Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
In reply to the discussion: Mitt Romney: It's fair I pay a lower tax rate than people making $50,000 [View all]ProSense
(116,464 posts)30. Who cares what it includes?
I'm sorry that you don't like facts
But they are what they are.
The tax returns released by Romney on Friday do not include payroll taxes. The 14.1% effective tax rate on Romney's returns does not include payroll taxes. That is a fact - you may not like it, but it is what it is.
The question was asked about the 14.1%, which does not include payroll taxes - it's an effective federal income tax rate, taxes paid/AGI. A standard calculation.
To honestly compare someone making $50,000, you have to use the same calculations, i.e., taxes paid/AGI. That would be 12.488%, which last time I checked, is less than 14.1%. So the premise of the question was false.
A better question would have been why Romney paid a lower percentage in all federal taxes than someone making $50,000, because he obviously does pay less.
But they are what they are.
The tax returns released by Romney on Friday do not include payroll taxes. The 14.1% effective tax rate on Romney's returns does not include payroll taxes. That is a fact - you may not like it, but it is what it is.
The question was asked about the 14.1%, which does not include payroll taxes - it's an effective federal income tax rate, taxes paid/AGI. A standard calculation.
To honestly compare someone making $50,000, you have to use the same calculations, i.e., taxes paid/AGI. That would be 12.488%, which last time I checked, is less than 14.1%. So the premise of the question was false.
A better question would have been why Romney paid a lower percentage in all federal taxes than someone making $50,000, because he obviously does pay less.
Your argument is skewed toward wealth. A lot of people don't pay taxes on capital gains, but you don't discount that in your argument.
Fact: The effective tax rate of a person earning $50,000 is 16.6 percent.
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=1404639
Edit history
Please sign in to view edit histories.
Recommendations
0 members have recommended this reply (displayed in chronological order):
101 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
Mitt Romney: It's fair I pay a lower tax rate than people making $50,000 [View all]
ProSense
Sep 2012
OP
Someone should ask Mitt, are capital gains more important than labor? If not, why tax them different
reformist2
Sep 2012
#1
ALL money has already been taxed!!!! When you get it as income, it gets taxed again.
valerief
Sep 2012
#3
that's not technically true, although i certainly agree all income should be taxed the same.
unblock
Sep 2012
#34
The EFFECTIVE corporate tax rate is 12.1; many huge corporations (like GE) pay zero.
SunSeeker
Sep 2012
#27
Romney's capital gains income (the majority of his income) is not subject to payroll taxes.
JDPriestly
Sep 2012
#41
A person making 50,000, in my experience, will have between 28 and 33% of that withheld.
DLnyc
Sep 2012
#9
& 1/3 of those people make less than $10K a year. about 500,000 make over $100K.
HiPointDem
Sep 2012
#51
Not necessarily. If you added Romney's SS & Medicare to the tally, it wouldn't budge the number
dorkulon
Sep 2012
#94
Romney's tax rate would not be that much higher if he added in his payroll and income taxes.
JDPriestly
Sep 2012
#43
If he were subject to payroll taxes, it would not change the percentage of his income that
JDPriestly
Sep 2012
#95
So, include the amount Romney pays in payroll taxes and see how much difference it makes -- none.
JDPriestly
Sep 2012
#53
lol you sure put a lot of effort into this. In your earlier post you did not specify a specific
grantcart
Sep 2012
#89
So why doesn't the same logic apply to labor? Why doesn't it "discourage work" when you tax
Marr
Sep 2012
#11
gee, my income was already taxed when i earned it, so why should i pay sales tax when i spend it?
unblock
Sep 2012
#37
what? capital has already been taxed at the corporate level? can someone explain to me
HiPointDem
Sep 2012
#48
You would think they would have learned with McStain that Americans don't want to hear that bullshit
trouble.smith
Sep 2012
#79