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He just needs to release his tax records already. By not doing so, he's creating a story that should be a non-story.
what a pussy
He just needs to release his tax records already. By not doing so, he's creating a story that should be a non-story.
Too bad he's been releasing his financial records since 2004. Any idiot could find them on the internets.
Well, almost any idiot.
Last edited by ChumpDumper; 01-17-2012 at 10:55 PM.
You made more than $123,100 in 2010? Good for you! That's how much a married couple filing joint return would have to earn with no other deductions for 2010, to pay a 15% federal rate.
Now if you are single, you only had to make $61,550 in 2010 before paying a 15% rate.
Remember, Romney has a spouse.
I'm appalled by the desire to see other peoples personal records.
Why don't you just say to him "I demand to enter your house?"
Why... I mean how... do you guys find principle in demanding others give up their cons utional rights, and if they stand on principle to retain their rights, you cry foul?
How much money a person makes defines the value and respect given. "Christian" America is profoundly materialistic, superficial, voyeuristic, "TV-deep", which is off course completely ersatz.
So peeping-Tom America loves to know how much money you make and how and who you , tendencies fanned by the media seeking ad $$.
Last edited by boutons_deux; 01-18-2012 at 09:17 AM.
The DNC pouncing: http://www.whatmittpays.com/
You think a married couple filing jointly making $123,100, federal income tax rate is 15%? You might want to check your facts.
I get to write off my mortgage interest, right? That loan is treated differently in the tax code from all others; why can't a similar structure exists for the sale/repurchase of a primary residence.
It is very convenient that the bazillionaires can count as allies ALL homeowners who netted (or hope to one day net) a $30,000 appreciation in home value over twenty years; while they buy and sell ad nauseum - getting millions in INCOME each year, taxed at a rate 60% lower than many of their (useful idiot) allies.
At that income level, their marginal rate would indeed be over 15%, but the actual amount of income tax paid? 15% sounds about right.
Class warfare. Mitt Romney has been a productive and job-creating member of society in his professional career. You shouldn't be criticizing him, you should be thanking him. Instead you want to take more of the money he rightfully earned by having a lot of money.
Last edited by Spurminator; 01-18-2012 at 10:42 AM.
Ya. It depends on what deductions they have but WC said "That's how much a married couple filing joint return would have to earn with no other deductions for 2010, to pay a 15% federal rate"
Is this supposed to be in blue text?
"Mitt Romney has been a productive and job-creating member of society in his professional career"
bull , Bain employees said job creation or destruction were side-effects of increasing shareholder wealth, which was the overwhelming priority, no matter what other consequences.
The Romney Tax Loophole
After refusing for weeks to release his taxes, Mitt Romney now says he'll do so - by tax day, April 15. But the real news is what Romney has now admitted about his taxes.
It's not how much Romney earns. Everyone knows he's comfortably in the top one-tenth of one percent.
It's how much he pays of it in taxes. Romney says he pays a tax rate of "about 15 percent."
That's lower than the tax rate most of America's middle class face and far lower than the 35 percent top rate after the Bush tax cut. (To put this in perspective, recall that the top income tax rate under Dwight Eisenhower was 91 percent.)
Newt Gingrich immediately pounced on Mitt's admission as evidence that Newt's proposed flat 15 percent tax is ideal, and wants to call it the "Romney tax." Newt's flat tax is a fraud. It would dramatically lower the taxes of most of the top 1 percenters and increase the taxes of most of the rest of us.
The real smoking gun is how Romney manages to pay only 15 percent on what's been his money-gusher of compensation from Bain Capital. Romney hasn't released his tax returns yet, but the most obvious answer is he treats his Bain income as capital gains - subject to the current capital gains rate of only 15 percent.
A loophole in the tax laws allows private-equity managers like Romney to treat their compensation as capital gains. It's legal but it's a scandal. Income from employment is employment income, period.
Private-equity managers cling to the technicality that the money they take out of their companies comes from the appreciation of assets they own and sell. That may be true, but it's still income they get from their jobs. Common sense would dictate it be treated as ordinary income.
Congress has vowed for years to close this loophole. But somehow it persists. Even when Democrats have been in charge, they haven't been able to close it.
Guess why. The managers and executives of private-equity funds are big donors to Republicans and Democrats alike.
Don't call it the Romney tax, as Newt wants to do. Call it the Romney tax loophole. And let him explain why he thinks it's justified.
http://www.readersupportednews.org/o...y-tax-loophole
knowable without any reply from Spurminator.
find all threads started on his statistics page, or, the search function is your friend.
After a quick view of his post, it looks as though spurminator was indeed being sarcastic/ironic.knowable without any reply from Spurminator.
find all threads started on his statistics page, or, the search function is your friend.
it can be tricky telling the difference. AFBlue got me yesterday.
I try to be pretty obvious in my sarcasm but I guess when you consider some of the very serious opinions expressed in here, you can never really tell.
Romney = Wall Street's Candidate #1
Obama = Wall Street's Candidate #2
Wall Street has it locked up like Lindsey Lohan
I agree with spurminator. Even though it was meant as a joke. How that is funny or comical I don't know. Sad maybe.
financial sector (wall st, insurance, private equity) ALWAYS has it locked up, is why Paul is dead in the water
Well I found the bold text particularly comical.Class warfare. Mitt Romney has been a productive and job-creating member of society in his professional career. You shouldn't be criticizing him, you should be thanking him. Instead you want to take more of the money he rightfully earned by having a lot of money.
There's a major problem with our voting populous. They take the spoon fed material by the media and don't verify.
Married filed joint has a Standard deduction of $11,400 and personal exceptions are $3,650 each. This gives you $18,700 off the top. An income of 123,100 would have a taxable of $104,400.
Find a schedule Y-1 (page 98 of the 2010 1040 instructions) and you will see that it says $9,362.50 plus 25% of the amount over $68,000.
104400 - 68000 = 36400
25% of 36400 = 9100
9362.5 + 9100 = 18462.5 (tax)
18462.5/0.15 = $123,083.33
-or-
$14,662.5/$123,100 =14.998%
Last edited by Wild Cobra; 01-18-2012 at 04:33 PM.
George Romney, Mitt’s Father, Paid A 37 Percent Effective Tax Rate
Romney became a millionaire on company stock options after he introduced a compact car as president of American Motors Corp. The figures show his adjusted gross income ranged from $661,427.68 when he was president of American Motors Corp. to a low of $78,483.85 last year. The figures indicate he paid $1,099,555.18 in taxes on an income of $2,972,923.58.
These numbers show Romney paying a 36.9 percent effective tax rate (but this was also a time when the top income tax rate was 70 percent). Lee Fang noted that the returns also “showed that George Romney donated 19 percent of his income to church, 4 percent directly to charity, and most surprisingly…that the Michigan governor ‘seldom took advantage of tax loopholes to escape his tax obligations.’”
Romney, meanwhile, is the beneficiary of a huge tax loophole that lets private equity managers like himself pay a lower tax rate on their earnings than millions of middle class families. He has also advocated a tax plan that would cut his own taxes nearly in half, while raising taxes on half of middle class families with children.
http://thinkprogress.org/economy/201...mney-tax-rate/
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