Mitt Romney only pays 15% tax, wishes Americans could pay this much

www.nytimes.com...

FLORENCE, S.C. — Under new pressure to release his tax returns, Mitt Romney on Tuesday acknowledged that he pays an effective tax rate of about 15 percent because so much of his fortune comes from past investments.

While he wished other Americans would pay this much, Romney who is worth 250 million is enjoying his comfortable rate of 15%. He probably made the money and now only makes the lowest bracket possible. I am not sure on the entire details. How would this look coming up in SC?

That's unacceptable!

I pay 28%.

reply to post by THE_PROFESSIONAL

Romney has his fortune all in off shore accounts.

This guy would be worse than George Dubya, and that was hard for me to write.

15% , pffftt, I bet he pay less than that, if anything at all.

This is already posted and being discussed here... www.abovetopsecret.com...

reply to post by THE_PROFESSIONAL


That's because Romney, like virtually ALL wealthy people, makes his money via capital gains, which is taxed differently than earned income. At least he pays more than Warren Buffett. (by the way, I can't stand Romney, but the problem lies with the actual tax code, not with Romney and his accountants)

reply to post by THE_PROFESSIONAL


Man I hope THIS becomes an issue. I hope everyone gets wind of this.

Sure... I'll vote for him... Rich Lying Bastard! Not in this lifetime.

What he wants everyone to pay 15%? HA!!! 15% of 0 is still 0 which is what everyone who is smart will start officcially making on the "Books" everyone with a brain will start working under the table if they made a flat tax of 15%!!!

Maybe that explains why he was so dodgy when someone asked him if he would release his tax returns.
"uh, well, uh, my understanding is that generally, in the past, what has been the norm, is to release them later. So, um, I will probably... maybe talk to someone who considers informing me on the benefits of releasing the documents.... at that time if it's necessary."

I love the fact he pointed out he makes his money from "past investments". Like getting gains from past actions should make him exempt from having to pay a little more on them. In his mind and all business savvy people probably believe they should not have to pay on profits. Not saying that is wrong, hard work should be rewarded, in general though, people who make as much as these "big business" types should give a little extra as they have more of the whole of total wealth. Problem is those with the bigger slices of pie do not want to share.

Just because there are laws, does not mean there aren't alternative laws which would benefit the whole instead of a few. In my opinion, all we really need in this country is a revision of such laws.

Originally posted by OptimusSubprime
reply to post by THE_PROFESSIONAL

 

That's because Romney, like virtually ALL wealthy people, makes his money via capital gains, which is taxed differently than earned income. At least he pays more than Warren Buffett. (by the way, I can't stand Romney, but the problem lies with the actual tax code, not with Romney and his accountants)

and who writes those taxcodes. people like romney who pressure politicians and outright bribe them with donations and comfy boardroom gigs when they retire.

if romney gets elected, it's literally like putting the fox in the henhouse. not just any henhouse, but fosters farms los angeles distribution centre.

its sad that we have to take up the slack for people worth $250 million. and on top of that they cheer and vote for them.

american voters are beyond stupid. webster has to invent a whole new word to describe them.

15% of alot is more than 15% of not alot

I'm not necesarrily disagreing with the OP
But we are talking about percentages not numbers

The thread title does not keep that in mind
Just saying

How can these politicians even think they can relate to the average Joe? They have nothing in common with the majority in this country, yet we vote these people in office time and time again. They dictate and pass laws on what we should have and have not. How can we believe these elite candidates have our best interest in mind.

I say we charge the super Rich a 99% tax.

They've got enough money to gloat about it and fly in private jets while people starve and get kicked out on the street, then we can afford to throw them a penny off every dollar. That's about how much they are worth to the US economy, if that.

Originally posted by ModernAcademia
15% of alot is more than 15% of not alot

I'm not necesarrily disagreing with the OP
But we are talking about percentages not numbers

The thread title does not keep that in mind
Just saying

Yea, that's obvious, thanks captain. Except 15% of "not a lot" means you don't eat, 15% of "a lot" means you might have to sell one of your multimillion dollar houses.

Originally posted by MeesterB
Maybe that explains why he was so dodgy when someone asked him if he would release his tax returns.
"uh, well, uh, my understanding is that generally, in the past, what has been the norm, is to release them later. So, um, I will probably... maybe talk to someone who considers informing me on the benefits of releasing the documents.... at that time if it's necessary."

His father "George Romney" ran for President in 1968 and was THE FIRST PRESIDENTIAL CANDIDATE to release his tax returns...10 years worth. His father literally started the tradition..oh the irony.

Originally posted by MeesterB
Maybe that explains why he was so dodgy when someone asked him if he would release his tax returns.
"uh, well, uh, my understanding is that generally, in the past, what has been the norm, is to release them later. So, um, I will probably... maybe talk to someone who considers informing me on the benefits of releasing the documents.... at that time if it's necessary."

He was dodgey because he doesn't want to release PAST returns..ya know, before he was running for President.

IF he releases his returns they will be for last year, cuz his tax attorneys can pretty them up as much as possible over the next month or so.

Originally posted by OptimusSubprime
reply to post by THE_PROFESSIONAL

 

That's because Romney, like virtually ALL wealthy people, makes his money via capital gains, which is taxed differently than earned income. At least he pays more than Warren Buffett. (by the way, I can't stand Romney, but the problem lies with the actual tax code, not with Romney and his accountants)

Yes, the problem does lie with the tax code...and how did the tax code get that way?

Ask the 3rd Wealthiest man on the planet..

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks.

Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

Nice to have friends in high places? How about cutting out the middle man (Congress) and just electing one President?

Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.

I didn’t refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.

Again....this is Warren Buffet, the worlds most successful investor...


www.nytimes.com...

Originally posted by THE_PROFESSIONAL
www.nytimes.com...

FLORENCE, S.C. — Under new pressure to release his tax returns, Mitt Romney on Tuesday acknowledged that he pays an effective tax rate of about 15 percent because so much of his fortune comes from past investments.

While he wished other Americans would pay this much, Romney who is worth 250 million is enjoying his comfortable rate of 15%. He probably made the money and now only makes the lowest bracket possible. I am not sure on the entire details. How would this look coming up in SC?

Well since what we make is based on each year I'm sure he can even qualify for food stamps if a year went by and he was millions in the negitive.....

By the way....what is 15% of a gabillion.....hehe

It blows my mind that someone can pay yearly 15% of millions and we are pissed they do not pay more, but another person who pays nothing we call them a good honest American. Go figure

reply to post by THE_PROFESSIONAL


And if Ron Paul had his way...Romeny would pay even less...probably close to zero.

Because Ron Paul wants to reduce the capital gains tax to zero...which is where Romney makes all of his money today.

Straight from Ron Paul's website.

www.ronpaul2012.com...

Capital gains taxes, which punish you for success (and interfere with your efforts to hedge against inflation by purchasing gold and silver coins), should also be immediately repealed.

Originally posted by OptimusSubprime
At least he pays more than Warren Buffett.

NOPE...

Buffett has said he believes his tax rate is too low compared with what middle-income wage earners pay, especially as President Barack Obama and Congress struggle to rein in the growing federal debt. He said in a New York Times opinion piece that he paid $6,938,744 in federal taxes in 2010, or about 17.4 percent of his taxable income.

Read more: www.businessinsider.com...

Buffet has offered to match any gifts the GOP wish to contribute to reducing the deficet...Even offered to triple match anything Mitch McConnel was willing to contribute, seeing as he is worth around 50 Million.

Warren Buffett Has Offered To Match All Of The GOP's Debt-Reducing Gifts

Read more: www.businessinsider.com...


Warren Buffet puts his money where his mouth is and that is why every investor in the world watches what he is doing.

Where are the foam in the mouth conservatives ready to throw the "60% of bottom feeders pay NO TAXES!!" line? Maybe instead of concentrating on poor people that have nothing they should concentrate on the Mitt Romneys that have orgasims firing and outsourcing their jobs to Mexico and China.