Who Paid A Higher Effective Federal Tax Rate Than Romney?

[Bonestorm]

TAMPA, Fla./WASHINGTON (Reuters) – Republican presidential candidate Mitt Romney released tax records on Tuesday indicating he will pay $6.2 million in taxes on a total of $45.2 million in income over the years 2010 and 2011.

Bowing to increasing political pressure to provide more detail about his vast wealth, the former private equity executive released tax returns indicating he and his wife, Ann, paid an effective tax rate of 13.9 percent in 2010. They expect to pay a 15.4 percent rate when they file their returns for 2011.

Romney’s tax rate is below that of most wage-earning Americans because most of his income, as outlined in more than 500 pages of tax documents, flows from capital gains on investments.

An effective rate of 13.9% ain't too shabby. Nice work, Willard's accountants!


http://www.rawstory.com/rs/2012/01/2...gn-tax-havens/

[Mott the Hoople]

An effective rate of 13.9% ain't too shabby. Nice work, Willard's accountants!


http://www.rawstory.com/rs/2012/01/2...gn-tax-havens/

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.

[NOVA]

Thats what happens when you give over $7,000,000 (of your own money) to charity......

I had to make that clear because its easy for Democrats to give that much of others peoples money to charity.

[Bonestorm]

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]

An effective rate of 13.9% ain't too shabby. Nice work, Willard's accountants!


http://www.rawstory.com/rs/2012/01/2...gn-tax-havens/

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/articl...BUD91MR4RS.DTL

[Cancel 2018. 3]

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....htm?hpt=hp_t1

[Bonestorm]

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/articl...BUD91MR4RS.DTL

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/taxfa....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.

[Cancel 2016.2]

An effective rate of 13.9% ain't too shabby. Nice work, Willard's accountants!


http://www.rawstory.com/rs/2012/01/2...gn-tax-havens/

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]

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/taxfa....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.

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?

[Bonestorm]

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.

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%.

That said, it is time to raise the capital gains tax to that of ordinary income rates.

I agree, but doubt it will ever happen.

[Cancel 2016.2]

Cawako, please. DO you think I'm an idiot and don't know the difference between marginal rates and effective rates.

Yes... and ... Yes.

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/taxfa....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.

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.

[Bonestorm]

Pender is quoting Tax Policy numbers as well. Said the effective rate in 2009 of all tax files returned was 11%. Any idea what percent to Americans file tax returns?

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%

[Jarod]

I dont blame Romney that he is paying a smaller percentage than the Average Middle Class Family, I blame the system that he is trying to keep in place. I blame the Bush tax cuts!

[Bonestorm]

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.

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.

[Cancel 2016.2]

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%.

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.

I agree, but doubt it will ever happen.

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)