Mitt Romney releases two years of tax records from 2010to 2011

[the DRIZZLE]

What should the capital gains rate be? Think about that carefully.

I am middle class... Yet I have managed to buy some stock and have some other investments that are not traditional retirement vehicles.

The current rate at 15% allows me to realize a return on my investment that is not huge, but nice enough that I want to invest more...

Raising the cap gains % would hurt small time investors like me who might only cash in several thousand dollars worth of stock at one time...

Perhaps the cap gains rate could be loosely tied to overall income level, making it progressive like the income tax code. Exceed a certain yearly income, or cap gains amount and you go up in brackets.

It should also be noted that for some investment gains....Like dividends, the corporation pays full tax on those before allocation to share holders... who then pay 15% cap gains on them... Raising the effective rate on paper to 50% - * Yes... assuming the corp is paying the 35% corp tax rate...

Tax code is so hosed.....

It should be taxed as regular income and the corporate rate should be reduced to limit the double taxation effect. If we did this we could actually make the statutory brackets less progress but have the effective rates be more progressive.

 

[HomerJS]

Looks like Mittens paid only 13.9%. Is this guy capable of being honest??

http://www.huffingtonpost.com/2012/01/24/mitt-romney-tax-returns-released_n_1225247.html

 

[spacejamz]

Originally Posted by Jhhnn
That's supposed to be relevant? Really?

Oh stop it. They don't post the profit margin.

Romney: OMG...he only paid 14% in taxes (no mention that is $6M)

Mobil: OMG...they made $7B in profit (no mention that their profit margin of 6% is ranked 114 which is middle of the pack by industry)

So what is the measuring stick for too much? Is it a dollar amount? Is it a percentage?

For liberals, it seems to be whatever fits their argument...

 

[nageov3t]

Looks like Mittens paid only 13.9%. Is this guy capable of being honest??

http://www.huffingtonpost.com/2012/01/24/mitt-romney-tax-returns-released_n_1225247.html

where did he lie?

 

[Ausm]

Romney: OMG...he only paid 14% in taxes (no mention that is $6M)

Mobil: OMG...they made $7B in profit (no mention that their profit margin of 6% is ranked 114 which is middle of the pack by industry)

So what is the measuring stick for too much? Is it a dollar amount? Is it a percentage?

For liberals, it seems to be whatever fits their argument...

 

[Ninjahedge]

People are getting off point a bit.

Nobody is blaming him for taking what is available, he would be stupid not to. What they are saying is "Hey, the guy you think will know what you are about is a rich guy that pays less % in taxes than you do".

It means the system is screwed up in more ways than one.

Capital gains should be progressively taxed, like all other things. Saying the companies are taxed blah-blah is irrelevant. Why would I have to be taxed on what I win from the lottery? I use post-tax dollars and a large portion of the lottery is already being taken for civic use, why do you pay again when you get it?

Also, why do i have to pay taxes on my inheritance? I am not "earning" it. It was already taxed when it was first gotten, why tax it again?

There are MANY tax rules that make very little sense. Inheritance, if you have the means, can be sheltered. But if you are in the mid to upper middle class, good luck doing that (incorporate your assets and then simply pass the company along to your progeny).



As for the butt-achingly stupid comparisons of ditch-digger taxes, WTF is the point? Taxes on someone who finds it hard to afford FOOD SHOULD be lower. It is a really stupid unrelated point to bring up when the question is about the low tax rate a VERY affluent individual is earning.

God... there are two more pages I have not even seen yet.....

 

[Doc Savage Fan]

He also gave $7mm to charities over the past 2 years. What a scumbag! /s

 

[Patranus]

Republican presidential candidate Mitt Romney released tax records on Tuesday indicating he is paying $6.2 million in taxes on a total of $42.5 million in income over the years 2010 and 2011.

http://nbcpolitics.msnbc.msn.com/_n...ned-425-million-is-paying-62-million-in-taxes


Must be nice paying this amount in taxes!

What was the marginal rate John Kerry paid in income tax after marrying into the Heinze fortune?
Democrats didn't have a problem voting for him

Or lets put this another way, 47% pay NOTHING, ZERO, NADA income tax.
Romney paid $6.2 million. That $6.2 million is more than 47% of the population COMBINED.

The envy by the "progressives" is pretty laughable.

 

[Ninjahedge]

He also gave $7mm to charities over the past 2 years. What a scumbag! /s

Isn't that tax deductible...


/me whistles innocently....

 

[wayliff]

what I find most interesting is the gift tax that was avoided and it was not illegal but yet a huge loophole and I would expect such practice to continue if someone like Romney gets elected.
If he can then all of us should. Or if we can't then he should not be able either...but the treatment is different.

http://cnnpressroom.blogs.cnn.com/2...olumnist-romney-didnt-pay-a-gift-tax-on-100m/

http://www.reuters.com/article/2012/01/24/us-usa-taxes-romney-idUSTRE80N07320120124

The average Joe could not get away with that...if he gifted enough to be taxed.

 

[Ninjahedge]

What was the marginal rate John Kerry paid in income tax after marrying into the Heinze fortune?
Democrats didn't have a problem voting for him

DC DNM.

Or lets put this another way, 47% pay NOTHING, ZERO, NADA income tax.
Romney paid $6.2 million. That $6.2 million is more than 47% of the population COMBINED.

42% don't HAVE any money to pay.

What you are saying is that 42% of the people, who, if you took every penny they earned, would amount to (est) less than 10% of the top 1% of wage earners, should somehow be happy that tax rates have dropped continuously since the great depression on the top percentile of earners in the country.

The envy by the "progressives" is pretty laughable.

Missed the mark by a mile.

1. This is not a talk about "Progressive" policy.
2. This is not about Envy, but the fact that guys that are supposed to represent the "common man" are more in step with the top 1% that many of the lower 42% have been convinced are their "allies" somehow.

You are not a very good flame baiter.

 

[Deeko]

Isn't that tax deductible...


/me whistles innocently....

Tax deductable doesn't mean that amount is a 1:1 difference in what you would have paid in taxes. And are you really, honestly going to try to find fault with someone giving $7 million to charity over two years? That's roughly the equivalent of the average worker making 50k donating $15,000 over two years. I'm not saying they can or should. Just saying, try to keep your criticisms a little more valid.

 

[Doc Savage Fan]

Isn't that tax deductible...


/me whistles innocently....

Yep...gave $7mm to charities in order to cheat the government out of their 15% piece of the action. What a crook! /s

 

[Paul98]

What was the marginal rate John Kerry paid in income tax after marrying into the Heinze fortune?
Democrats didn't have a problem voting for him

Or lets put this another way, 47% pay NOTHING, ZERO, NADA income tax.
Romney paid $6.2 million. That $6.2 million is more than 47% of the population COMBINED.

The envy by the "progressives" is pretty laughable.

This has nothing to do with envy, do you know who the 47% are? Where are these 47% in their life, why does federal income tax have to be the way you think they should pay? So what, they don't pay federal income tax... they sure as hell pay many other taxes why do you think federal income tax is the only one you should look at? How about look at the entire taxes someone pays over the course of a year.

These fact's mean nothing without proper analysis, and in context.

 

[BoberFett]

I was thinking that perhaps we should implement tax brackets to capital gains? Just raising the rates hurts and discourages smaller investor's who would end up losing a lot of their profits to taxes making it far less attractive. At the moment the 15% rate greatly benefits those who use it as their sole income and especially those that make very large sums of money.

Perhaps a few brackets from the current (or might can lower it to 12% for the very small time people) rate to roughly 30%?

LTCG needs to take inflation into account. 15% might right for a 30+ year investment but completely incorrect for 2 years. Start hitting LTCG too hard and watch senior citizens drown in their tax bills as their investments get taxed ever higher.

 

[NeoV]

I think the bottom line here is that capital gains taxes - for the most part - only impact very wealthy individuals (not talking about corporations) - yes, there are a few people, percentage-wise, that have investments who aren't in the highest-income brackets, but those people aren't making much on their cap gains - It's the big-time investors that are impacted - I like the idea of a progressive cap gains tax - but clearly, our tax code is a giant pile of crap.

 

[Patranus]

This has nothing to do with envy, do you know who the 47% are? Where are these 47% in their life, why does federal income tax have to be the way you think they should pay? So what, they don't pay federal income tax... they sure as hell pay many other taxes why do you think federal income tax is the only one you should look at? How about look at the entire taxes someone pays over the course of a year.

These fact's mean nothing without proper analysis, and in context.

It has everything to do with envy and the entitlement culture that "progressives" foster.
They want to LEECH off the productive members of America and get something for nothing.
They are envious of what others have and feel entitled to it regardless if they worked for it or not.

 

[michal1980]

This has nothing to do with envy, do you know who the 47% are? Where are these 47% in their life, why does federal income tax have to be the way you think they should pay? So what, they don't pay federal income tax... they sure as hell pay many other taxes why do you think federal income tax is the only one you should look at? How about look at the entire taxes someone pays over the course of a year.

These fact's mean nothing without proper analysis, and in context.

It has at least some part in envy.

The liberals want everything 'fair' and equal. Theres alot of envy.

 

[Paul98]

It has everything to do with envy and the entitlement culture that "progressives" foster.
They want to LEECH off the productive members of America and get something for nothing.
They are envious of what others have and feel entitled to it regardless if they worked for it or not.

Nothing you say here has any foundation in reality.

 

[spacejamz]

It has at least some part in envy.

The liberals want everything 'fair' and equal. Theres alot of envy.

The liberal's definition of 'fair' is anyone who makes more than you do...

 

[soulcougher73]

I previously created a thread where people posted their real tax percentage (fed only). It averaged out to be 10% when the few outliers were removed.

This means Romney is at 1.5 times the tax rate of most of us.

He is also eleventybillion times the wealth of ALL of us. So i think 1.5 times is nothing to make note of.

 

[Patranus]

It has at least some part in envy.

The liberals want everything 'fair' and equal. Theres alot of envy.

Exactly.
They see someone with money and thing "I want what they have". Instead of going out and getting it through the old American way, they thing "Oh, its easier to vote for people who will simply tax those guys and redistribute their money to me, not work needed - or the new American way.

It all goes back to the mentality of handing out participation trophies and what not.

And then people wonder why this country is ending up with a generation of useless idiots who have to go out and protest for more free stuff because they did what they "felt" was good instead of what was practical in college.

 

[HomerJS]

where did he lie?

The truth would have been either I made 13.9% or less then 15%. Not "I made somewhere close to the 15% rate". Misleading at best. Saying that with the intent to mislead knowing people would focus on the "15" is closer to lying.

 

[Ausm]

It has at least some part in envy.

The liberals want everything 'fair' and equal. Theres alot of envy.

LOL It doesn't surprise me seeing this come from you. I take it you have no clue what a progressive Tax rate is?

 

[spacejamz]

It all goes back to the mentality of handing out participation trophies and what not.

Or this one??? LOL