We all know he's rich- we don't know exactly how much. Some estimates are around $250MM net worth, with an annual income (recently) of just under a million from speaking fees and carried interest. That's why his tax rate is 15%- it's only a 15% tax on carried interest. His speaking fees "should" be taxed normally, but perhaps he has a loop hole on those somehow? We don't know until his returns are published. My question is, how the hell do you claim you plan to balance a budget and reduce the deficit if the highest earners in this country can have a tax rate 15-20% LESS than low, middle class people pay? What idiot is not for removing this loop hole, and restoring the tax rates for the $1MM+ earners to the rate it was in the 90's when the economy was growing and the deficit wasn't? Someone will reply, 'it's all about spending'- yeah, but all plans considered and endorsed by Democrats had a 5:1 or similar ratio of spending cuts to tax increases- so to tackle the problem by both sides, and looking at the tax rate side for this discussion, it is so clearly flawed as is evident by Romney, discussed by Warren Buffett, as well as bi-partisan committees like Bowles-Simpson.
whoa hang on dude. As a middle class person myself, my tax rate was 8 or 9% when i did my taxes last year. so ... his tax rate is NOT 15-20% less than most middle class people
This thread is goofy on so many levels. No, mcbrett, Romney doesn't pay less than middle class people.
McBrett, your question should be directed toward Barack Obama (or perhaps Nancy Pelosi). They drafted and signed the bill that set the current tax rates.
McBrett - Do you even understand the difference between income tax and capital gains. Judging from your post, you most assuredly do not. Mittens has already paid an income tax on the money he has sitting in his checking account - probably anywhere from 36%-39% (whatever the rate was at the time he made it). So after paying income taxes on that money he has elected to re-invest that money (making the recipient of that invested money very happy as it allows businesses to grow) to make more (most people with a brain see this as prudent). The capital gains tax is 15% - what do you suggest it should be? At what point will the rate on capital gains be high enough that Mittens will just put it under his mattress? Or take his capital outside this country to a country with a more favorable cap gains tax (or a country without one).
WHOA! you mean he is paying the rate the law requires? Well, he'll clearly never get a job in the obama administration which btw, dear leader paid barely 20% on his 7 million in income from his work of fiction sales. non issue, but whatever. the left just needs to admit they hate success, and admit they think a goverment that outspends cash flow by some 1.5 TrILLION year on year is a better avenue of capital allocation than the private sector. we all know that is what they think, but they are too afraid to admit it. just step out and be the good little socialists we all know you are.
Are you really that clueless? Do you even know what Capital Gains Tax is? Do you know what an EFFECTIVE Tax Rate is? Your reach is so clueless, keep saying eventually somebody who has no clue will believe you, keep going don't stop and admit your mistake now!
McBrett needs to keep talking. His incredible lack of knowledge cracks me up. Wait, wait...China has no coal, right McBrett? Lol. And now he doesn't even know what tax rates mean. Sheesh.
Mittens has already paid an income tax on the money he has sitting in his checking account - probably anywhere from 36%-39%. Supporting data/link please.
McBrett, yes, the Democrats controlled the ENTIRE government when they extended the Bush tax cuts. So, if you have a complaint about it, call them. Ironically I'm sure that Axlerod will be singing from the same hymnal as McBrett, and the media will be following closely behind. Idoits.
Prod, As the only poster who has a brain here, let's discuss. Loophole is a generous term for something that is 100% legal here. I never disputed that nor does anyone else and if I did- people would yell he was cheating on his taxes which I didn't. In my view, and that of millions of other people, getting to pay only 15% of your income as taxes, especially when your net total income is several hundred K, that is a big effing loophole. I didn't pay 50%, I paid 48%, that included city and state income taxes on top of federal, and I did not own a house or have a child at the time- and yes, it is correct. Guys like 314 who don't understand that China's coal supply, while existent, is not enough to meet demand, is a lower tax bracket. Your data above is correct- and thank you for posting it as it only bolsters my point. If you take plain vanilla salary income and tax it for earners above $500k/year, add in state and local, you should have low to mid 40's for average tax rates. The fact that it is in the 20s, aside from mortgage interest deductions etc is exhibit A how more sophisticated people, especially in the finance sector, can disguise or move income to areas where it is taxed much less. Your post doesn't disagree with mine at all. I am merely pointing out it isn't exactly intuitive that the higher earners in finance should pay less percentage wise than a guy making $50k/year. This was exactly the point of Warren Buffett in his WSJ Op-Ed. So, you see, I share his views, but we disagree with the intellectual powerhouses of some of the above posters who clearly put a lot of thought and research into their ideas.
mcbrett, Man of the People. Congratulations. You've aligned yourself with the ignorant masses. And I'd say that 59% is way too low. By the way, do you have any video of yourself at an OWS rally?
For my money- Taco Cabana makes restaurant quality Tex-Mex but at fast food prices. Breakfast tacos were on sale for .59 cents today! If you don't like my views on Taco Cabana, watch out! I take that mierdo seriously pendejos and will come after you, accusing you of attending rallys! Woo Hoo!
I'm at a loss... I really am. Mcbrett you're apparently playing by a totally different set of discussion rules than anyone else on here based on what you just posted. You now ADMIT that you're comparing apples to oranges, and yet you STILL KEEP DOING IT!!! Unbelievable...
