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Topic:
Romney pays a higher effective tax rate than 97%+ of Americans [Locked] |
Groucho48  Posts: 821
Registered: 2003-10-22 03:00:14
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Date Posted:
1/1/00 12:00am
Subject:
Romney pays a higher effective tax rate than 97%+ of Americans |
There's an effective tax rate and a marginal tax rate. Using an effective tax rate tends to narrow the difference between high incomes and low incomes, as the 15000 or so in standard deductions and stuff that everyone gets is a much bigger % of a low income person's income than that of a high income person's.
Using a marginal tax rate, which is the rate your next dollar of income will be taxed at, tends to focus on the disparities in rates. A family earning the average income of around $50000 will pay maybe 12% of that in taxes but on each new dollar of income will be paying 15%. This goes up to 25% when they hit the next bracket. Meanwhile, Romney will pay the same 15% even if his income doubles or triples.
It's also virtually certain that Romney payed no taxes on his first $50000 in income, as the rich have a much broader array of deductions available to them.
So, another way of looking at it is that a family of 4, making 50000 a year paid maybe an income tax rate of 10-12% on that, and a payroll tax rate of 12.4% on that, while Romney payed nothing on his first 50000.
In other words, it's more complicated than either side's talking points make it seem.
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“Science is like sex: sometimes something useful comes out, but that is not the reason we are doing it.†– Richard Feynman
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Bonzoboy1 Posts: 885
Registered: 2008-8-1 18:04:29
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Date Posted:
1/1/00 12:00am
Subject:
Romney pays a higher effective tax rate than 97%+ of Americans |
Did Romney actually do anything wrong or are people just venting on him?
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Politicians are like diapers, they should be changed often and for the same reason.
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Friarspam Posts: 638
Registered: 2007-1-23 07:01:27
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Date Posted:
1/1/00 12:00am
Subject:
Romney pays a higher effective tax rate than 97%+ of Americans |
Bonzoboy1 posted:
Did Romney actually do anything wrong or are people just venting on him?
He has more than others so he MUST be a demon!
/go go socialism!
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My folks went on vacation and all I got was this lousy sig.
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Date Posted:
1/1/00 12:00am
Subject:
Romney pays a higher effective tax rate than 97%+ of Americans |
Bonzoboy1 posted:
Did Romney actually do anything wrong or are people just venting on him?
Bain Capital lobbied against raising the Capital Gains Tax and helped kill a bill that proposed it.
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It is no measure of health to be well adjusted
to a profoundly sick society. - Jiddu Krishnamurti
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Thugoneous  Title: Watching Caliente, BRB.
Posts: 1,128
Registered: 2002-11-2 18:00:54
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Date Posted:
1/1/00 12:00am
Subject:
Romney pays a higher effective tax rate than 97%+ of Americans |
B_Shinkicker posted:
Bonzoboy1 posted:
Did Romney actually do anything wrong or are people just venting on him?
Bain Capital lobbied against raising the Capital Gains Tax and helped kill a bill that proposed it.
Did our President just appoint a former Bain employee to OMB?
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Lady, people aren't chocolates. D'you know what they are mostly? Bastards. Bastard-coated bastards with bastard filling.
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reesescups Title: //Captain America
Posts: 2,537
Registered: 2003-5-26 14:45:53
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Date Posted:
1/1/00 12:00am
Subject:
Romney pays a higher effective tax rate than 97%+ of Americans |
Groucho48 posted:
So, another way of looking at it is that a family of 4, making 50000 a year paid maybe an income tax rate of 10-12% on that, and a payroll tax rate of 12.4% on that, while Romney payed nothing on his first 50000.
Partisan BS aside...
This is what needs to be addressed.
/But how?
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"man up, you wimp." - Groucho48
"I'm not racist at all." - dae_trist
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Bonzoboy1 Posts: 885
Registered: 2008-8-1 18:04:29
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Date Posted:
1/1/00 12:00am
Subject:
Romney pays a higher effective tax rate than 97%+ of Americans |
B_Shinkicker posted:
Bonzoboy1 posted:
Did Romney actually do anything wrong or are people just venting on him?
Bain Capital lobbied against raising the Capital Gains Tax and helped kill a bill that proposed it.
That was in 2007 and Romney left in 1999.
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Politicians are like diapers, they should be changed often and for the same reason.
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reesescups Title: //Captain America
Posts: 2,537
Registered: 2003-5-26 14:45:53
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Date Posted:
1/1/00 12:00am
Subject:
Romney pays a higher effective tax rate than 97%+ of Americans |
Bonzoboy1 posted:
B_Shinkicker posted:
Bonzoboy1 posted:
Did Romney actually do anything wrong or are people just venting on him?
Bain Capital lobbied against raising the Capital Gains Tax and helped kill a bill that proposed it.
That was in 2007 and Romney left in 1999.
Had he dealt with the issue in '98 or 99, we wouldn't still be addressing this problem.
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"man up, you wimp." - Groucho48
"I'm not racist at all." - dae_trist
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Z-Elder Posts: 671
Registered: 2002-3-15 13:58:39
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Date Posted:
1/1/00 12:00am
Subject:
Romney pays a higher effective tax rate than 97%+ of Americans |
reesescups posted:
Groucho48 posted:
So, another way of looking at it is that a family of 4, making 50000 a year paid maybe an income tax rate of 10-12% on that, and a payroll tax rate of 12.4% on that, while Romney payed nothing on his first 50000.
Partisan BS aside...
This is what needs to be addressed.
/But how?
Don't try to come here with any of this moderate fix crap!
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"The poison of our ordinary habits has killed the magic of the moment"
"Men are not in hell because God is angry with them . . .
they stand in the state of division and separation which by their own motion, they have made for themselves"
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Date Posted:
1/1/00 12:00am
Subject:
Romney pays a higher effective tax rate than 97%+ of Americans |
reesescups posted:
Groucho48 posted:
So, another way of looking at it is that a family of 4, making 50000 a year paid maybe an income tax rate of 10-12% on that, and a payroll tax rate of 12.4% on that, while Romney payed nothing on his first 50000.
Partisan BS aside...
This is what needs to be addressed.
/But how?
Can't be right. Standard reduction is like 10-11k and each exemption is like 4k, so that is 27k not taxed. Tax on 23k cant be more than 3k. Social security is 7.5% not 12.4%. Where are the tax gurus?
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