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4,000 Millionaires part of Romney's 47%

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Dulanic

Diamond Member
Oct 27, 2000
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http://money.cnn.com/2012/09/18/pf/taxes/romney-income-taxes-millionaires/

Nobody's really talking about this slice of the pie, but Mitt Romney's "47%" who pay no federal income tax include several thousand of the highest-income households in the country.

The Tax Policy Center estimates that 4,000 households with incomes over $1 million ended up with zero federal income tax liability in 2011. Another 14,000 made between $500,000 and $1 million.
I'd say he is quite the hypocrite... bitches how the rich pay for all of the poor people. Yet at the same time, thousands of millionaires are paying NOTHING. And how many more are tax dodging like Romney stashing money in hidden accounts? Oh sorry, it's not tax dodging if the rich do it, they are just doing what is legally required. However, if the poor don't pay taxes, legally, they are evil scum suckers right?
 

Exterous

Super Moderator
Jun 20, 2006
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Maybe because at just 0.05% of the non-tax payers this really doesn't pertain to that many people out of the 76 million not paying taxes?
 

yllus

Elite Member & Lifer
Aug 20, 2000
20,576
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The Washington Post - Romney’s theory of the “taker class,” and why it matters

For what it’s worth, this division of “makers” and “takers” isn’t true. Among the Americans who paid no federal income taxes in 2011, 61 percent paid payroll taxes — which means they have jobs and, when you account for both sides of the payroll tax, they paid 15.3 percent of their income in taxes, which is higher than the 13.9 percent that Romney paid. Another 22 percent were elderly.
 

IGBT

Lifer
Jul 16, 2001
17,726
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next time you need a job be sure to ask one of those PBF's on welfare.
 

Engineer

Elite Member
Oct 9, 1999
39,234
699
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It sure is easy to bump up the taxes you pay when you count taxes someone else pays ^_^

Its also wrong as the payroll tax even using your method is 13.3% ;)

And it seems like the easiest way to cut taxes for many American's would be to eliminate SS. Would you support this?
7.65% x 2 = 13.3% ?

You fail at math.
 

EXman

Lifer
Jul 12, 2001
20,079
15
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http://money.cnn.com/2012/09/18/pf/taxes/romney-income-taxes-millionaires/



I'd say he is quite the hypocrite... bitches how the rich pay for all of the poor people. Yet at the same time, thousands of millionaires are paying NOTHING. And how many more are tax dodging like Romney stashing money in hidden accounts? Oh sorry, it's not tax dodging if the rich do it, they are just doing what is legally required. However, if the poor don't pay taxes, legally, they are evil scum suckers right?
So he should be just as mad at the rich who don't pay taxes? Who says he isn't. But that number is so small compared to almost half our population that does not pay a cent in federal taxes PLUS THEY GET A CHECK. These rich slime-Os with really good accountants how ever a small number at least are not taking anything from the government.

I know that will piss off libs as they think taxes are the monies some how "earned" by the government. They were earned by the worker. So there is a net 0 even if they paid no tax. But at least they are not getting a check from another rich person. :)

Libs I'm having a little fun with you and taxes. We don't have hardly a tax problem. We have a HUGE spending problem.
 

simpletron

Member
Oct 31, 2008
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7.65% x 2 = 13.3% ?

You fail at math.
For 2011 social security tax rate was reduced to 4.2% from 6.2%. The employee only paid 5.65%, while the employer paid 7.65% for a total of 13.3%. But the comparable rate to mitt's 13.9% tax is 12.35%(13.3/107.65).
 

Anarchist420

Diamond Member
Feb 13, 2010
8,645
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To be honest, I'd much rather the payroll tax be eliminated and just have the top marginal income tax rate go up because that would cut govt revenues by at least 1/4. The govt would have about 750bn less from the payroll taxes being eliminated and then only 70 bn more at most increased from raising the top marginal rate. So that would be at least 680bn more in the market instead of into the govt coffers.

That said, when the Republicans talk about "fairness", it pisses me off to no end because they think the govt should maximize revenue as long as it's "fair" to them. In other words, Romney, Bachmann, and Cain want more govt revenue, they just want it to be "fair" and I hate them for that. They also don't realize that some contractors effectively pay no federal income tax because a large portion of their revenue comes from the federal govt. The CEO of Lockheed Martin doesn't pay federal income taxes because his company gets more from the federal govt than he pays in taxes. My dad's office currently accepts Medicare, so he probably doesn't currently pay taxes either (although his office gets hit with regulations for taking Medicare). I've told him his practice should just become cash only and he agrees but he's always outvoted.
 

soundforbjt

Lifer
Feb 15, 2002
16,424
4,095
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Since Romney makes his money from Capital gains, he pays no Federal income tax as well...he's part of the 47%.
 

bfdd

Lifer
Feb 3, 2007
13,312
1
0
Democrats and Republicans are socialists willing to sell us out to whomever will pay them to implement their world view. We need to take our Government back from these two evil organizations and put it back firmly into the hands of the people. The reason our taxes are all fucked and why the poor and the super rich get a pass is because that is who is needed to control our country. Give them what they want and they give our Minders what they want. Taxes need to go away or everyone must pay the ex#ct same rate. Anything else is a system of exploitation and inequality.
 
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