"Stretch" - Obama for America TV Ad

YouTube ^ | Aug 2, 2012 | BarackObamadotcom

[Brown Deer]

You work hard, stretch every penny, but chances are you pay a higher tax rate than him: Mitt Romney made $20 million dollars in 2010, but paid only 14% in taxes—probably less than you.

Now he has a plan that will give millionaires another tax break and raises taxes on middle class families by up to $2000 dollars a year. Mitt Romney's middle class tax increase: he pays less, you pay more.

[Brown Deer]

btw, 0bama made almost $6 million in 2009, which puts him way above most people that are in the top 1%.

FACTS:

The bottom 50% of all taxpayers paid an average tax rate of only 1.85%.
The bottom 75% of all taxpayers paid an average tax rate of only 4.11%.
The bottom 90% of all taxpayers paid an average tax rate of only 5.75%.
The bottom 95% of all taxpayers paid an average tax rate of only 6.7%.

So how could Mitt Romney's taxes be "probably less than you"?

Table 1
Summary of Federal Income Tax Data, 2009

	Number of Returns with Positive AGI	AGI ($ millions)	Income Taxes Paid ($ millions)	Group's Share of Total AGI	Group's Share of Income Taxes	Income Split Point	Average Tax Rate
All Taxpayers	137,982,203	$7,825,389	$865,863	100.0%	100.0%	-	11.06%
Top 1%	1,379,822	$1,324,572	$318,043	16.9%	36.7%	$343,927.00	24.01%
1-5%	5,519,288	$1,157,918	$189,864	14.8%	22.0%		16.40%
Top 5%	6,899,110	$2,482,490	$507,907	31.7%	58.7%	$154,643.00	20.46%
5-10%	6,899,110	$897,241	$102,249	11.5%	11.8%		11.40%
Top 10%	13,798,220	$3,379,731	$610,156	43.2%	70.5%	$112,124.00	18.05%
10-25%	20,697,331	$1,770,140	$145,747	22.6%	17.0%		8.23%
Top 25%	34,495,551	$5,149,871	$755,903	65.8%	87.3%	$ 66,193.00	14.68%
25-50%	34,495,551	$1,620,303	$90,449	20.7%	11.0%		5.58%
Top 50%	68,991,102	$6,770,174	$846,352	86.5%	97.7%	> $32,396	12.50%
Bottom 50%	68,991,102	$1,055,215	$19,511	13.5%	2.3%	< $32,396	1.85%

Source: Internal Revenue Service

[thecodont]

Romney as the “evil rich white man” is appearing on some leftist/MSM magazine covers I’ve seen.

[FlingWingFlyer]

You work hard...

It looks like Barry is starting to go after the American voters. He sure as hell isn't talking to his base, The Entitled.

[econjack]

I just saw an Obozo ad where he said he wants to know why Romney hasn’t released his tax returns. Jesus, Mitt!! WAKE THE F$%K UP! Tell that clown: “I’ll be happy to release my tax returns when you remove the sequester on all of your past records. Until then, STFU.”
BTW, that 14% is still $2.8 million. I’d say he paying his fair share.-

[tcrlaf]

REMEMBER KIDDIES!!
You are supposed to be more worried about what ROMNEY does with his own money, than by what OBAMA is doing with YOURS!!

[faithhopecharity]

In addition to donating more to charity than the last ten Democrats, Governor Romney paid nearly 3 million dollars in income tax for the year. Seems to me that’s more than enough of a person’s money to take away from him. Does anyone believe Romney received more than 3 million dollars in useful services from Obama’s wonderful federal administration last year? (It boils down to a case of grand theft in real terms. ). Instead of raising Romney’s taxes any furtherzn why not lower our taxes if you really want to “make them fairer?’

[CharlesWayneCT]

The entire campaign against Romney seems to be, he’s rich, and he’s not Obama.

[WOSG]

“Mitt Romney’s middle class tax increase”

THIS IS THE BIGGEST LIE OF 2012.

Tried to make this comment on youtube:
“Mitt Romney’s middle class tax increase” This is the biggest boldest fattest lie of 2012. The one who has raised taxes on the middle class is Barack Obama, with his massive $1 trillion tax increase in Obamacare.”

“Pending approval” lol. what are the odds that barackobama campaign will allow that ???

[FB2]

Let me get this straight. Romney evidently paid ~$2,800,000 in federal income taxes last year. That’s significantly more than the overwhelming majority of people paid last year. We are now supposed to believe that he is a deadbeat?

History has shown, the more anyone pays, the more the politicians spend. We don’t have a revenue problem, we have a spending problem!

[Baynative]

In his own words

[WOSG]

Further more the other half of the add is just as dishonest...

of the many lies and misdirections in this campaign, the biggest one is the claim about Romney raising middle class taxes. ACA aka Obamacare has $1 trillion in tax increase in 10 years, and includes the tax on middle class individuals. Romney plan is to repeal those tax increases and has zero tax increases, he wants to extend the current tax rates aka ‘tax cuts’ for the middle class, and implement tax reform by lowering rates and paying those down with loophole closures, which has the added benefit of reducing special interest influence and tax code inefficiency.

The lie by Obama campaign is concocted from a ‘study’ written boy a former Obama staffer that claims counterfactually that even though Ryan budget spends $5 trillion less over 10 years than Obama, that more revenues would be needed by Romney/Ryan. Nowhere does the Romney plan actually line up with those specious claims and there is nothing in Romney’s actual plan to do what the bogus study claims would be done.

Claims that Romney/Ryan wouldnt lower the large amount of increased spending vs what Obama is doing is specious, as Obama is spending at a level that represents the highest spending/GDP ratio since WWII, and multiple Republican budgets have been proposed - including Ryan - that spend literally trillions less than the Obama budget over the next 10 years.

There are many differences between Romney/Ryan and Obama, and wrt the budget the differences are in the ballpark of $5 trillion - Obama wants to spend $5 trillion more over 10 years. ... which begs the question: Whose taxes will HE raise to pay for it? the top 1% or even top 10% cant ever come close to covering that bill.

[OCCASparky]

$20 million dollars in 2010, but paid only 14% in taxes—probably less than you.

Meaning he paid $2.8 million in taxes. That's a whole BOATLOAD more than I paid. Percentage-wise, I paid a bit more--actually, a LOT more, considering I was just above the SS cutoff, meaning I (and my employer) got nailed with another 15 percent on top of the federal taxes (28 percent bracket) I paid. Sucks for me that I don't have a lot of interest/dividend income, and I'm sure not going to be a hater for those who do (and a lot of them are retirees, etc.)

[Brown Deer]

BTW, that 14% is still $2.8 million. I’d say he paying his fair share.-

The top 1% of all taxpayers paid an average tax of $230,496 – not even 10% of what Mitt Romney paid.

Percentage-wise, I paid a bit more--actually, a LOT more, considering I was just above the SS cutoff, meaning I (and my employer) got nailed with another 15 percent on top of the federal taxes (28 percent bracket) I paid.

Congratulations for being in the top 10% of income earners in this country, but being in the 28% bracket does not mean that you paid an average 28% tax rate. It is unlikely that you paid a higher rate than Romney, since he was in the highest 35% bracket, although most of his income was capital gains from his investments. He paid over $3 million in taxes and gave another $3 million to charity.

You certainly did not pay "a LOT more". If you actually did pay a slightly higher rate than Romney, then shame on you for not taking better care of your finances because the average person in the top 5-10% of income earners paid an average rate of only 11.4%!

[OCCASparky]

Sorry, I'm not married, have no kids, and the only deduction I really have is my house. Therefore, while I am in the 28% bracket, my actual rate is closer to 22-23 percent (about 20 percent when I get my refund.) But when you add on the 7.65 percent both I and my employer pay to SS/Medicare (negligible at Romney's income) then we're talking closer to the 30-35 percent range.

Believe me, I'd love to live off of interest and dividend income, and I'm not begrudging the fact Romney can and still pays a great deal more in taxes than I.

[Brown Deer]

So you make over $150,000/year, don’t give any money to charity, and don’t put away any money into tax deferred retirement accounts? Really?

What a waste. It’s hard for me to believe that anyone would pay you that kind of money, when you can’t even manage it wisely.

[OCCASparky]

Wow, judgmental much? And for the record, no, I don’t make that much, I do give to charity, and I do have a 401(k), not that any of that is your damned business. Have a nice day, smartass.

[9YearLurker]

Top 50% paid 12.5%. Interesting. I wonder the exact percentage Romney would have paid if he had taken the full allowable deduction for his charitable giving, and if he overpaid by that amount so that this claim would be false—but Obama’s team still made it anyway.

[Brown Deer]

So then you lied about paying 22%, smartass!

[OCCASparky]

Actually, no, I didn’t. But then again, unless you’re my accountant, how the hell would you know? Again, you’re talking out your ass, which for you seems to be pretty much where all your talking comes from. So please, unless and until you know of which you speak and have proof of same, you’re sounding like a certain Senator from Nevada, and sounding twice as ignorant.

[Brown Deer]

Actually, no, I didn’t.

You're a liar, because you said, "I'm not married, have no kids, and the only deduction I really have is my house.", then you said, "no, I don’t make that much, I do give to charity..."

The only deduction is your house, but now all of a sudden, you also have deductions for charity?

But then again, unless you’re my accountant, how the hell would you know?

It's very simple, you said, "while I am in the 28% bracket, my actual rate is closer to 22-23 percent", so to be in the 28% bracket, your taxable income must be in the range of $83,600-$174,400. Taxable income is adjusted gross income less itemized deductions (or standard deduction of $5800), less exemptions ($3700), so that means that your AGI is at least $93,100 ($83,600 + $5800 + $3700) plus whatever amount over $5700 that your itemized deductions are.

Let's just assume that you didn't itemize, and you had an AGI of $95,000 so that you are in the 28% bracket. Your tax would then be $17,564 for an effective tax rate of 18.5% (17,564 / 95,000), but you say that your rate was between 22% and 23% and your income was less than $150,000!

So let's assume that your income was only $149,000 and you didn't itemize. The taxes on $139,500 ($149,000 - $5800 - $3700) would be $32,677 ($39,060 - $6383) for a net tax rate of 21.9% (32,677 / 149,000).

That's still not over 22% and you did not include your claimed deductions. So, that makes you a LIAR again!

So who's ignorant? Prove me different!