PDA

View Full Version : Romney paid 14% effective tax rate in 2011



SarasotaRepub
09-21-2012, 05:05 PM
By Jeanne Sahadi @CNNMoney (https://twitter.com/intent/user?screen_name=cnnmoney)September 21, 2012: 4:50 PM ET


NEW YORK (CNNMoney) -- Mitt Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1%, his campaign said Friday.
His effective tax rate was up slightly from the 13.9% rate he paid in 2010.


LINKY (http://money.cnn.com/2012/09/21/pf/taxes/romney-tax-return/index.html?hpt=hp_t1)

Bailey
09-21-2012, 05:10 PM
The left and the MSM,(I know one of the same) wont be happy till he releases 10 years of returns.

Starbuck
09-21-2012, 06:32 PM
The left and the MSM,(I know one of the same) wont be happy till he releases 10 years of returns.
.....And pays 100% income tax.....Wait, that wouldn't make them happy, either. After all, he served as governor and never accepted a salary, and served as Director of Olympics with no salary, and that doesn't satisfy them.:blue:

Hawkgirl
09-21-2012, 06:50 PM
The media is going to spin this. He pays la lower percentage than most middle class tax payers.

Hawkgirl
09-21-2012, 06:51 PM
The media is going to spin this. He pays a lower percentage than most middle class tax payers. Is that because they tax him on capital gains only?

Hawkgirl
09-21-2012, 06:54 PM
Nevermind, I answered my own questions.


"Mr. Romney, who made millions by running Bain Capital, a private equity firm, paid an effective federal tax rate of 14.1 percent in taxes, primarily because most of his income was in the form of capital gains that are taxed at a lower rate than ordinary income."

http://thecaucus.blogs.nytimes.com/2012/09/21/romney-to-release-2011-tax-returns/

LukeEDay
09-21-2012, 07:52 PM
.....And pays 100% income tax.....Wait, that wouldn't make them happy, either. After all, he served as governor and never accepted a salary, and served as Director of Olympics with no salary, and that doesn't satisfy them.:blue:

I am waiting for Romney to come out and say that he won't be accepting the salarie as President either. That would win him the election for sure.

Gina
09-21-2012, 09:51 PM
...
Mitt and Ann Romney also donated about $4 million -- about 30 percent of their income -- to charity in 2011, though they only claimed a deduction of about $2.25 million from those donations, according to the campaign.

That means the Romneys voluntarily paid a higher tax rate than they were legally required, which the campaign said they did in order to stay consistent with Romney's pledge to never play less than a 13 percent tax rate...

So, yeah. (http://firstread.nbcnews.com/_news/2012/09/21/14015361-romney-paid-141-percent-effective-tax-rate-in-2011?lite)

NJCardFan
09-21-2012, 11:42 PM
The left and the MSM,(I know one of the same) wont be happy till he releases 10 years of returns.

How about he released 20 years worth of tax returns: http://savejersey.com/2012/09/romney-releases-20-years-tax-return-information/

noonwitch
09-24-2012, 09:33 AM
The media is going to spin this. He pays la lower percentage than most middle class tax payers.


It's lower than what I pay.



All my state, local and federal taxes (including SS deductions) add up to about 33% of my paycheck. Even though I'm a government elite and all, I only make about $52,000 a year.

Odysseus
09-24-2012, 10:15 AM
It's lower than what I pay.



All my state, local and federal taxes (including SS deductions) add up to about 33% of my paycheck. Even though I'm a government elite and all, I only make about $52,000 a year.

That 14% added up to several million dollars in taxes, not to mention a greater sum in the form of charitable donations. He apparently gave about 30% of his income to charity, as opposed to 5% for the Obamas and .1% for Biden. Of course, Obama is very generous with the tax money that he got from Romney, but that's another issue.

Bailey
09-24-2012, 10:19 AM
It's lower than what I pay.



All my state, local and federal taxes (including SS deductions) add up to about 33% of my paycheck. Even though I'm a government elite and all, I only make about $52,000 a year.

Let me know when you pay 2million a year, then you have a right to complain about what he pays.

Bailey
09-24-2012, 10:20 AM
That 14% added up to several million dollars in taxes, not to mention a greater sum in the form of charitable donations. He apparently gave about 30% of his income to charity, as opposed to 5% for the Obamas and .1% for Biden. Of course, Obama is very generous with the tax money that he got from Romney, but that's another issue.

I don't even bother to bring up his charitable giving, the only charity liberals see is the govt, all others are waste of money the govt could be spending.

NJCardFan
09-24-2012, 01:03 PM
It's lower than what I pay.



All my state, local and federal taxes (including SS deductions) add up to about 33% of my paycheck. Even though I'm a government elite and all, I only make about $52,000 a year.

Wow, aren't we gleaning what we want. Do me a favor. Go back read the article and pay close attention where it says FEDERAL TAX. Then further down the article it says where the Romney's paid state and local taxes as well. And you "only" make $52K a year? Holy shit are you arrogant.

Starbuck
09-24-2012, 02:51 PM
It's lower than what I pay.



All my state, local and federal taxes (including SS deductions) add up to about 33% of my paycheck. Even though I'm a government elite and all, I only make about $52,000 a year.

I'm sure that's true. But what you say will be true no matter which tax plan is taken.
You will always pay a greater portion of your income for taxes on food, gasoline, clothing, real estate taxes, and almost anything you can name. A greater portion of your income is subject to social security, too.
It's all true.
But, so what? Romney worked for 4 years as governor of Mass, and accepted no salary; isn't that really a form of tax payment for him? He just left it all in the state treasury.

This endless spinning of who pays what percentage of what is a distraction from the question before us, which is, "what is best for this country, and what will enable us to regain fiscal footing"?

JB
09-24-2012, 07:20 PM
Let me know when you pay 2million a year, then you have a right to complain about what he pays.It's not the amount she's commenting on, it's the percentage. We can argue about percentages and on what type of income but the amount is irrelevant.

Gina
09-24-2012, 09:23 PM
Hey I know! How about the govt spends less.

RobJohnson
09-25-2012, 01:47 AM
That 14% added up to several million dollars in taxes, not to mention a greater sum in the form of charitable donations. He apparently gave about 30% of his income to charity, as opposed to 5% for the Obamas and .1% for Biden. Of course, Obama is very generous with the tax money that he got from Romney, but that's another issue.


Obama and crew are very good at donations to charity, they just use our tax dollars and when that runs out they borrow more from China.

NJCardFan
09-25-2012, 02:41 AM
Also, the 14% is based on capital gains tax which is what his income is taxed at. He doesn't collect an income anymore so all he makes are investment payoffs. Meaning, the tax he paid is a double dip because he already had been taxed on it once. But facts like this are strange little buggers, aren't they?

noonwitch
09-25-2012, 08:25 AM
That 14% added up to several million dollars in taxes, not to mention a greater sum in the form of charitable donations. He apparently gave about 30% of his income to charity, as opposed to 5% for the Obamas and .1% for Biden. Of course, Obama is very generous with the tax money that he got from Romney, but that's another issue.


The amount I pay hurts me more than it hurts Romney, since I don't have as much to begin with.


I really don't care how much people give to charity, that's their decision to make. I probably give about 5%, not counting money I give to street people.

Bailey
09-25-2012, 08:30 AM
The amount I pay hurts me more than it hurts Romney, since I don't have as much to begin with.


I really don't care how much people give to charity, that's their decision to make. I probably give about 5%, not counting money I give to street people.


Oh so you are one of those people that thinks giving to the govt is more important then Charity? When the govt cuts taxes do you ask how are they going to pay for it? Like its the govt's money not the peoples?

Sorry I dont care how much one makes giving 2 mill to the govt is too much.

FlaGator
09-25-2012, 08:34 AM
The amount I pay hurts me more than it hurts Romney, since I don't have as much to begin with.


I really don't care how much people give to charity, that's their decision to make. I probably give about 5%, not counting money I give to street people.

I really don't care what other people pay. The whole system is geared not be be fair but to be some type of social engineering scheme. If Romney pays less than I do then more power to him. There is a large segment of the population that pays nothing and that bothers me a little because it is basically buying voting.

I have yet to have the question answered as to why I should be more concerned about how Romney handles his money than how the libs handle my money?

NJCardFan
09-25-2012, 09:41 PM
The amount I pay hurts me more than it hurts Romney, since I don't have as much to begin with.


I really don't care how much people give to charity, that's their decision to make. I probably give about 5%, not counting money I give to street people.

Once again for the slow to learn: Romney made money. He was taxed on that money. He took what was left and invested it. Those investments lead to more money(not all the time this is why investing is a risk). The money he makes from those investments is called a capital gain. Based on that, he is taxed on these capital gains. Now I'm going to go real slow for you, k? This means that the money that was already taxed and made him more money is taxed AGAIN. Hence, he is being taxed twice on basically the same dollar. Now, you, Obama, and everyone else who works and takes in an income gets taxed on that income ONCE by the federal government. Understand now?

Odysseus
09-25-2012, 11:48 PM
The amount I pay hurts me more than it hurts Romney, since I don't have as much to begin with.

B-b-b-b-but... I thought that paying taxes was a good thing, because it finances the programs that you believe in. How can that hurt you?



I really don't care how much people give to charity, that's their decision to make. I probably give about 5%, not counting money I give to street people.

First, any money that you give to street people will subsidize the most violent drug-dealers in your neighborhood. That's not charity, it's idiocy. Second, you've got it backwards. Taxes are money that the state extracts from us, with or without our consent. Complaining about Romney's tax rate doesn't reflect badly on him, he pays what he's ordered to pay. OTOH, charity, real charity, not chump change that makes you feel better but ruins the quality of life for your neighbors by financing the worst habits of the worst street punks, is a function of compassion and a desire to help others. That's supposedly what liberals want in a president, or at least it's what they pretend to want, until somebody actually crunches the numbers, but what it really comes down to is that the Obamas and Bidens of the world are stingy, envious and greedy for power, while the Romneys of the world actually seem to care about people.

RobJohnson
09-26-2012, 02:08 AM
It's lower than what I pay.



All my state, local and federal taxes (including SS deductions) add up to about 33% of my paycheck. Even though I'm a government elite and all, I only make about $52,000 a year.

Tax deductions are legal, he did not even claim all he could.

So if you pay in 33%, how much do you get back? I'm pretty sure the Romneys paid the max into Social Security all those years he was working...Have you given 4 million to charity yet this year?

RobJohnson
09-26-2012, 02:12 AM
I really don't care what other people pay. The whole system is geared not be be fair but to be some type of social engineering scheme. If Romney pays less than I do then more power to him. There is a large segment of the population that pays nothing and that bothers me a little because it is basically buying voting.

I have yet to have the question answered as to why I should be more concerned about how Romney handles his money than how the libs handle my money?


Good points.

I would like to take a look at the tax returns of those writing those huge checks to the Dem's Super PACs....

Let's not forget that Harry Reid lied about Romney not paying ANY income tax....libs love this stuff....I don't.....Libs lie....ALL THE TIME. Where are Harry's tax returns?

noonwitch
09-26-2012, 08:41 AM
B-b-b-b-but... I thought that paying taxes was a good thing, because it finances the programs that you believe in. How can that hurt you?




First, any money that you give to street people will subsidize the most violent drug-dealers in your neighborhood. That's not charity, it's idiocy. Second, you've got it backwards. Taxes are money that the state extracts from us, with or without our consent. Complaining about Romney's tax rate doesn't reflect badly on him, he pays what he's ordered to pay. OTOH, charity, real charity, not chump change that makes you feel better but ruins the quality of life for your neighbors by financing the worst habits of the worst street punks, is a function of compassion and a desire to help others. That's supposedly what liberals want in a president, or at least it's what they pretend to want, until somebody actually crunches the numbers, but what it really comes down to is that the Obamas and Bidens of the world are stingy, envious and greedy for power, while the Romneys of the world actually seem to care about people.


If a beggar asks me for change and I have it, I give it to him or her. It's his responsibility what he does with that money. I'm not going to ask "Lord, when did I see you hungry" when I die, because it's a really stupid question for a person living in Detroit to ask.


It's easy to be generous when you make $14 million a year. But as a "government elite", I only make $52,000 a year. Romney's running mate wants to take the only deduction I get (other than charity) by eliminating my mortgage deduction-I guess that Ryan really could care less about the middle class, since that is who benefits the most from a mortgage deduction.

I am generous with what I have, but I don't really have that much. I do have skills, and I prepare food for people frequently, for church events, for community events and so on. I spend my money on the kids I work with because our system does not provide all of the things they need, nonetheless things that kids want, like toys and such. It's not about charity or tax deductions to me, it's about being generous today with what I have today.

To be honest, I don't understand why a person who makes $14 million a year would have a problem with paying the same tax rate that I pay. If I made that much, I really wouldn't mind paying 33% of my income in taxes. I don't have a problem with paying it now, if rich people paid the same percentage that I do.

Bailey
09-26-2012, 08:50 AM
If a beggar asks me for change and I have it, I give it to him or her. It's his responsibility what he does with that money. I'm not going to ask "Lord, when did I see you hungry" when I die, because it's a really stupid question for a person living in Detroit to ask.


It's easy to be generous when you make $14 million a year. But as a "government elite", I only make $52,000 a year. Romney's running mate wants to take the only deduction I get (other than charity) by eliminating my mortgage deduction-I guess that Ryan really could care less about the middle class, since that is who benefits the most from a mortgage deduction.

I am generous with what I have, but I don't really have that much. I do have skills, and I prepare food for people frequently, for church events, for community events and so on. I spend my money on the kids I work with because our system does not provide all of the things they need, nonetheless things that kids want, like toys and such. It's not about charity or tax deductions to me, it's about being generous today with what I have today.

To be honest, I don't understand why a person who makes $14 million a year would have a problem with paying the same tax rate that I pay. If I made that much, I really wouldn't mind paying 33% of my income in taxes. I don't have a problem with paying it now, if rich people paid the same percentage that I do.


I don't know how many times you liberals have to be told, HE PAID INCOME TAXES ON THAT MONEY, THEN HE INVESTED IT. HE THEN PAID CAPITAL GAINS ON IT. So for your slow of wit, HE PAID TAXES TWICE on the same money.

NJCardFan
09-26-2012, 02:28 PM
If a beggar asks me for change and I have it, I give it to him or her. It's his responsibility what he does with that money. I'm not going to ask "Lord, when did I see you hungry" when I die, because it's a really stupid question for a person living in Detroit to ask.


It's easy to be generous when you make $14 million a year. But as a "government elite", I only make $52,000 a year. Romney's running mate wants to take the only deduction I get (other than charity) by eliminating my mortgage deduction-I guess that Ryan really could care less about the middle class, since that is who benefits the most from a mortgage deduction.

I am generous with what I have, but I don't really have that much. I do have skills, and I prepare food for people frequently, for church events, for community events and so on. I spend my money on the kids I work with because our system does not provide all of the things they need, nonetheless things that kids want, like toys and such. It's not about charity or tax deductions to me, it's about being generous today with what I have today.

To be honest, I don't understand why a person who makes $14 million a year would have a problem with paying the same tax rate that I pay. If I made that much, I really wouldn't mind paying 33% of my income in taxes. I don't have a problem with paying it now, if rich people paid the same percentage that I do.
Are you purposely blowing by my posts? You must be because you seem to not see the difference between income tax and capital gains tax. For the last time, Mitt Romney does not collect an income. He collects dividends on his investments and he pays over the tax rate for capital gains. 2nd, I still over you're "only make $52K a year". I know of a few million people who would love to be making $52K a year about now. Stop whining about what someone else has and worry about yourself.

FlaGator
09-26-2012, 02:35 PM
I don't know how many times you liberals have to be told, HE PAID INCOME TAXES ON THAT MONEY, THEN HE INVESTED IT. HE THEN PAID CAPITAL GAINS ON IT. So for your slow of wit, HE PAID TAXES TWICE on the same money.

Actually that is not accurate. He received money that was taxed, he invested it, his is taxed on the money he earned minus the principle investment. Example, he invests $100.00 makes $25.00 and the total now in the investment is $125.00 but he is taxed on the $25.00 he made. Once that is taxed his new principle starts at $125.00 if he doesn't withdraw his profit.

The profit is technically being taxed twice because the business he invested in paid taxes on the profit of which he received $25.00 and then he is taxed on his $25.00 portion.

Elspeth
09-26-2012, 03:23 PM
Once again for the slow to learn: Romney made money. He was taxed on that money. He took what was left and invested it. Those investments lead to more money(not all the time this is why investing is a risk). The money he makes from those investments is called a capital gain. Based on that, he is taxed on these capital gains. Now I'm going to go real slow for you, k? This means that the money that was already taxed and made him more money is taxed AGAIN. Hence, he is being taxed twice on basically the same dollar. Now, you, Obama, and everyone else who works and takes in an income gets taxed on that income ONCE by the federal government. Understand now?

Thank you.

This is, in fact, the major reason capital gains are taxed at a lower rate. Taxes on earned income are higher than those on investment income. If you are someone who earned income (taxed) and then invested it (taxed again) you are getting double taxed. That's why so many people want the capital gains rate to go to zero.

On the other hand, one can argue that some people inherit their wealth and never work, so they never work (no tax) and all they have is investment income (taxed at a low rate). It's this type of thing that creates resentment and the desire to "tax the rich."

Bailey
09-26-2012, 03:45 PM
Actually that is not accurate. He received money that was taxed, he invested it, his is taxed on the money he earned minus the principle investment. Example, he invests $100.00 makes $25.00 and the total now in the investment is $125.00 but he is taxed on the $25.00 he made. Once that is taxed his new principle starts at $125.00 if he doesn't withdraw his profit.

The profit is technically being taxed twice because the business he invested in paid taxes on the profit of which he received $25.00 and then he is taxed on his $25.00 portion.

No my point is all they are seeing is that rate he paid on capital gains and not that he paid income tax on the money to begin with.

RobJohnson
09-26-2012, 10:11 PM
To be honest, I don't understand why a person who makes $14 million a year would have a problem with paying the same tax rate that I pay. If I made that much, I really wouldn't mind paying 33% of my income in taxes. I don't have a problem with paying it now, if rich people paid the same percentage that I do.

Nice spin.

Let's stick to the facts and truth.


IRS data from 2010 shows someone making between $50,000 and $75,000 on average pays an effective rate of 7.8 percent

Read more: http://www.foxnews.com/politics/2012/09/25/fact-check-is-romney-tax-rate-really-lower-than-yours/#ixzz27d7triMB

I do understand you are single and without kids so you might pay a few bucks more. Is that fair? I have never thought it was fair for a single person to pay more then a family that creates more wear and tear on the system, but that is just me.

Odysseus
09-26-2012, 10:48 PM
If a beggar asks me for change and I have it, I give it to him or her. It's his responsibility what he does with that money. I'm not going to ask "Lord, when did I see you hungry" when I die, because it's a really stupid question for a person living in Detroit to ask.

And if that beggar uses that money for drugs, and perpetuates violent crime in your neighborhood, then it's his responsibility, not yours? Noonie, you really infuriate me some times. You're not feeding the hungry, you're subsidizing drug abuse, alcoholism, violence and the collapse of your community.


It's easy to be generous when you make $14 million a year. But as a "government elite", I only make $52,000 a year. Romney's running mate wants to take the only deduction I get (other than charity) by eliminating my mortgage deduction-I guess that Ryan really could care less about the middle class, since that is who benefits the most from a mortgage deduction.

If it's so easy to be generous, why haven't the Obamas or Bidens done it? And I hate to say it, because I benefit from the mortgage deduction, too, but if we're going to continue to pay your salary (and mine, let's not forget that I work for the government, too), we're going to have to look at simplifying the tax code, making the rates lower and flatter, and that means that many deductions will go by the wayside. But, perhaps you are correct, and your taxes are too high (as are mine). What programs (aside from the military, which is already being cut to the bone) would you be willing to reduce spending on? Ryan has a plan. Does Obama?


I am generous with what I have, but I don't really have that much. I do have skills, and I prepare food for people frequently, for church events, for community events and so on. I spend my money on the kids I work with because our system does not provide all of the things they need, nonetheless things that kids want, like toys and such. It's not about charity or tax deductions to me, it's about being generous today with what I have today.

To be honest, I don't understand why a person who makes $14 million a year would have a problem with paying the same tax rate that I pay. If I made that much, I really wouldn't mind paying 33% of my income in taxes. I don't have a problem with paying it now, if rich people paid the same percentage that I do.

The difference is, Romney will take that money and reinvest it, which will put some of the people that you give charity to back into the job market. Admittedly, they wouldn't need your charity as much, if at all, which probably means that you could spend more time and money for yourself, and possibly put yourself in a position to employ others, but that's not nearly as satisfying as giving handouts to derelicts, now is it?