Republican presidential nominee Mitt Romney defended paying an effective tax rate of 14.1 percent on Sunday, following the release of his 2011 tax returns and ensuing backlash from critics who pounced on his relatively low tax rate.:ohbrother:

 

In the process, he argued that it would be fair for him to pay a lower effective rate than someone on the low end of the income ladder as his earnings derived primarily from capital gains. Low rates on those earnings, he said, help spur investment.:idunno:

 

CBS' Scott Pelley pressed Romney on the issue during an interview that aired Sunday night on "60 Minutes."

 

http://www.huffingtonpost.com/2012/09/23/mitt-romney-tax-rate_n_1908112.html

 

Thanks for posting the link.

 

Mitt Romney paid $1,935,708 dollars in federal taxes in 2011. That is One Million Nine Hundred Thirty Five Thousand Seven Hundred and Eight Dollars.

 

I'm pretty sure that is not less than most of us. As a matter of fact - it is probably more than all of us on BGP.

 

Before anyone gets all statistical on me, I realize the article is talking about percent of income -- but it brings us back to the question that no one is ever able to answer - what is one tax payer's fair share. Mitt paying almost 2 Million far exceeds what I think anyone's fair share should be.

Thanks for posting the link.

 

Mitt Romney paid $1,935,708 dollars in federal taxes in 2011. That is One Million Nine Hundred Thirty Five Thousand Seven Hundred and Eight Dollars.

 

I'm pretty sure that is not less than most of us. As a matter of fact - it is probably more than all of us on BGP.

 

Before anyone gets all statistical on me, I realize the article is talking about percent of income -- but it brings us back to the question that no one is ever able to answer - what is one tax payer's fair share. Mitt paying almost 2 Million far exceeds what I think anyone's fair share should be.

 

What is the tax rate for the average BGPer?

He says that the capital has already been taxed, thus a lower capital gains tax. Makes sense to me. Mitt made a lot if sense last night. Love his means testing for SS and Medicare. It will save both.

What is the tax rate for the average BGPer?

I would guess somewhere in the 10% range (effective). I'm married, have 2 kids, we paided an effective rate of 5% for 2011.

What is the tax rate for the average BGPer?

 

As a percent of gross total income I paid 10.34% federal income tax.

It is ok to pay less taxes on capital gains.

Still would pay a heck of a lot more than the lower income scenario you described. Why do feel someone who makes a lot of money, puts smart people around them should have to pay any more or less than anyone else. He is in this position because he got an education, goes to work and is a lot smarter than the average person. Why would we not want someone that knows how to manage money as oppose to someone who spends what his does not have?

Thanks for posting the link.

 

Mitt Romney paid $1,935,708 dollars in federal taxes in 2011. That is One Million Nine Hundred Thirty Five Thousand Seven Hundred and Eight Dollars.

 

I'm pretty sure that is not less than most of us. As a matter of fact - it is probably more than all of us on BGP.

 

Before anyone gets all statistical on me, I realize the article is talking about percent of income -- but it brings us back to the question that no one is ever able to answer - what is one tax payer's fair share. Mitt paying almost 2 Million far exceeds what I think anyone's fair share should be.

 

That's just FEDERAL Income tax.

 

He probably paid State income tax. If he is still a resident of Massachusetts he probably paid a lot in state income, local income and property taxes.

Still would pay a heck of a lot more than the lower income scenario you described. Why do feel someone who makes a lot of money, puts smart people around them should have to pay any more or less than anyone else. He is in this position because he got an education, goes to work and is a lot smarter than the average person. Why would we not want someone that knows how to manage money as oppose to someone who spends what his does not have?[/QUOTE]

 

You got it.:thumb:

Still would pay a heck of a lot more than the lower income scenario you described. Why do feel someone who makes a lot of money, puts smart people around them should have to pay any more or less than anyone else. He is in this position because he got an education, goes to work and is a lot smarter than the average person. Why would we not want someone that knows how to manage money as oppose to someone who spends what his does not have?

 

While there's no doubt that Candidate Romney "has" what the vast majority do not; here's an interesting sidebar. He paid more taxes (by not taking his full write-off for charitable contributions) in 2011 than was required.

 

It wasn't all that long ago that he said that someone who paid more taxes than they should shouldn't be running for President.

 

While I commend Candidate Romney for the donations he makes to charity; I'm still trying to reconcile the bolded.

Liberals never cease to amaze me. Last week they were dogging Mitt for not paying enough taxes.. Now they are dogging him for paying more than his "fair share".. Plus he gave 4 million to charity.. Guess the Libs will dog him for that too...

Liberals never cease to amaze me. Last week they were dogging Mitt for not paying enough taxes.. Now they are dogging him for paying more than his "fair share".. Plus he gave 4 million to charity.. Guess the Libs will dog him for that too...

 

Let me be clear. I do not think that Gov Romney should pay any more than he is obligated to pay. My gripe is that the system itself is skewed. I would also point out that Gov Romney, if his political career is over in six weeks, can file an amended return and get that extra back. He paid extra for political reasons. Let's take three examples. A family of four making 35k to 45k, all from wages. They make enough that they don't qualify for the earned income credit, but they have enough deductions that they pay zero income tax. They still pay 15.3 percent payroll tax, so their effective tax rate on their income is 15.3 percent. We have a second family of four that makes 100k, also from wages. They pay about $12,000 in income taxes amd $15,300 in payroll taxes for an effective rat of 27.3 percent. We have a third family of four that earns $1,000,000 from capital gains. That family pays less than 15 percent, depending on their deductions. That is a skewed tax system. Gov Romney thinks that is a fair system. I don't. Our current system favors taxing wages over taxing capital. In effect, it is picking winners and losers.

Let me be clear. I do not think that Gov Romney should pay any more than he is obligated to pay. My gripe is that the system itself is skewed. I would also point out that Gov Romney, if his political career is over in six weeks, can file an amended return and get that extra back. He paid extra for political reasons. Let's take three examples. A family of four making 35k to 45k, all from wages. They make enough that they don't qualify for the earned income credit, but they have enough deductions that they pay zero income tax. They still pay 15.3 percent payroll tax, so their effective tax rate on their income is 15.3 percent. We have a second family of four that makes 100k, also from wages. They pay about $12,000 in income taxes amd $15,300 in payroll taxes for an effective rat of 27.3 percent. We have a third family of four that earns $1,000,000 from capital gains. That family pays less than 15 percent, depending on their deductions. That is a skewed tax system. Gov Romney thinks that is a fair system. I don't. Our current system favors taxing wages over taxing capital. In effect, it is picking winners and losers.

 

Most money used to earn capital gains has already been taxed once. You don't think 15% is enough to take from gains on money that has already been taxed? What rate do you feel capital gains tax should be?

Let me be clear. I do not think that Gov Romney should pay any more than he is obligated to pay. My gripe is that the system itself is skewed. I would also point out that Gov Romney, if his political career is over in six weeks, can file an amended return and get that extra back. He paid extra for political reasons. Let's take three examples. A family of four making 35k to 45k, all from wages. They make enough that they don't qualify for the earned income credit, but they have enough deductions that they pay zero income tax. They still pay 15.3 percent payroll tax, so their effective tax rate on their income is 15.3 percent. We have a second family of four that makes 100k, also from wages. They pay about $12,000 in income taxes amd $15,300 in payroll taxes for an effective rat of 27.3 percent. We have a third family of four that earns $1,000,000 from capital gains. That family pays less than 15 percent, depending on their deductions. That is a skewed tax system. Gov Romney thinks that is a fair system. I don't. Our current system favors taxing wages over taxing capital. In effect, it is picking winners and losers.

You libs just keep trying to tax yourselves into prosperity, LOL!