40 replies to this topic

[MadHatter]

Who makes 56k and pays 27%? If they do, then they need to hire a new accountant. Or actually get an accountant.

You do realise that 14% is effective tax rate, not tax bracket don't you? And the average effective federal tax rate for americans is around 11-12%. For someone making 56k, its actually around 7%.

http://usatoday30.us...rate/52682372/1

Romney pays a higher effective tax rate than the average american. He does however pay a lower tax rate than most in his tax bracket because of the nature of his income.

And the fact that he gave a shitload to charity....even if you don't like his charity.

[mmmbeans]

sorry... the mormon church doesn't count as "charity."

[Tarheel31]

Who makes 56k and pays 27%? If they do, then they need to hire a new accountant. Or actually get an accountant.

You do realise that 14% is effective tax rate, not tax bracket don't you? And the average effective federal tax rate for americans is around 11-12%. For someone making 56k, its actually around 7%.

http://usatoday30.us...rate/52682372/1

Romney pays a higher effective tax rate than the average american. He does however pay a lower tax rate than most in his tax bracket because of the nature of his income.

I understand you can play with the numbers to illustrate whatever BS you would like but this is simply not true.

For example, 56K / 24 pay periods = $2333 per pay period.
after taxes are taken there is about $1780 remaining.

So we will round that to $550 in tax per pay period X24 for a total of $13200 in a year.

At the end of the year say I get $2K back (since I can write off before/after school care for my kids)... that means I payed 11,200 in taxes total.

That is exactly 20%

I must be getting ripped off since I'm only supposed to be paying 7%....

[Harris Aballah]

Raise taxes on the rich and they will raise prices on the poor! And probably cut a few jobs while they are at it!

[mmmbeans]

Raise taxes on the rich and they will raise prices on the poor! And probably cut a few jobs while they are at it!

nm

[Davidson Deac II]

I understand you can play with the numbers to illustrate whatever BS you would like but this is simply not true.

For example, 56K / 24 pay periods = $2333 per pay period.
after taxes are taken there is about $1780 remaining.

So we will round that to $550 in tax per pay period X24 for a total of $13200 in a year.

At the end of the year say I get $2K back (since I can write off before/after school care for my kids)... that means I payed 11,200 in taxes total.

That is exactly 20%

I must be getting ripped off since I'm only supposed to be paying 7%....

Its not playing with numbers, nor is it bs, its just plain simple facts. If you paid 11,200 in federal income taxes, then you got ripped off. If you are including other things such as state tax, social security, medicare etc... then Romney's numbers don't include that stuff, so its not a valid comparison.

My own effective tax rate is 11.4%. Guess I have a better accountant than Romney.

[Tarheel31]

If you are including other things such as state tax, social security, medicare etc... then Romney's numbers don't include that stuff, so its not a valid comparison.

This must be the source of the confusion.

This is what I pay in taxes total.

[Davidson Deac II]

This must be the source of the confusion.

This is what I pay in taxes total.

Understood, and to be honest I have no idea how the wealthy are charged when it comes to ss and medicare.

Considering Romney lives in Mass, I bet he does pay a hefty state tax though.

[stirs]

Who makes 56k and pays 27%? If they do, then they need to hire a new accountant. Or actually get an accountant.

You do realise that 14% is effective tax rate, not tax bracket don't you? And the average effective federal tax rate for americans is around 11-12%. For someone making 56k, its actually around 7%.

http://usatoday30.us...rate/52682372/1

Romney pays a higher effective tax rate than the average american. He does however pay a lower tax rate than most in his tax bracket because of the nature of his income.

Dont be throwing real numbers out, you will screw up the whole thread.

[Davidson Deac II]

The real question regarding Romney's income is should dividend income be taxed at a rate higher than it is now. To be honest, I am not sure of the answer to that question.

[MadHatter]

sorry... the mormon church doesn't count as "charity."

It does as much as any other church.

Don't like churches being charities....can understand that. But, thinking one is ok and another is not is ridiculous.

And, for those of you who think that the Mormon Church is any more of a cult than any other religion has no idea what they are talking about. I do....because I attended the church as a teenager and know what they REALLY believe and not the ill informed sound bites that are floating around out there.

[MadHatter]

Understood, and to be honest I have no idea how the wealthy are charged when it comes to ss and medicare.

Considering Romney lives in Mass, I bet he does pay a hefty state tax though.

The SS and Medicare taxes are a big issue and area of debate. Because they are capped at just over $110k, the effective rate that the wealthy pay for this tax is much, much less than the average person.

Raising the limit is a huge issue to me, because it would be a significant tax increase.

[mmmbeans]

It does as much as any other church.

also not ok.

[Delhommey]

Yeah but Medicare is one of the "good"* handouts for conservatives.



*good being defined as giving things to white baby boomers more than minorites.

[pstall]

let's suppose we do raise taxes and 4 years from now we are WORSE off. then what? everybody gets a fishing pole and a slap on the back?