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Mitt Romney Would Pay 0.82 Percent in Taxes Under Paul Ryan's Plan
The Atlantic ^ | 11 August 2012 | MATTHEW O'BRIEN

Posted on 08/11/2012 4:38:44 PM PDT by moonshot925

Under Paul Ryan's plan, Mitt Romney wouldn't pay any taxes for the next ten years -- or any of the years after that. Now, do I know that that's true. Yes, I'm certain.

Well, maybe not quite nothing. In 2010 -- the only year we have seen a full return from him -- Romney would have paid an effective tax rate of around 0.82 percent under the Ryan plan, rather than the 13.9 percent he actually did. How would someone with more than $21 million in taxable income pay so little? Well, the vast majority of Romney's income came from capital gains, interest, and dividends. And Ryan wants to eliminate all taxes on capital gains, interest and dividends.

Almost. Romney did earn $593,996 in author and speaking fees in 2010 that still would be taxed under the Ryan plan. Just not much. Ryan would cut the top marginal tax rate from 35 to 25 percent and get rid of the Alternative Minimum Tax -- saving Romney another $292,389 or so on his 2010 tax bill. Now, Romney would still owe self-employment taxes on his author and speaking fees, but that only amounts to $29,151. Add it all up, and Romney would have paid $177,650 out of a taxable income of $21,661,344, for a cool effective rate of 0.82 percent.

(Excerpt) Read more at theatlantic.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: capitalgains; romney; ryan; taxes
Good.

The capital gains tax punishes those who chose to save and invest.

Eliminating the capital gains tax would lead to a faster growing economy, more saving, more investment, more entrepreneurship and more job creation.

1 posted on 08/11/2012 4:38:50 PM PDT by moonshot925
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To: moonshot925

Good.
Money invested has already been taxed prior as income tax. It is taking a risk to help an investment grow. Removing capital gains would be a great benefit.


2 posted on 08/11/2012 4:42:04 PM PDT by mnehring
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To: moonshot925
@13.9...he paid 2.9 million....

Yes....Romney is a selfish man....the government deserves more so they can pass it to the union folks?? The pharmacy folks...the kill the babies folks...the gay folks???

And in the meantime we get nothing for our money....someone else gets our money.

3 posted on 08/11/2012 4:45:38 PM PDT by Sacajaweau
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To: moonshot925
How much does Paul Geithner pay under his plan?
4 posted on 08/11/2012 4:45:38 PM PDT by Steely Tom (If the Constitution can be a living document, I guess a corporation can be a person.)
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To: moonshot925

I’m willing to bet the author of this piece would really like some cheese (probably French) to go with his whine. I was going to call him a loser but I will settle for just pathetic.


5 posted on 08/11/2012 4:46:18 PM PDT by ammomajor (If 'helicopter Ben' says gold isn't money, I want more of it.)
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taxable income of $21,661,344 Total assets that have ALREADY BEEN TAXED is not taxable income. That is unless you are talking about confiscation of assets and savings. A persons net worth is not taxed every year, just their NEW INCOME EARNED for that new year.

Jealousy and envy will be the death of liberals in this life and the next.

6 posted on 08/11/2012 4:51:03 PM PDT by USCG SimTech (Honored to serve since '71)
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To: moonshot925

Good.

Corporate income is already taxed at 35% a the corporate level. Taxing capital gains (and dividends for that matter) is simply double taxation and should be eliminated.

In case you are wondering, the same is not true of regular wages. Wages are considered a cost to corporations. Costs are subtracted from revenues to calculate profits and it is profits that get taxed. So wages are already only taxed once.


7 posted on 08/11/2012 4:52:05 PM PDT by arista
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To: moonshot925
I'm not worried about Ryan being able to explain why this is a good idea...it's Romney I'm worried about. They both need to be unapologetic capitalism cheerleaders.
8 posted on 08/11/2012 4:54:10 PM PDT by Tex-Con-Man (T. Coddington Van Voorhees VII 2012 - "Together, I Shall Ride You To Victory")
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To: moonshot925

I’d almost wager some blogs to FR get more hits than TA gets in paid circulation.


9 posted on 08/11/2012 4:54:16 PM PDT by Jacquerie (Obamacare - Constitutional Totalitarianism)
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To: mnehring

Romney, like all stockholders, pays taxes on corporate income through the corporation. In the present situation taxes on corporate income are paid twice, once when the corporation declares a profit, then a second time when the individual stockholders take that profit home as a dividend. Tax it once, either as corporate income or a dividend, not both.


10 posted on 08/11/2012 4:54:27 PM PDT by Petrosius
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To: moonshot925

Good.

Next.... I don’t give a damn what Romney pays in taxes, I care about what I am forced to pay.


11 posted on 08/11/2012 4:54:40 PM PDT by Gator113 (***YOU GAVE it to Obama. I would have voted for NEWT.~Just livin' life, my way~)
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To: Steely Tom

How much does the AnointedIdiot, PelosiIdiot, etc pay under his plan?


12 posted on 08/11/2012 4:56:21 PM PDT by cranked
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To: cranked

Cool...under my tax plan he’d pay 0%.


13 posted on 08/11/2012 4:58:40 PM PDT by huckfillary (qual tyo ta)
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To: Sacajaweau

“Selfish” is the driving force behind the whole Ayn Rand view of economics. Apparent “selfish” behavior is what concentrates wealth in the first place, but wealth is never accumulated merely for the sake of keeping score. The real game is to involve and to engage as much of the productive capabilities out there as may be done with the tools at hand, and wealth is only one of the tools. The others are intelligent application of the resources at hand, and building the base so that it has as wide as possible access to this capability. That involves a dedicated and trained work force, freedom from messy and frankly restrictive regulations meant only to create artificial scarcities and trade in imaginary benefits, and an end to entitlements and privilege based on political favor.


14 posted on 08/11/2012 5:04:10 PM PDT by alloysteel (Voter suppression is needed now more than ever. Only, whom shall be suppressed?)
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To: moonshot925

Except for the money necessary for defense of the country and a few other constitutional responsibilities, I begrudge the federal government every penny they extort from taxpayers.

The more money they extort, the more they pervert the constitution, the more they bloat themselves and everything they touch, and the more they push us into socialism.


15 posted on 08/11/2012 5:04:48 PM PDT by Iron Munro ("Jiggle the Handle for Barry!")
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To: moonshot925
The private sector is where sustainable jobs are created, jobs that actually add to the GDP.

Jobs created by the public sector from tax revenue are unsustainable, meaning they actually reduce GDP.

For every public-sector job created, three private-sector jobs are destroyed.

Plus, a confiscatory graduated income tax is plank number x of the Communist Manifesto.

The Ten Planks of Karl Marx's Communist Manifesto
(and How Statists Implement Them)

  1. Abolition of private property rights (via high property taxes, restrictive zoning laws, "fair housing" edicts, environmental and "wetlands" regulations, and UN Agenda 21)

  2. Institution of a heavily graduated income tax (by calling it "taxing the rich")

  3. Abolition of all rights of inheritance (through a confiscatory estate tax on "the rich")

  4. Confiscation of the property of enemies of the state (through lawless application of asset forfeiture and eminent domain)

  5. Centralization of credit into the hands of the state (Federal Reserve, Federal Trade Commission, TARP, etc.)

  6. Centralization of the means of communication and transportation into the hands of the state (FCC, DOT, FEMA, etc.).

  7. Consolidation and subjugation of all major industries to central government control (EPA, OSHA, ICC, NLRB, EEOC, etc.)

  8. Mandatory labor union membership (public-sector unions, automatic withholding of forced union dues, "card check," etc.)

  9. Equitable redistribution of all wealth (TANF, SSI, EITC, SNAP, etc.)

  10. Free public education (and food and health care and cell phones and Internet access, etc.)

16 posted on 08/11/2012 5:05:02 PM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: moonshot925

So Romney, as president, would sign it? LOL yeah, right.


17 posted on 08/11/2012 5:08:39 PM PDT by fish hawk
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To: moonshot925
Obviously this vulture did not agree with the first patriots that dump English Tea because of ‘taxation without representation’. God only required 10% on a person's profits.

Since taxation is viewed by the lazy thieving liberals as the answer to our domestic security, why is it NOT one of them will produce their own tax records so we can see how generous they are?

18 posted on 08/11/2012 5:12:21 PM PDT by Just mythoughts (Luke 17:32 Remember Lot's wife.)
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To: moonshot925

Not that it matters to Atlantic readers, who are so intellectually curious and Progressive, but the plan quoted is not the current plan.

Either way, I am sure the typical Atlantic reader wants anyone that saves and invests to be taxed into oblivion because the government needs the money more than the people that earn it.


19 posted on 08/11/2012 5:14:01 PM PDT by spodefly (This is my tag line. There are many like it, but this one is mine.)
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To: moonshot925

Envy makes people ugly and takes years from their life.


20 posted on 08/11/2012 5:24:31 PM PDT by Ms Mable
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To: moonshot925

Good.


21 posted on 08/11/2012 5:39:39 PM PDT by TribalPrincess2U (0bama's agenda¬óDivide and conquer.)
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To: moonshot925

Awesome!! Think how many JOBS would be created if that money were working in the MARKETPLACE instead of going to the moronic bureaucrats in Washington, D.C.!!


22 posted on 08/11/2012 5:43:52 PM PDT by SoFloFreeper
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To: moonshot925

This article is just another ultra-liberal outrageous lie.

I have some swamp land with gold underneath it in the Sahara Desert I want you all to buy.


23 posted on 08/11/2012 5:44:47 PM PDT by diamond6 (Check out: http://www.biblechristiansociety.com/home.php and learn about the faith.)
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To: Ms Mable
  I think envy must be blinding them. From my point of view, I'd like to have more rich customers since the increased sales help me to buy more cat food. The logic is just too simple.
24 posted on 08/11/2012 5:45:16 PM PDT by Maurice Tift (You can't stop the signal, Mal. You can never stop the signal.)
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To: huckfillary

Somehow, the United States survived from 1776 until 1913 without a permanent income tax. I’d like to see 0% again, too.


25 posted on 08/11/2012 5:52:35 PM PDT by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: moonshot925

Wonder if O’Brien has an accountant?

And, if he loves taxes, why he has one?


26 posted on 08/11/2012 6:23:00 PM PDT by DPMD
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To: moonshot925

well i think eveyone is going to have to get a little more realistic, dont you?


27 posted on 08/11/2012 6:25:21 PM PDT by dalebert
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To: arista

we should not be discussing raising any tax.Washington should stop spending ..we need to audit the fed and stop the sots in DC form tossing it out the window.


28 posted on 08/11/2012 6:29:08 PM PDT by dalebert
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To: moonshot925

And this is bad how? His income has already been taxed. The government has already squandered that and trillions more and the only thing they have produced is generational welfare. Romney and every other American can spend their own money more productively and with more value added than any government anywhere.


29 posted on 08/11/2012 6:44:44 PM PDT by jwalsh07 (.)
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To: moonshot925
There's a reason why I want at least the flat-rate no-loophole income tax Steve Forbes proposed in 1996: it strongly encourages people to save and invest because bank account interest, capital gains and stock dividend payments are no longer counted towards the Adjusted Gross Income calculation for earned income before taxes.

And the advantage is gigantic: people can now create their own private "nest egg" savings and investment accounts for retirement and medical bills completely tax free, which tremendously reduces the financial pressure on Social Security and Medicare.

30 posted on 08/11/2012 6:55:15 PM PDT by RayChuang88 (FairTax: America's economic cure)
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To: moonshot925

The failure of this article is using the term “taxable income” for capital gains. And a double failure, for using the term “taxable income” for money that, under the plan is not taxable.


31 posted on 08/11/2012 7:29:37 PM PDT by CharlesWayneCT
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To: moonshot925

The article starts with a meme that is a lie about not paying any taxes (for 10 years). Sure it uses future tense but the goal is to drive home Harry Reid’s talking point over the past 10 years.

Again with the “taxer” claim that Romney needs to release his “papers please”.

They didn’t want Obammy to release his birth certificate, his college transcripts, his...

The Atlantic staff can go jump in the ocean.


32 posted on 08/11/2012 8:57:30 PM PDT by a fool in paradise (Eric Holder's NAACP rally against the voter ID laws required the press to bring govt issue photo ID.)
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To: Ms Mable

I’m stealing your comment....and putting it as the tagline on all my personal emails....’kay?


33 posted on 08/11/2012 9:35:28 PM PDT by goodnesswins (What has happened to America?)
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To: arista
So wages are already only taxed once.

No. Wages get taxed again when you make a purchase. Sales tax. Taxes per gallon of gas. The government keeps laying more taxes even after taking income tax.

34 posted on 08/11/2012 10:20:39 PM PDT by Myrddin
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To: Myrddin
No. Wages get taxed again when you make a purchase. Sales tax. Taxes per gallon of gas. The government keeps laying more taxes even after taking income tax.

That is not a factor that is different from investment income. If you earn investment income, you pay sales tax as well when you buy things.

35 posted on 08/12/2012 2:17:38 AM PDT by arista
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To: goodnesswins

Fine by me. Have a great day! :-)


36 posted on 08/12/2012 7:40:07 AM PDT by Ms Mable
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