Skip to comments.Y'all? Please forgive my ignorance. (Questions about Romney's tax returns)
Posted on 09/22/2012 6:44:59 PM PDT by RandallFlagg
The guys at work and I got into a heated debate about taxes and what Romney paid in a percentage.
I told them the whole thing about what one earns they should keep, and how government wastes so much of our $$$ every year.
I went through how the, "Rich," are vastly outnumbered by the middle class, and that soaking the rich does nothing toward the betterment of the nation.
Here's what I am requesting from you folks on Free Republic who are smarter than I...
What was Romney taxed on, and what was the dollar amount compared to his take-home pay?
(I'm an hourly shift-worker and have no idea about other things such as investments and all that)
In short, I want to know what the break-down of these tax returns are as compared to us regular working stiffs.
I tried to explain about his taxes, but really have no knowledge about such things. I suck at numbers.
All I can tell you is that what Gov. Romney pays taxes on is NOT income. These are strictly yields from investments. He paid income tax on the money when he first made it.
Investment rates vs. labor income rates. More than likely, even for us regular folks, our investment income was earned and we paid taxes on it then, so 15% on investment income is the second feeding at the trough for the government. Why invest IF you have to pay 28% or 35% on it again and again?
My mom started saying Romney paid too low of a rate compared to the 25% my family pays and I shut her down with 1 sentence: “I doubt you ever pay over $1,000,000 in taxes. Ever.”
Capital gains tax is 15%. That’s money you’ve invested that you’ve ALREADY paid tax on.
Your in the wrong argument.
Keep it simple
We are borrowing $1T+ a year....and printing half of that.
We just started to QE3 an additional $45B/month ALL Borrowed
OBAMACARE takes $716B from medicare and STILL does not insure 20 Million people, while destroying the best health care system in the world.
The Dems have no plan to deal with this and with 4 more years of this we will not be able to recover...if we can now.
Ask your friend what Obama is going to do about this. Ryan’s plan bets nothing.
Your investment income is taxed at the same rate as Mitt’s or Pelosi’s. Any hourly earned income Mitt had was taxed the same as Joe the Plumber’s.
Out tax laws are a horrible mish-mash of confusing schedules.
Investment income is usually taxable. Investmernt income is usually interest, stock dividends, and interest from bonds. (note however that there are things called "municipal bonds" the income from which may be tax free). Mr Romney may have earned income: Taxable. Business income: only the profit is taxable. Capital gains from selling assets at a profit: taxable. All of the above can be very complex transactions that may have separate rules about taxation of them)
Read the following threads from earlier and it may enlighten you somewhat. However a lot of arguing back and forth amongst the posters.
Mitt Romney Paid More Taxes Than Required, Raising Rate to 14.1 Percent
Mitt Romney Releases Tax Return for 2011, Showing He Paid 14.1 Percent Tax Rate
Wash. Post: http://www.freerepublic.com/focus/f-news/2934633/posts
Mr Romney pays the exact same rate as any other american on INVESTMENT income, 15%. And like any other american he can write off charitable contributions. So for example for 2011 he’d paid 14.1% tax on his investment income after his charitable was deducted, which if I recall correctly was $1.9 million. He does not receive a “paychck” so he doews not pay income tax.
Romney hasn’t collected a “salary” in at least 10 years.
He took no money from the Olympics, nor as Governor.
All his income is from investments, which is tazed at a lower rate.
Remember, he already paid taxes on that money, initially.
srry, ment to write taxed, not tazed, lol.
You, me, Mitt Romney, and Jamie Dimon all are subject to the US tax code. Whatever the law is, if you or I or Mitt follows the law, that’s the end of the story. As it happens, capital gains and dividends are tax favored items. They are taxed at lower rates. Mitt Romney earns most of his income in this category, and thus he pays this lower rate. That’s the end of the discussion.
Now if someone doesn’t like the way the tax code is written, then they can work to get the changes they want implemented. But until they are, they aren’t. The meme that Romney isn’t paying his fair share is an objection to Romney following the law. It makes no sense, it is a polluted and criss-crossed way of thinking. It isn’t anything Mitt Romney has some special deal on. The argument is not one whit different than advocating limits on what you or I should be able to say because the objector doesn’t like the the content. It’s a bogus argument on its face.
Meant to write “taxed” not “tazed”, lol.
Romney made money first as income and likely paid very high tax rates on it. From what was left he invested and likely recieves dividends as a stock holder (partial owner of the company). So the company makes profits and is taxed at a 35% rate and then can pay some of the rest as dividends which get taxed again at 15%. So romneys dividend income gets taxed a total of 50% and the democrats don’t think that is enough.
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