He pays around 15% and did not release his tax records. I thought this was interesting. He is working the system yet running for presidency .
He pays around 15% and did not release his tax records. I thought this was interesting. He is working the system yet running for presidency .
What is interesting about someone doing something perfectly legal to avoid taxes? EVERYONE does it. Rich people just have more expensive lawyers and accountants to tell them how much to put where to end up with the lowest possible tax rate.
Nothing wrong with paying a 15% tax rate when you make your money on capital gains.
ME: "Hi, IRS? I'm just calling to tell you I'm only gonna pay you 15% income tax this year"
IRS: "Oh Really? Would you like the classic black and white striped jumpsuit, or the new hip orange one?"
Perfectly ok.
Capital Gains is very different from Income, but I do not agree with the fact that when we work, we make less than someone else who just has money making money for itself. I am not literate enough in the Gains/Income tax difference to make an argument; but I can't understand how any of our hard or soft labor should be taxed more than money simply compounding on itself.
We all work very hard for what little we make, yet those who happen to have more will always work less and make more. The poorest are the hardest working in America while the richest can relax and the only difference between me and someone else is how many zero's attached to their accounts.
CHASE ->>> WHAT MATTERS
You can pay 15% too, you just have to RISK AKA INVEST IT. Invest all your money and live off capital gains and you too can pay 15%.
Investment isn't guaranteed, its not always certain you make money. You can lose your ass too.
So we reward investors who take risks with a lower tax rate on profits they make.
You can't compare income with capital gains, that just shows how little you understand taxes
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You're buying into bullshit.
The filthy rich will always pay less, interest on 100 million is more than interest on 1000$.
As a whole poor people pay LESS in INCOME TAXES that wealthy, we have a progressive system.
Capital gains is geared for investors and people who create jobs and drive the economy.
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And I bet you $100 you don't pay 25% in taxes.
That's in the 100,000$+ income bracket
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Wtf do you think capital gains means.
Capital=investment
Capital GAINS means profit from investment
We provide incentives for people to invest in our economy, we realize it's a risk, so if they risk their capital, we reward their gains with a lower tax rate.
I'm invested heavily in our stock market mostly through mutual funds.
How much have you invested?
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Again if you want to take the SAME RISK AS ROMNEY, YOU CAN INVEST YOUR ENTIRE PAYCHECK every week.
Then you can be rewarded with lower taxes on whatever profit you make
Warren buffet does the exact same thing
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I think the candidates for the 2012 election are all corrupt morons.
Still trying to decide if I believe Ron Paul is legit or not. I really wanna say he's the best option..
Conformity is the jailer of freedom and the enemy of growth.
- John F. Kennedy
People who make 100K get taxed 28% by the federal government. But most middle class workers get taxed 25% by the fed gov. That's not taking into account the state tax we pay, medicare, medicaid, and social security as well. It adds up to be a lot more than just 25%.
Here's a link to our federal progressive tax brackets.
http://en.wikipedia.org/wiki/US_Inco...come_tax_rates
I was more concerned with the "create jobs and drive the economy" part. They've all debunked that Job creator myth and the economy driver myth. But that's whatever. If you still believe the investors are the economy drivers, and that we are rewarding them, then you also have to accept we are rewarding those people who orchestrated the collapse of our economy with a tax haven OR that those people aren't really "economy drivers"
Who cares if he's rich? Obama is a multi millionaire , so was McCain, so was john Kerry, etc.
Romney isn't worth billions, john Kerry is worth more than Romney, its hundreds of millions.
And most workers pay the 15-25% rates, you're forgetting about the deductions and credits. Also income is taxed progressively,
Look at effective tax rates
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People who invest create jobs, people who don't, well....don't.
Its not a myth, Romney expanded and created jobs with investment from bain capital, so any profit he made we tax at a lower rate.
You can keep generalizing, offering no facts, and ignoring my questions, still doesn't mean you're right
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I wasn't generalizing or ignoring anything. It's a myth. I offered up all the facts in another thread.
You mean they've been doing that 16 trillion dollar bailout in 2008 for 10 years now?
And I said that was the only reason I liked him. It looks as if I'll be forced to vote for a multimillionaire this election season unfortunately. I think I'll be writing people in until we get a selection that better represents the people of the US
Cain was the best choice we have had in decades but some stupid crap forced him out. Not saying he was perfect, just the best choice we have had.
As I have said before, I would vote for Hillary before I would vote for Obama so count me in that group that will vote GOP only because it is a vote against Obama.
You never offer any facts, you regurgitated left wing rhetoric and talking points.
Rich people create more jobs than poor
people who invest capital create jobs
That's just fact. Capital gains is geared towards investors, to risk their money to expand our economy
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You can see how on paper it's kinda progressive, but in practice it's pretty REgressive. The table stops at 35%/$350k+. It doesn't continue to progress past that. Also most millionaires don't pay income tax, they pay capital gains tax @ +-15%. All told, wealthy people pay a far less percentage than poor people.
Before you can say this you have actually define the cause. IMO, the cause was very high leverage, mainly in the housing and mortgage sectors. That can be traced back to Fannie and Freddie. The fact that Fannie and Freddie were out of control can be traced back to Barney Frank and other Dems who refused to allow reforms to Fannie and Freddie.
There are a LOT more people that added to the problem, and all of them SHOULD have seen the collapse coming if they are actually as smart as they say they are. I'm not relieving them of any guilt, I'm just saying that those in Congress who blocked reform deserve a lion's share of the blame.
I disagree. He wasnt bright enough in the ways of politics to actually run for President, but Cain is a very intelligent businessman.
The affair was doomed to end his run, but I have no faith in the sexual harassment claims. IMO when he paid those settlements out, he made a business decision. It cost less to pay them off than lawyers would cost to defend against the claims.
I think they should be stretched out more than they are to include people that make up to 1 mil. But with capital gains taxes the way they are, you're still not going to affect people making more than that. I don't think you should have a break because you "invest" "create jobs"(I use that term loosely) and you may or may not have an impact on the US economy, because when the bubbles burst (that investors create) and our currency becomes worthless (like it has), it has a profound impact on those less fortunate and virtually ZERO impact on investors. So I think we should jack up capital gains to at the VERY LEAST 35%. If you're an "investor" and a "job creator" and you want to carry the responsibility of "creating jobs" and "taking risks" with your money, then you should step up and take the responsibility of the tax burden, because if you want to claim responsibility for an economic boom, you have to also claim responsibility for its collapse under the same circumstances.
So as long as he can handle his money, you think he'd make a good leader of a country. Remember, the POTUS represents the US.Originally Posted by BanginJimmy
Businessman, maybe. Intelligent, yet to be seen.
What tax did Romney avoid exactly? I'm all for tax reform but as long as he is following the tax code, I can't blame Romney for having a too low tax rate.
But he didn't avoid anything, he followed the law.
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Poor people can get tax breaks too, it isn't hard.
I write off thousands of dollars each year of my income through my "photography business". I have zero problems with someone getting out of taxes, or finding a way to get into a lower bracket. I would encourage everyone to attempt to do so.
I quit reading right here. Saying rich people are more fortunate than poor people implies that the only reason rich people are rich is because they got lucky. It implies that rich people didnt get rich by their own hard work and sacrifice.
Outside of a very small percentage of Americans, being poor in this country means you screwed yourself.
That quote is from this book: http://www.amazon.com/gp/product/081...SIN=0815703228Originally Posted by Brookings Institute
Another quote from the book referenced, this is in the authors words, not a part of the brookings study as far as I know.
Originally Posted by Ron Haskins
Bumping this up for the Whorelounge thread.
I also dont want my excellent previous post to go without a response.