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GOP Class Warfare & Welfare For The Rich: Do Middle Class Workers Get A 15% Effective Tax Rate?
3 years ago  ::  Jan 24, 2012 - 9:46PM #1
MajorYankFan
Posts: 9,709

1. Romney paid a lower tax rate than many middle-class Americans: Romney’s returns reveal that he paid an effective tax rate of 13.9 percent, lower even than the low rate of 15 percent he estimated he paid last week. While this is far less than what many middle-class Americans pay, it’s also well below what wealthy people pay. The average effective tax rate for someone in Romney’s income bracket is 25 percent.


2. Romney makes more in a day than the average American makes in a year, and becomes a 1 percenter every week: As Bloomberg News notes, “In 2008, according to the IRS, the median adjusted gross income was $33,048, whichRomney made in less than a day. Reaching the top 1 percent of taxpayers required $380,354 in adjusted gross income, about Romney’s earnings in a week.”


3. Romney paid almost nothing in payroll taxes: Romney contributed just .1 percent of his income to Social Security and Medicare in 2010 via the payroll tax because the tax is only assessed on earned wages, but all of Romney’s incomecame from investments. Most working Americans pay 7.65 percent.


4. Romney has accounts in countries notorious for tax dodging: By now, it’s well known by now that Romney invests in funds based in the Cayman Islands, but Romney’s returns were “crammed with information about foreign holdings” and reveal that he held accounts in Switzerland and Luxembourg, countries famous for hiding money thanks their low taxes and strict banking secrecy laws. Aides said he closed his Swiss account in 2010 because it might have been “politically embarrassing.”


5. Romney and Gingrich’s tax plans would slash Romney’s taxes: Romney already pays less than many middle class Americans, but under his proposed tax plan, his rates would be slashed in half. Meanwhile, under challenger Newt Gingrich’s plan, Romney would pay almost nothing, since Gingrich has proposed cutting the capital gains tax rate to zero and Romney earns almost all of his money from investments.


6. Romney needs four lawyers, including the former IRS commissioner to defend his tax plan: Romney’s campaign held a conference call with reporters this morning to defend and explain his tax returns, and apparently felt the need to have former IRS Commissioner Fred Goldberg, along with three other top lawyers and his campaign communications director to explain the returns. At one point, the call had to be interrupted so officials could confer with mega accounting firm PricewaterhouseCoopers.

3 years ago  ::  Jan 24, 2012 - 10:51PM #2
Yankee1954
Posts: 8,749

Jan 24, 2012 -- 9:46PM, MajorYankFan wrote:


1. Romney paid a lower tax rate than many middle-class Americans: Romney’s returns reveal that he paid an effective tax rate of 13.9 percent, lower even than the low rate of 15 percent he estimated he paid last week. While this is far less than what many middle-class Americans pay, it’s also well below what wealthy people pay. The average effective tax rate for someone in Romney’s income bracket is 25 percent.


2. Romney makes more in a day than the average American makes in a year, and becomes a 1 percenter every week: As Bloomberg News notes, “In 2008, according to the IRS, the median adjusted gross income was $33,048, whichRomney made in less than a day. Reaching the top 1 percent of taxpayers required $380,354 in adjusted gross income, about Romney’s earnings in a week.”


3. Romney paid almost nothing in payroll taxes: Romney contributed just .1 percent of his income to Social Security and Medicare in 2010 via the payroll tax because the tax is only assessed on earned wages, but all of Romney’s incomecame from investments. Most working Americans pay 7.65 percent.


4. Romney has accounts in countries notorious for tax dodging: By now, it’s well known by now that Romney invests in funds based in the Cayman Islands, but Romney’s returns were “crammed with information about foreign holdings” and reveal that he held accounts in Switzerland and Luxembourg, countries famous for hiding money thanks their low taxes and strict banking secrecy laws. Aides said he closed his Swiss account in 2010 because it might have been “politically embarrassing.”


5. Romney and Gingrich’s tax plans would slash Romney’s taxes: Romney already pays less than many middle class Americans, but under his proposed tax plan, his rates would be slashed in half. Meanwhile, under challenger Newt Gingrich’s plan, Romney would pay almost nothing, since Gingrich has proposed cutting the capital gains tax rate to zero and Romney earns almost all of his money from investments.


6. Romney needs four lawyers, including the former IRS commissioner to defend his tax plan: Romney’s campaign held a conference call with reporters this morning to defend and explain his tax returns, and apparently felt the need to have former IRS Commissioner Fred Goldberg, along with three other top lawyers and his campaign communications director to explain the returns. At one point, the call had to be interrupted so officials could confer with mega accounting firm PricewaterhouseCoopers.





Willard is Dead Man Walking. He just keeps giving more and more ammo to the Dems. He might not even beat Newt. Boy are the Cons happy about that. They hate them both. BWAAHAHAHAHA!!!  By the way, how long before Craner comes out with his love for Daniels? Any takers?

3 years ago  ::  Jan 25, 2012 - 8:54AM #3
yankeeoldfan
Posts: 8,123

Jan 24, 2012 -- 10:51PM, Yankee1954 wrote:


Jan 24, 2012 -- 9:46PM, MajorYankFan wrote:


1. Romney paid a lower tax rate than many middle-class Americans: Romney’s returns reveal that he paid an effective tax rate of 13.9 percent, lower even than the low rate of 15 percent he estimated he paid last week. While this is far less than what many middle-class Americans pay, it’s also well below what wealthy people pay. The average effective tax rate for someone in Romney’s income bracket is 25 percent.


2. Romney makes more in a day than the average American makes in a year, and becomes a 1 percenter every week: As Bloomberg News notes, “In 2008, according to the IRS, the median adjusted gross income was $33,048, whichRomney made in less than a day. Reaching the top 1 percent of taxpayers required $380,354 in adjusted gross income, about Romney’s earnings in a week.”


3. Romney paid almost nothing in payroll taxes: Romney contributed just .1 percent of his income to Social Security and Medicare in 2010 via the payroll tax because the tax is only assessed on earned wages, but all of Romney’s incomecame from investments. Most working Americans pay 7.65 percent.


4. Romney has accounts in countries notorious for tax dodging: By now, it’s well known by now that Romney invests in funds based in the Cayman Islands, but Romney’s returns were “crammed with information about foreign holdings” and reveal that he held accounts in Switzerland and Luxembourg, countries famous for hiding money thanks their low taxes and strict banking secrecy laws. Aides said he closed his Swiss account in 2010 because it might have been “politically embarrassing.”


5. Romney and Gingrich’s tax plans would slash Romney’s taxes: Romney already pays less than many middle class Americans, but under his proposed tax plan, his rates would be slashed in half. Meanwhile, under challenger Newt Gingrich’s plan, Romney would pay almost nothing, since Gingrich has proposed cutting the capital gains tax rate to zero and Romney earns almost all of his money from investments.


6. Romney needs four lawyers, including the former IRS commissioner to defend his tax plan: Romney’s campaign held a conference call with reporters this morning to defend and explain his tax returns, and apparently felt the need to have former IRS Commissioner Fred Goldberg, along with three other top lawyers and his campaign communications director to explain the returns. At one point, the call had to be interrupted so officials could confer with mega accounting firm PricewaterhouseCoopers.





Willard is Dead Man Walking. He just keeps giving more and more ammo to the Dems. He might not even beat Newt. Boy are the Cons happy about that. They hate them both. BWAAHAHAHAHA!!!  By the way, how long before Craner comes out with his love for Daniels? Any takers?



You have to remember one thing, as long as any idiot has a (R) in front of their name they are better then any democrate walking on this earth.. This is the Republican Bible, they live and preach by it.. The individual doesn't matter as long as he has a (R) in front of their name.. Take a look at who's there front runner is right now.. Newt, oh how great he would be, but yes lets remember he has a (R) in front of his name...

3 years ago  ::  Jan 25, 2012 - 9:53AM #4
prof. quiz
Posts: 3,673

Tax the uber wealthy more than the proletariat. They don't create jobs...they just get fattened portfolios.


 

3 years ago  ::  Jan 25, 2012 - 12:11PM #5
61in61
Posts: 18,446

I was watching a clip from Fox...errr..Faux News analyzing Romney's tax return. The network is sounding more and more like a scripted infomercial everyday. The news "anchor" feeds the "analyst" a few talking points so that the analyst can launch into the scripted Conservative line. They took great pains to explain how Romney had done nothing illegal by having off-shore accounts. They explained how Romney had a lot of international investments and it was more convenient to have the money held in banks outside of the US. Translation: It was done as a tax shelter not out of "convenience."


In addressing the 14% tax rate they reasoned that that was because his income was "investment income" not "earned income". Of course investment income they reasoned creates jobs and builds weath for others not just himself. Furthermore, Romney gave nearly a dollar for dollar amount to charity. Those charitable donations helped lower his tax rate as well. My God! How could you not love Romney? The essence of American capitalism and Conservativism. Work hard, earn lots of money, invest the money so other's may benefit, pay your taxes within the law and donate at least 10% to charity.


Of course the icing on the cake was yet to come. The anchor conveniently mentioned that Romney's taxes were actually quite a lot considering 40% of American's dont pay any taxes! To which the analyst quipped, "that's right, you can blame the people who right the tax code for that!" So now we are back to criticizing those slackers who don't earn enough to pay taxes.

3 years ago  ::  Jan 25, 2012 - 12:37PM #6
prof. quiz
Posts: 3,673

A "scripted infomercial!" Right on the money!


How can anyone take those jokers at that right-winged theme park seriously?


 


 

3 years ago  ::  Jan 25, 2012 - 2:46PM #7
NW
Posts: 7,290

I consider myself a middle class worker, earning approximately $80K last year.  I paid an effective tax rate of 15.86% on my Federal taxes last year.  There is no way that a millionaire or billionaire should pay less than I did.  Unforutnately, the way the tax code is structured, the more money you make or have, the easier it is to shelter yourself from tax liability.

3 years ago  ::  Jan 25, 2012 - 5:40PM #8
61in61
Posts: 18,446

Jan 25, 2012 -- 2:46PM, NW wrote:


I consider myself a middle class worker, earning approximately $80K last year.  I paid an effective tax rate of 15.86% on my Federal taxes last year.  There is no way that a millionaire or billionaire should pay less than I did.  Unforutnately, the way the tax code is structured, the more money you make or have, the easier it is to shelter yourself from tax liability.




You probably know this, but bear with me in case some readers don't know. You work and therefore your income is considered "earned income." The bulk of Romney's income was "investment income" which is treated as capital gains. A few years ago the tax on capital gains was reduced from 28% to 15%. This helped everyone with capital gains but as you can see the wealthy benefited more by getting nearly a 50% tax break. Why did it benefit the wealthy more? Because if you were a lower to middle class wage earner in the "earned income" bracket of 15% you still only paid 15% on capital gains when the rate was 28%. Most really wealthy people don't have "earned income." Its almost always capital gains. Most CEO's have a base salary, but the bulk of their income is from stock options and bonuses which is not earned income.


The great thing about capital gains income is that you don't pay self employment tax on that income, or medicare or any other tax. You also get to deduct losses against gains and those losses can be paper  losses, not actual money out of pocket. For example, there is something called "depletion allowances" if you invest in oil, gas or timber or mines. The idea is that your investment loses some value as the minerals are used up. Its a little like depreciation on business equipment.  You also get to manipulate the numbers somewhat by adjusting the base value. You can also "launder" money through various corporations and trusts and depending on how the corporation or trust is set it there are different tax liabilities.


In short, the tax code is immensely skewed in favor of the wealthy.

3 years ago  ::  Jan 25, 2012 - 6:45PM #9
prof. quiz
Posts: 3,673

In short, the tax code is immensely skewed in favor of the wealthy.


Exactly. The rich can afford to buy favorable legislation.

3 years ago  ::  Jan 25, 2012 - 7:07PM #10
BillyTheKid
Posts: 5,788

Jan 25, 2012 -- 2:46PM, NW wrote:


I consider myself a middle class worker, earning approximately $80K last year.  I paid an effective tax rate of 15.86% on my Federal taxes last year.  There is no way that a millionaire or billionaire should pay less than I did.  Unforutnately, the way the tax code is structured, the more money you make or have, the easier it is to shelter yourself from tax liability.




True, if you are a loser, with no spouse, no dependent children, don't give to charity, and have no homeowner deductions your effective Federal Income Tax rate would be about 16% on $80K of income.   BTW, Not surprising no one loves you.


I myself have a spouse, 3 healthy kids, and a nice house in the burbs (on a cul-de-sac), my annual income is well over $100K and my effective Federal income tax rate last year was a little under 5.5%

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