An effective rate of 13.9% ain't too shabby. Nice work, Willard's accountants!
http://www.rawstory.com/rs/2012/01/...als-13-9-rate-holdings-in-foreign-tax-havens/
Who Paid A Higher Effective Federal Tax Rate Than Romney?
- Thread starter Bonestorm
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An effective rate of 13.9% ain't too shabby. Nice work, Willard's accountants!
http://www.rawstory.com/rs/2012/01/...als-13-9-rate-holdings-in-foreign-tax-havens/
Mott the Hoople
Sweet Jane
That's not Romney's fault. Hell I'd use the tax break too. It's just a very, very bad law that sets a horrible example that investment income is more important then productive income. Investment income should be taxed at the same progressive rate as employment income.
I didn't say it was his fault and I have never blamed anyone for taking advantage of the tax laws as they exist today. Romney (and the rest of the Republican filed, frankly) defend the fact that the wealthiest pay the lowest percentage of income in taxes and think it is just a matter of "envy" to suggest otherwise.
cawacko
Well-known member
Is Romney's tax rate below those of most Americans? (Note: This women is a business writer for the SF Chronicle, i.e. she's not some right-wing writer from Heritage)
Edit: The article is about effective rates vs. marginal rates.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/01/19/BUD91MR4RS.DTL
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Nevertheless, and contrary to popular perception, Romney's effective federal income tax rate is still above that of many Americans -- 80% of whom have an effective rate below 15%. That tax rate is higher when other federal taxes -- such as the payroll tax -- are included.
http://money.cnn.com/2012/01/24/news/economy/Romney_tax_return/index.htm?hpt=hp_t1
http://money.cnn.com/2012/01/24/news/economy/Romney_tax_return/index.htm?hpt=hp_t1
Cawako, please. DO you think I'm an idiot and don't know the difference between marginal rates and effective rates. My effective rate is lower than Willard's for 2010 but I know that, in years prior, my effective rate was higher than his and that I didn't earn quite as much income as him.
I cannot find data for 2010, but here is a link to a table (that doesn't really have that much detail, admittedly) that shows that Willard's effective rate was lower than the average rate for the top 50% of income earners. That's ridiculous. He's in the top 1% easily.
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=456
If anyone has actual data (as opposed to assertion) that Willard's rate isn't really all that low by comparison, I'd love to see it.
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The Almighty
For Federal income taxes about 47.3% of the population have an effective rate of ZERO. I would be out of the other 50% most are able to get under 15% as well.
That said, it is time to raise the capital gains tax to that of ordinary income rates.
cawacko
Well-known member
Pender is quoting Tax Policy numbers as well. Said the effective rate in 2009 of all tax returns filed was 11%. Any idea what percent of Americans file tax returns?
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So you think poor people should be paying more in taxes? We're talking about a guy well in the top 1% paying an effective rate that is lower than the average rate for the top 50%.
I agree, but doubt it will ever happen.
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The Almighty
Yes... and ... Yes.
http://www.taxfoundation.org/news/show/250.html
Scroll down to Table 1... it will provide you with what you are looking for to a degree. The top 1% will vary widely based on where they derive their income. Athletes, musicians, actors etc... who get large salaries are going to pay much higher effective rates than the Romneys of the world who derive the bulk of their income from cap gains.
Talking about "Americans" as opposed to "income earners" is a joke. And yes, I imagine the average overall effective rate is quite low. The average effective rate for the bottom 50% of income earners is lower than 2%, the average rate for the top 50% of income earners is about 13%
Actually, I'm not looking for anything. But if I were, the relevant data is in Table 8. There are lots of people that work for a living and earn much less that pay a higher rate than Romney. It isn't just athletes and such.
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The Almighty
You are incorrect. His rate is still above the average of the top 50%. It is also above the average for the top 10%. It is below the average for the top 1 and 5% brackets. Which is because of where he gets his income relative to others in that category.
It will. It is stupid to change the marginal rates as there are too many loopholes and deductions. Dems and Reps alike should want to raise cap gains. It ACTUALLY would raise the amount paid by the wealthy (which the Dems love) and help to balance the budget (which the Reps claim they want)
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The Almighty
LMAO... you argue just to argue. Look close at table one and table eight. Notice anything?
Yes, there are people out there that make less that pay a higher rate... but you were talking about the AVERAGE person in those categories. On AVERAGE they do not pay more.
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The Almighty
Its an embarrassment that you make stupid comments like the above without providing any sort of evidence to back it up.
It is also quite funny that you say a family of four that makes $150k is just trying to 'get by'
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The Almighty
you are fucking idiot. He doesn't pay less than the average middle class family you idiot. I suppose you aren't going to blame Clintons tax cuts to cap gains? Just Bush's tax cuts to cap gains? Right Jarod? Are you too tired again today to back up your idiotic claims from yesterday?
Mott the Hoople
Sweet Jane
Well I agree that that is total bullshit and I would agree with you that it was they and a minority of spineless Democrats that permited them to cut the long term capital gains tax to 15%.