Romney admits effective tax rate is 15%

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    Jan 17, 2012 8:05 PM GMT
    So I guess the top 1% isn't overtaxed... icon_rolleyes.gif

    ABC NewsFLORENCE, S.C. - Mitt Romney revealed for the first time today that his effective tax rate is "closer to 15 percent," suggesting that he pays less in taxes than many middle income Americans despite being worth an estimated $250 million.

    "What's the effective rate I've been paying? It's probably closer to the 15 percent rate than anything," Romney said during a press conference after an early morning rally. "Because my last 10 years, I've…my income comes overwhelmingly from some investments made in the past, whether ordinary income or earned annually. I got a little bit of income from my book, but I gave that all away. And then I get speakers fees from time to time, but not very much."


    http://news.yahoo.com/romney-reveals-tax-rate-probably-closer-15-percent-164154964--abc-news.html
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    Jan 17, 2012 8:31 PM GMT
    Wow Willard. That's not fair!
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    Jan 17, 2012 9:37 PM GMT
    Woah................................
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    Jan 17, 2012 9:46 PM GMT
    If you measure taxes in time paid, Romney's actually pays nothing.....0%.

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    Jan 17, 2012 10:27 PM GMT
    Most of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.
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    Jan 17, 2012 10:33 PM GMT
    socalfitness saidMost of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.


    Not when that person is attacking the president by lying about how tax rates are hurting job growth, and how unfair the top rate is for "job creators" like himself. icon_rolleyes.gif

    Basically, Romney's entire stump speech is a series of lies, which are being exposed after each subsequent utterance. icon_lol.gif
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    Jan 17, 2012 10:35 PM GMT
    Christian73 said
    socalfitness saidMost of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.


    Not when that person is attacking the president by lying about how tax rates are hurting job growth, and how unfair the top rate is for "job creators" like himself. icon_rolleyes.gif

    Basically, Romney's entire stump speech is a series of lies, which are being exposed after each subsequent utterance. icon_lol.gif

    No inconsistency at all. Sounds like you're in full panic mode. icon_lol.gif
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    Jan 17, 2012 10:35 PM GMT
    socalfitness saidMost of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.


    At least I presume he reports his income or should I say incum?
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    Jan 17, 2012 10:36 PM GMT
    Christian73 said
    socalfitness saidMost of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.


    Not when that person is attacking the president by lying about how tax rates are hurting job growth, and how unfair the top rate is for "job creators" like himself. icon_rolleyes.gif

    Basically, Romney's entire stump speech is a series of lies, which are being exposed after each subsequent utterance. icon_lol.gif


    two most overused words of the left

    hate and liar
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    Jan 17, 2012 10:38 PM GMT
    socalfitness saidMost of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.


    Achieving the 'capital gain' is a hell of a lot of work and a whole bunch of risk.
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    Jan 17, 2012 10:38 PM GMT
    socalfitness said
    Christian73 said
    socalfitness saidMost of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.


    Not when that person is attacking the president by lying about how tax rates are hurting job growth, and how unfair the top rate is for "job creators" like himself. icon_rolleyes.gif

    Basically, Romney's entire stump speech is a series of lies, which are being exposed after each subsequent utterance. icon_lol.gif

    No inconsistency at all. Sounds like you're in full panic mode. icon_lol.gif


    I forgot you're a Republican. You bathe in hypocrisy every day.
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    Jan 17, 2012 10:39 PM GMT
    freedomisntfree said
    socalfitness saidMost of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.


    Achieving the 'capital gain' is a hell of a lot of work and a whole bunch of risk.


    Not when you're doing it with other people's money and being bailed out by the government as Romney did and was.
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    Jan 17, 2012 10:58 PM GMT
    southbeach1500 said
    Christian73 said
    socalfitness saidMost of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.


    Not when that person is attacking the president by lying about how tax rates are hurting job growth, and how unfair the top rate is for "job creators" like himself. icon_rolleyes.gif

    Basically, Romney's entire stump speech is a series of lies, which are being exposed after each subsequent utterance. icon_lol.gif


    The top tax rate (which I pay) of 35% is indeed unfair to job creators, like me.

    How many jobs have YOU created????



    Christian73 said

    Basically, Romney's entire stump speech is a series of lies, which are being exposed after each subsequent utterance. icon_lol.gif


    Thanks for that, Rachel Maddow. icon_rolleyes.gif


    We've been over this job creator stuff time and again. It's bullshit.

    Only one thing creates jobs and that's demand.

    And calling me Rachel Maddow is high praise! A Rhodes scholar and a brilliant pundit. And she's hot!
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    Jan 17, 2012 11:04 PM GMT
    southbeach1500 said
    Christian73 saidWe've been over this job creator stuff time and again. It's bullshit.


    And you still don't understand how it works.





    Christian73 saidOnly one thing creates jobs and that's demand.


    Incorrect. That is only part of the equation. If there is demand, but nobody with the money to invest in a business to meet the demand, the demand goes unfulfilled.


    Incorrect. Demand must exist. Other things are generally scalable.
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    Jan 17, 2012 11:09 PM GMT
    Christian73 said
    socalfitness said
    Christian73 said
    socalfitness saidMost of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.


    Not when that person is attacking the president by lying about how tax rates are hurting job growth, and how unfair the top rate is for "job creators" like himself. icon_rolleyes.gif

    Basically, Romney's entire stump speech is a series of lies, which are being exposed after each subsequent utterance. icon_lol.gif

    No inconsistency at all. Sounds like you're in full panic mode. icon_lol.gif


    I forgot you're a Republican. You bathe in hypocrisy every day.


    I think maybe it was yesterday that somehow, someway, somewhere you managed to grind out a couple of posts without insults … congrats!
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    Jan 17, 2012 11:18 PM GMT
    socalfitness saidMost of his income is evidently from capital gains, similar to that of Warren Buffett. You can argue the pros and cons of whether the capital gains tax rate should be higher, or even equal the rate of ordinary income. But trying to criticize someone for paying exactly what the law currently requires is ridiculous.

    ------------------------------------------------------------------------------------------------



    No SoCal It is not "rediculous", because what got their tax rates down was using their high paid Wall street or Bank lobby to buy policy and legislation so their rates would stay down to that 15%.

    That happens to be a very good reason to criticize the likes of Romney, because they used a crooked system to gain advantage over the Middle class. Wheres the Middle class lobby to take up their causes against the Corps that Romney says are "people" ?
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    Jan 17, 2012 11:44 PM GMT
    southbeach1500 said
    realifedad said

    No SoCal It is not "rediculous", because what got their tax rates down was using their high paid Wall street or Bank lobby to buy policy and legislation so their rates would stay down to that 15%.


    Then why didn't Obama, Pelosi and Reid "fix" it when they had complete control of the Federal government for the first 2 years of the Obama admin?

    I ask you again (for what may now be the 12th time), please provide your proof that Dems had "complete control" of the Federal government for the first 2 years of this Administration.

    You repeat that lie over and over again, even when the actual numbers in Congress are given to you. This is why you have no credibility on this site, except among your Convervaposse colleagues.

    ::: waiting for the standard ad hominem attacks on me when SB is confronted with something he cannot tolerate -- the truth :::
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    Jan 18, 2012 12:29 AM GMT
    Art_Deco said
    southbeach1500 said
    realifedad said

    No SoCal It is not "rediculous", because what got their tax rates down was using their high paid Wall street or Bank lobby to buy policy and legislation so their rates would stay down to that 15%.


    Then why didn't Obama, Pelosi and Reid "fix" it when they had complete control of the Federal government for the first 2 years of the Obama admin?

    I ask you again (for what may now be the 12th time), please provide your proof that Dems had "complete control" of the Federal government for the first 2 years of this Administration.

    You repeat that lie over and over again, even when the actual numbers in Congress are given to you. This is why you have no credibility on this site, except among your Convervaposse colleagues.

    ::: waiting for the standard ad hominem attacks on me when SB is confronted with something he cannot tolerate -- the truth :::


    Well, as complete a control as one party can have.
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    Jan 18, 2012 12:33 AM GMT
    freedomisntfree said
    Art_Deco said
    southbeach1500 said
    realifedad said

    No SoCal It is not "rediculous", because what got their tax rates down was using their high paid Wall street or Bank lobby to buy policy and legislation so their rates would stay down to that 15%.


    Then why didn't Obama, Pelosi and Reid "fix" it when they had complete control of the Federal government for the first 2 years of the Obama admin?

    I ask you again (for what may now be the 12th time), please provide your proof that Dems had "complete control" of the Federal government for the first 2 years of this Administration.

    You repeat that lie over and over again, even when the actual numbers in Congress are given to you. This is why you have no credibility on this site, except among your Convervaposse colleagues.

    ::: waiting for the standard ad hominem attacks on me when SB is confronted with something he cannot tolerate -- the truth :::


    Well, as complete a control as one party can have.
    Dont ya think thats a long cry from old SB's bullshit about "total" control.. I sure do!
  • musclmed

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    Jan 18, 2012 12:45 AM GMT
    Christian73 said
    southbeach1500 said
    Christian73 saidWe've been over this job creator stuff time and again. It's bullshit.


    And you still don't understand how it works.





    Christian73 saidOnly one thing creates jobs and that's demand.


    Incorrect. That is only part of the equation. If there is demand, but nobody with the money to invest in a business to meet the demand, the demand goes unfulfilled.


    Incorrect. Demand must exist. Other things are generally scalable.



    What is a fair tax rate in your opinion for his bracket?
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    Jan 18, 2012 12:52 AM GMT
    musclmed said
    Christian73 said
    southbeach1500 said
    Christian73 saidWe've been over this job creator stuff time and again. It's bullshit.


    And you still don't understand how it works.





    Christian73 saidOnly one thing creates jobs and that's demand.


    Incorrect. That is only part of the equation. If there is demand, but nobody with the money to invest in a business to meet the demand, the demand goes unfulfilled.


    Incorrect. Demand must exist. Other things are generally scalable.



    What is a fair tax rate in your opinion for his bracket?


    No one knows what Romney made last year as he didn't release his tax returns. A top marginal rate of 70% is what the Laffer curves suggests as most effective. And capital gains should be taxed at the same rate.
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    Jan 18, 2012 12:53 AM GMT
    southbeach1500 said
    Art_Deco said
    I ask you again (for what may now be the 12th time), please provide your proof that Dems had "complete control" of the Federal government for the first 2 years of this Administration.

    You repeat that lie over and over again, even when the actual numbers in Congress are given to you. This is why you have no credibility on this site, except among your Convervaposse colleagues.

    ::: waiting for the standard ad hominem attacks on me when SB is confronted with something he cannot tolerate -- the truth :::


    Colonel Hurricane Committee,

    It's not a lie.



    It's an exaggeration.
  • Posted by a hidden member.
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    Jan 18, 2012 12:55 AM GMT
    southbeach1500 said
    Art_Deco said
    I ask you again (for what may now be the 12th time), please provide your proof that Dems had "complete control" of the Federal government for the first 2 years of this Administration.

    You repeat that lie over and over again, even when the actual numbers in Congress are given to you. This is why you have no credibility on this site, except among your Convervaposse colleagues.

    ::: waiting for the standard ad hominem attacks on me when SB is confronted with something he cannot tolerate -- the truth :::


    Colonel Hurricane Committee,

    It's not a lie.

    Freedomisntfree begs to differ from you.
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    Jan 18, 2012 1:07 AM GMT
    Christian73 said
    musclmed said
    Christian73 said
    southbeach1500 said
    Christian73 saidWe've been over this job creator stuff time and again. It's bullshit.


    And you still don't understand how it works.





    Christian73 saidOnly one thing creates jobs and that's demand.


    Incorrect. That is only part of the equation. If there is demand, but nobody with the money to invest in a business to meet the demand, the demand goes unfulfilled.


    Incorrect. Demand must exist. Other things are generally scalable.



    What is a fair tax rate in your opinion for his bracket?


    No one knows what Romney made last year as he didn't release his tax returns. A top marginal rate of 70% is what the Laffer curves suggests as most effective. And capital gains should be taxed at the same rate.


    I didn't see the ' j/k ' on that one, but will make the assumption that you indeed are joking.
  • musclmed

    Posts: 3279

    Jan 18, 2012 1:38 AM GMT
    Christian73 said
    musclmed said
    Christian73 said
    southbeach1500 said
    Christian73 saidWe've been over this job creator stuff time and again. It's bullshit.


    And you still don't understand how it works.





    Christian73 saidOnly one thing creates jobs and that's demand.


    Incorrect. That is only part of the equation. If there is demand, but nobody with the money to invest in a business to meet the demand, the demand goes unfulfilled.


    Incorrect. Demand must exist. Other things are generally scalable.



    What is a fair tax rate in your opinion for his bracket?


    No one knows what Romney made last year as he didn't release his tax returns. A top marginal rate of 70% is what the Laffer curves suggests as most effective. And capital gains should be taxed at the same rate.


    Considering what I pay effectively, around near 40% is a bit more. Somewhere around a basement 25

    70% is just ridiculous. And considering what happens when you hit a certain economic level ( JOHN EDWARDS) ways are found around this problem.
    Maybe its the reason why many of the European econmies abandoned this model for lower top rates?

    I would assume Romney is able to lower his rate through capital gains the others come from deductions.

    I asked you what was FAIR, not was most effective. Our government should not start with the premise of how much it can extract out of the people. It should be the reverse.

    How much is needed to run the government within the powers of the Constitution.

    Personally I am a bit tired of the "money swappers" who impose a great deal of risk to our economy getting off with a low tax rate.
    In contrast the people who actually "do something" pay a higher rate, regardless of income.
    Could this be done in a way a tiered Capital gains structure to amounts over 250k of capital gains be taxed higher than 25%.

    I think most Americans would support that.