!

Both of these examples are used to support higher taxes favored by the political left. They are also oversimplifications that obscure the truth. The reason is that while ordinary income is taxed only once, at the personal level; capital gains are taxed twice, both at the personal level and at the corporate level.

Consider an individual, who owns a share of stock of a particular company. We’ll call this person Mitt. This means that Mitt owns a part of that company. In effect, he owns a share of the profit of the company. Let’s also say that this company has an employee. We’ll call him Barack. He represents the working class.

After all expenses but tax, the company has earned some amount of money. Let’s say that Mitt’s share of the pretax earnings is $1 (based on the fact that he owns one share of stock). There are two scenarios. First, the company could use the dollar to pay Barack additional compensation, the way that most working-class Americans derive their income. Alternatively, Mitt could receive the money as a dividend distribution.


Let’s look at how taxes play out under each scenario. -------->

Romney?s Tax Return: You?re Not Getting the Whole Story - International Business Times

Mitten isn't the company. If he got paid $1 as a dividend his tax would be lower than if he got it as an employee.

That article is simply trying to muddy the waters.

btw, Mitten gets to write off MORE of his charitable donations than anyone in the middle class.

 

[Article 15]

SO, the spinners keep repeating how "Mitt Romney pays a lower tax rate than you do", but that is patently and deliberately misleading...

There has been tremendous hoopla regarding Mitt Romney’s income tax rate. His tax returns show that he paid something just less than 15 percent -- the capital gains tax rate. That makes sense. Most of his income was derived from dividends and capital gains. Further, Mitt gave a lot of money to charity, so he had deductions. Still, this seems a small percentage compared to the income taxes paid by many working-class Americans. Warren Buffett has famously proclaimed that he paid a lower tax rate than his secretary. Something must be wrong!

Both of these examples are used to support higher taxes favored by the political left. They are also oversimplifications that obscure the truth. The reason is that while ordinary income is taxed only once, at the personal level; capital gains are taxed twice, both at the personal level and at the corporate level.

Consider an individual, who owns a share of stock of a particular company. We’ll call this person Mitt. This means that Mitt owns a part of that company. In effect, he owns a share of the profit of the company. Let’s also say that this company has an employee. We’ll call him Barack. He represents the working class.

After all expenses but tax, the company has earned some amount of money. Let’s say that Mitt’s share of the pretax earnings is $1 (based on the fact that he owns one share of stock). There are two scenarios. First, the company could use the dollar to pay Barack additional compensation, the way that most working-class Americans derive their income. Alternatively, Mitt could receive the money as a dividend distribution.


Let’s look at how taxes play out under each scenario. -------->

Romney?s Tax Return: You?re Not Getting the Whole Story - International Business Times

How is it that GE paid no taxes in 2010 yet still paid out a dividend every quarter?

The rabbit hole goes deeper.

And capital gains isn't just dividends. Selling a stock at a profit is a capital gain and a company's tax bill isn't tied to their stock price so that money isn't double taxed.

 

[auditor0007]

Since almost half of Americans pay a tax rate of 0%, I wouldn't bet on the thread title.

You must be talking about those who do not work, because those who work pay that much in payroll taxes, and yes, you do include the employer percentage for the employee, because as an employer it is considered as part of payroll.

 

[Ravi]

SO, the spinners keep repeating how "Mitt Romney pays a lower tax rate than you do", but that is patently and deliberately misleading...

There has been tremendous hoopla regarding Mitt Romney’s income tax rate. His tax returns show that he paid something just less than 15 percent -- the capital gains tax rate. That makes sense. Most of his income was derived from dividends and capital gains. Further, Mitt gave a lot of money to charity, so he had deductions. Still, this seems a small percentage compared to the income taxes paid by many working-class Americans. Warren Buffett has famously proclaimed that he paid a lower tax rate than his secretary. Something must be wrong!

Both of these examples are used to support higher taxes favored by the political left. They are also oversimplifications that obscure the truth. The reason is that while ordinary income is taxed only once, at the personal level; capital gains are taxed twice, both at the personal level and at the corporate level.

Consider an individual, who owns a share of stock of a particular company. We’ll call this person Mitt. This means that Mitt owns a part of that company. In effect, he owns a share of the profit of the company. Let’s also say that this company has an employee. We’ll call him Barack. He represents the working class.

After all expenses but tax, the company has earned some amount of money. Let’s say that Mitt’s share of the pretax earnings is $1 (based on the fact that he owns one share of stock). There are two scenarios. First, the company could use the dollar to pay Barack additional compensation, the way that most working-class Americans derive their income. Alternatively, Mitt could receive the money as a dividend distribution.


Let’s look at how taxes play out under each scenario. -------->

Romney?s Tax Return: You?re Not Getting the Whole Story - International Business Times

How is it that GE paid no taxes in 2010 yet still paid out a dividend every quarter?

The rabbit hole goes deeper.

And capital gains isn't just dividends. Selling a stock at a profit is a capital gain and a company's tax bill isn't tied to their stock price so that money isn't double taxed.

It would be interesting to see which companies Mitten is invested with paid taxes and how much.

 

[bigrebnc1775]

Sorry, you can't switch back to percentages now. You said 7.5 million is enough to pay because its such a big number, but I pointed out that its a small percentage. So what's the fixed number that you think no one should exceed?

Way to twist it. hell yes 7.5 million dollars is way to much an income tax is way to much. but go a head twisted I just hope you don't hurt something the way your twisting.

Jesus, I need an interpreter to read your posts.

Are you done now?

It's only because you are too stupid to understand. If you need an interpreter go ask your teacher to help you with the big words.

 

[bigrebnc1775]

Sorry, you can't switch back to percentages now. You said 7.5 million is enough to pay because its such a big number, but I pointed out that its a small percentage. So what's the fixed number that you think no one should exceed?

Way to twist it. hell yes 7.5 million dollars is way to much an income tax is way to much. but go a head twisted I just hope you don't hurt something the way your twisting.

In your opinion, if in a given year someone makes $50 million dollars no matter if it's in regular income, capital gains, or a combination of the two, what should their tax bill be?

A single numerical answer will be sufficient.

In my opinion 7.5 million dollars is more than enough for one person to pay. You don't pay the bill's with percentages you pay them with the sum total you make.

 

[kaz]

It would be interesting to see which companies Mitten is invested with paid taxes and how much.

The less the better. But it's funny how liberal's obsession is how much tax people paid. It's no wonder liberals suck regarding having a good economy when they are in power.

 

[Valerie]

SO, the spinners keep repeating how "Mitt Romney pays a lower tax rate than you do", but that is patently and deliberately misleading...

There has been tremendous hoopla regarding Mitt Romney’s income tax rate. His tax returns show that he paid something just less than 15 percent -- the capital gains tax rate. That makes sense. Most of his income was derived from dividends and capital gains. Further, Mitt gave a lot of money to charity, so he had deductions. Still, this seems a small percentage compared to the income taxes paid by many working-class Americans. Warren Buffett has famously proclaimed that he paid a lower tax rate than his secretary. Something must be wrong!

Both of these examples are used to support higher taxes favored by the political left. They are also oversimplifications that obscure the truth. The reason is that while ordinary income is taxed only once, at the personal level; capital gains are taxed twice, both at the personal level and at the corporate level.

Consider an individual, who owns a share of stock of a particular company. We’ll call this person Mitt. This means that Mitt owns a part of that company. In effect, he owns a share of the profit of the company. Let’s also say that this company has an employee. We’ll call him Barack. He represents the working class.

After all expenses but tax, the company has earned some amount of money. Let’s say that Mitt’s share of the pretax earnings is $1 (based on the fact that he owns one share of stock). There are two scenarios. First, the company could use the dollar to pay Barack additional compensation, the way that most working-class Americans derive their income. Alternatively, Mitt could receive the money as a dividend distribution.


Let’s look at how taxes play out under each scenario. -------->

Romney?s Tax Return: You?re Not Getting the Whole Story - International Business Times

How is it that GE paid no taxes in 2010 yet still paid out a dividend every quarter?

The rabbit hole goes deeper.

And capital gains isn't just dividends. Selling a stock at a profit is a capital gain and a company's tax bill isn't tied to their stock price so that money isn't double taxed.

Corporate filing is different than individual filing...And yes corporations are comprised of many individuals, my friend. lol They employ people and pay salaries and income taxes, etc. and yes public companies have shareholders and pay dividends, etc...You can find more info about GE (or any other corporate filings) at various financial websites.

Untitled Page

GE SEC Filings | General Electric Company Common Stock - Yahoo! Finance




Individuals who own stock in public companies report their dividend income (1099-DIV) on Schedule B and their capital gains income (1099-B) on schedule D.

I haven't seen Mitt's personal return yet, but I'm pretty sure he must have filed Schedule E as well which is used for trusts, estates, partnerships, S corporations, etc...

 

[Trajan]

True Story.

Romney Says His Effective Tax Rate Is ‘Probably’ 15%

the only thing true is he paid exactly what I pay on my capital gains, and others, like warren and his secratary.

your brain is too addled to fathom the difference, true story.

 

[Article 15]

Way to twist it. hell yes 7.5 million dollars is way to much an income tax is way to much. but go a head twisted I just hope you don't hurt something the way your twisting.

In your opinion, if in a given year someone makes $50 million dollars no matter if it's in regular income, capital gains, or a combination of the two, what should their tax bill be?

A single numerical answer will be sufficient.

In my opinion 7.5 million dollars is more than enough for one person to pay. You don't pay the bill's with percentages you pay them with the sum total you make.

That doesn't answer my question, it was quite specific.

I will ask it again:

In your opinion, if in a given year someone makes $50 million dollars no matter if it's in regular income, capital gains, or a combination of the two, what should their tax bill be?

A single numerical answer will be sufficient.

 

[Trajan]

Romney paid 15 percent.

Obama on his 2010 tax returns paid around 25 percent.

Basic tax rate for MOST Americans is around 28 percent.

Still think Romney is a good idea?

yes I do because like the op, you are so lost a compass, a flashlight and instructions on the heel couldn't help you pour piss from it.

 

[Trajan]

In your opinion, if in a given year someone makes $50 million dollars no matter if it's in regular income, capital gains, or a combination of the two, what should their tax bill be?

A single numerical answer will be sufficient.

In my opinion 7.5 million dollars is more than enough for one person to pay. You don't pay the bill's with percentages you pay them with the sum total you make.

That doesn't answer my question, it was quite specific.

I will ask it again:

In your opinion, if in a given year someone makes $50 million dollars no matter if it's in regular income, capital gains, or a combination of the two, what should their tax bill be?

A single numerical answer will be sufficient.

false dilemma. you are not asking a question that can provide one, the incomes are different, you understand that right? cap gains and salaried income are not the same, period.

 

[Article 15]

SO, the spinners keep repeating how "Mitt Romney pays a lower tax rate than you do", but that is patently and deliberately misleading...

How is it that GE paid no taxes in 2010 yet still paid out a dividend every quarter?

The rabbit hole goes deeper.

And capital gains isn't just dividends. Selling a stock at a profit is a capital gain and a company's tax bill isn't tied to their stock price so that money isn't double taxed.

Corporate filing is different than individual filing...And yes corporations are comprised of many individuals, my friend. lol They employ people and pay salaries and income taxes, etc. and yes public companies have shareholders and pay dividends, etc...You can find more info about GE (or any other corporate filings) at various financial websites.

Untitled Page

GE SEC Filings | General Electric Company Common Stock - Yahoo! Finance




Individuals who own stock in public companies report their dividend income (1099-DIV) on Schedule B and their capital gains income (1099-B) on schedule D.

I haven't seen Mitt's personal return yet, but I'm pretty sure he must have filed Schedule E as well which is used for trusts, estates, partnerships, S corporations, etc...

I'm still not understanding how a dividend paid to a stock holder from a company that doesn't pay taxes is taxed twice.

 

[kaz]

In your opinion, if in a given year someone makes $50 million dollars no matter if it's in regular income, capital gains, or a combination of the two, what should their tax bill be?

A single numerical answer will be sufficient.

Never more then $5 million, which is 10%. No one gets $5 million in value from Government. Even that's high.

 

[Trajan]

How is it that GE paid no taxes in 2010 yet still paid out a dividend every quarter?

The rabbit hole goes deeper.

And capital gains isn't just dividends. Selling a stock at a profit is a capital gain and a company's tax bill isn't tied to their stock price so that money isn't double taxed.

Corporate filing is different than individual filing...And yes corporations are comprised of many individuals, my friend. lol They employ people and pay salaries and income taxes, etc. and yes public companies have shareholders and pay dividends, etc...You can find more info about GE (or any other corporate filings) at various financial websites.

Untitled Page

GE SEC Filings | General Electric Company Common Stock - Yahoo! Finance




Individuals who own stock in public companies report their dividend income (1099-DIV) on Schedule B and their capital gains income (1099-B) on schedule D.

I haven't seen Mitt's personal return yet, but I'm pretty sure he must have filed Schedule E as well which is used for trusts, estates, partnerships, S corporations, etc...

I'm still not understanding how a dividend paid to a stock holder from a company that doesn't pay taxes is taxed twice.

becasue the pie is smaller Art. if a co. earns 100 dollars in profit, then pays 35% in corp tax. whats left on/for your share either in cap gains via a dividend etc. is smaller, then when it is transferred to the stock holder, they pay 15% on that personal gain there. Oh and there is a max altogether, its 44.75%.

 

[kaz]

I'm still not understanding how a dividend paid to a stock holder from a company that doesn't pay taxes is taxed twice.

The money was subjected to taxes twice. They just didn't earn enough to have a tax liability. Would you apply that same standard to people's income? If a poor person earned $20K, but their taxes were zero, that the money wasn't taxed and somehow they should have to pay taxes on it later?

 

[Article 15]

In my opinion 7.5 million dollars is more than enough for one person to pay. You don't pay the bill's with percentages you pay them with the sum total you make.

That doesn't answer my question, it was quite specific.

I will ask it again:

In your opinion, if in a given year someone makes $50 million dollars no matter if it's in regular income, capital gains, or a combination of the two, what should their tax bill be?

A single numerical answer will be sufficient.

false dilemma. you are not asking a question that can provide one, the incomes are different, you understand that right? cap gains and salaried income are not the same, period.

Thanks, Trajan, but I am fully aware of that.

The different types of income were purposely taken out of the equation because the poster I was asking the question to thinks that $7.5 million in taxes for someone who makes $50 million is "way too high".

I want to see what he thinks is a reasonable tax bill for that income regardless of how it is earned.

And let's face it, he's not capable to addressing it without that oversimplification.

 

[Article 15]

Corporate filing is different than individual filing...And yes corporations are comprised of many individuals, my friend. lol They employ people and pay salaries and income taxes, etc. and yes public companies have shareholders and pay dividends, etc...You can find more info about GE (or any other corporate filings) at various financial websites.

Untitled Page

GE SEC Filings | General Electric Company Common Stock - Yahoo! Finance




Individuals who own stock in public companies report their dividend income (1099-DIV) on Schedule B and their capital gains income (1099-B) on schedule D.

I haven't seen Mitt's personal return yet, but I'm pretty sure he must have filed Schedule E as well which is used for trusts, estates, partnerships, S corporations, etc...

I'm still not understanding how a dividend paid to a stock holder from a company that doesn't pay taxes is taxed twice.

becasue the pie is smaller Art. if a co. earns 100 dollars in profit, then pays 35% in corp tax. whats left on/for your share either in cap gains via a dividend etc. is smaller, then when it is transferred to the stock holder, they pay 15% on that personal gain there. Oh and there is a max altogether, its 44.75%.

Yet GE didn't pay taxes in 2010 but still paid a dividend every quarter.