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Romney only pays at a 15% tax rate...wtf

Iceberg Slim

By Iceberg Slim,
in Huddle Lounge

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mmmbeans Newbie

mmmbeans

Posted
Posted

Do a poll.

Ask the person what party they are a member of.

Ask what political persuasion they are (liberal/libertarian/conservative.

Then ask if they believe a flat tax or progressive tax rate is best for the country.

You'll probably get interesting results.

lol, like people support tax law based on what's good for the country.

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Iceberg Slim Newbie

Iceberg Slim

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because a flat tax is not an equal burden across all income brackets.

As compared to what we have in place now??? I am sorry, poor folk need to carry there share and conversely rich folk need to carry there share...eliminate loopholes that favor one side or the other. I put this question out there a while ago...but I'll ask again, what is the entry point in terms of salary that qualifies a single earner or a family in the top ten percent?

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Jase Apprentice

Jase

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ugh

I love watching the middle class fight to protect some rich guys tax % while they sit around and pay a higher %.

I'd love to be paying just 15% hell I'm paying close to that just in Self Employment Tax without even including State and Fed.

Save your pennies enough that you make more money in investments than you do in salary, and you too can take part in this american dream. You don't have to be super rich like Romney. :)

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stirs Grand Master

stirs

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Get ready for a whole lot more of this. The quick one liners in the news will sway an ill informed public pretty easily. Obama will run the "he only pays 15 percent" ads all day long once Romney is the nominee. Class warfare will be the order of the day this fall.

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Panthro Community Regular

Panthro

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I'm not complaining about the capital gain rate either. How many ways can a dollar be taxed...I dunno. I do know that I'm in the demographic that buys houses and cars, pays actual taxes, and invests. $20k to me is a good amount while jack poo to people like who we are talking about.

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Davidson Deac II Grand Master

Davidson Deac II

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Listened to a long talk on this on NPR today. Romney is paying 15% on part of his income based on the method that was used to pay when he worked for Bain.

On his regular salary, he pays 32% federal tax rate. But part of his salary was paid in a unique manner, and this is true of any company similar to Bain. The customer agrees to give the investment firm 20% of their future profit. Thats a capital gain, and subject to different rules than regular income tax, because its an investment return, not considered regular income. The capital gains tax laws were designed to encourage investors to fund investments. Capital investment groups realized that they could be paid from their investors future returns (assuming there are returns) and then get taxed at the capital gains rate. Its a loophole. And it was structured so that the money would be paid out over the years, instead of upfront. I don't blame Romney for taking advantage of it because I would if I were him (and so would almost everyone else here), but it is a loophole that needs to be fixed.

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stirs Grand Master

stirs

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Posted

Listened to a long talk on this on NPR today. Romney is paying 15% on part of his income based on the method that was used to pay when he worked for Bain.

On his regular salary, he pays 32% federal tax rate. But part of his salary was paid in a unique manner, and this is true of any company similar to Bain. The customer agrees to give the investment firm 20% of their future profit. Thats a capital gain, and subject to different rules than regular income tax, because its an investment return, not considered regular income. The capital gains tax laws were designed to encourage investors to fund investments. Capital investment groups realized that they could be paid from their investors future returns (assuming there are returns) and then get taxed at the capital gains rate. Its a loophole. And it was structured so that the money would be paid out over the years, instead of upfront. I don't blame Romney for taking advantage of it because I would if I were him (and so would almost everyone else here), but it is a loophole that needs to be fixed.

Cant wait to see how this is spun to Joe Q Public

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Davidson Deac II Grand Master

Davidson Deac II

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That is the thing that pisses me off the most about our government. The lobbyists have bought all of our senators and congressmen.

We need tax reform big-time. Do away with all of the loopholes BS tax deductables, and implement a flat tax that is adjusted to income. poo is so messed up now that you have to have a Ph.D in accounting to understand half of it, and that is just the way that congress wants it, so that us pathetic middle-class pawns can't understand how bad they screwed us.

Well, the law was originally intended to encourage investment, not provide a tax loophole. And it does encourage investment to a large extent. Perhaps the tax code should be flat, or at least simplified. But it would have to be done very very very carefully and implemented slowly, because no one truly knows what the impact of a flat tax would be, and it could have unintended consequences, just like the Capital gains tax did.

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