Harry Reid accuses Romney of not paying taxes

[menmon]

Was the income from wages or capital gains? If I remember right.... I think Romney did not take a salary as gov. So, I am guessing his income is from capital gains. Nothing wrong with that, and it sounds like he's paying what is due.

Also, if you think it's okay for me to pay $60,000 in taxes, I would think you would be thrilled with the guy that pays in $2,600,000 dollars.

Not to mention his charitable donations which exceed $2,000,000.00 annually.

$ Four Million Six Hundred Thousand Dollars in "giving back" to his country.

And we should be mad about this why?

Do you know what the capital gain tax rate is? If you did, you would know that he did not even pay as much as the capital gains tax rate. It's like these guys are your heros and if they can game the system and avoid paying taxes that is ok with you. However, those of us that can't game the system pick up the shortfall. This is like making Al Copone your hero.

[ARay11]

People are fortunate for many reasons. I think I have had fortune in my life time and have been unfortunate at times too. But because I have been fortunate and pay a lot in tax should not get me a better ride than the guy who has not yet had my good fortune.

At the end of the day, taxes will be collected....I just think the fortunate should pay as much of a percentage of their earnings as the less fortunate. I can't believe anyone would argue this. They clearly have you hoodwinked as to move their agenda.

HEHEHEHE.... ok, Sambo..... I Will GLADLY take the same percentage as the bottom 10% of Americans!! Heck, I would take the same percentage as the bottom FIFTY percent.

Let's get REAL.... the only people being hurt by the current tax code are the idiots like me stuck in the middle trying to earn an upper middle class income and getting taxed to death because of it.

The "POOR" and "LESS FORTUNATE" have a NEGATIVE EFFECTIVE TAX RATE!!!!!!! THEY GET PAID!!!!!!
The "RICH" pay MILLIONS and yet the POOR are still mad about it. WTF???

Bite the hand that feeds you????

Let's look at the EFFECTIVE tax rate sliding scale..... I am sure someone here can come up with one. We're pretty good at graphs & stuff

[ARay11]

Do you know what the capital gain tax rate is? If you did, you would know that he did not even pay as much as the capital gains tax rate. It's like these guys are your heros and if they can game the system and avoid paying taxes that is ok with you. However, those of us that can't game the system pick up the shortfall. This is like making Al Copone your hero.

gains tax rate. For 2011-12 this is shown in the table below.
2011-2012 Capital Gains Tax Rates


Perhaps you do not understand Capital Gains tax rates.... so here's a chart to help you. Seller's personal income tax rate: Not sure what tax bracket Romney would be in...because he hasn't taken an actual salary as gov. So, if all his income were from cap gains, and were long term held assets, he would owe zero dollars....Somewhere in the middle is where he most likely falls in this regard.

[menmon]

HEHEHEHE.... ok, Sambo..... I Will GLADLY take the same percentage as the bottom 10% of Americans!! Heck, I would take the same percentage as the bottom FIFTY percent.

Let's get REAL.... the only people being hurt by the current tax code are the idiots like me stuck in the middle trying to earn an upper middle class income and getting taxed to death because of it.

The "POOR" and "LESS FORTUNATE" have a NEGATIVE EFFECTIVE TAX RATE!!!!!!! THEY GET PAID!!!!!!
The "RICH" pay MILLIONS and yet the POOR are still mad about it. WTF???

Bite the hand that feeds you????

Let's look at the EFFECTIVE tax rate sliding scale..... I am sure someone here can come up with one. We're pretty good at graphs & stuff

The less fortunate should not pay more so the fortunate can pay less.....listen to what I'm saying. Better yet listen to Ryan. His plan is to cut spending so he can lower taxes to the people that are fine.

[menmon]

gains tax rate. For 2011-12 this is shown in the table below.
2011-2012 Capital Gains Tax Rates


Perhaps you do not understand Capital Gains tax rates.... so here's a chart to help you. Seller's personal income tax rate: Not sure what tax bracket Romney would be in...because he hasn't taken an actual salary as gov. So, if all his income were from cap gains, and were long term held assets, he would owe zero dollars....Somewhere in the middle is where he most likely falls in this regard.

You made my point...capital gain taxes are 15%, so if all his income was from the sell of assets held for more than a year, he would have paid 15% not 13%

[HPL]

You made my point...capital gain taxes are 15%, so if all his income was from the sell of assets held for more than a year, he would have paid 15% not 13%

Actually, I'm no expert, but it would appear to me that if ALL his income were from capital gains from the sale of assets held for more than one year, his personal income tax rate couldn't be more than the max rate on Capital Gains on assets held more than one year which is 15% at which rate he would actually owe 0% for the capital gains.
And if these guys can work the system, why can't someone in the upper middle income bracket work it too?

[ARay11]

You made my point...capital gain taxes are 15%, so if all his income was from the sell of assets held for more than a year, he would have paid 15% not 13%

Pretty sure there's still a deduction for the 2 MILLION dollars he gave to charity. And, if he had zero taxable income (he took no salary as gov) ....and the assets were long term, there would be a zero tax liability. Maybe he paid more than he had to? nahh....I'm not that silly

[road kill]

the less fortunate should not pay more so the fortunate can pay less.....listen to what i'm saying. Better yet listen to ryan. His plan is to cut spending so he can lower taxes to the people that pay taxes.

fixed!!!!!

[menmon]

Pretty sure there's still a deduction for the 2 MILLION dollars he gave to charity. And, if he had zero taxable income (he took no salary as gov) ....and the assets were long term, there would be a zero tax liability. Maybe he paid more than he had to? nahh....I'm not that silly

If he had no ordinary income and then the charitable contributions would have been carried forward reducing his taxable income in the future.

My guess is the income he earned in off-shore accounts was not taxed therefore, the US tax expense as a total of his reported income made the percentage of income lower. Now that is ok because if he repatriates the money it will be taxed. But if he gets elected, his plan is to reduce the tax rate of earnings come back to the US. Very self-serving is how I see it. Furthermore, it encourages earnings overseas because they are taxed less when returning.

ARAY this is not fair to us and is damaging to job creation. I don't like paying taxes no more than the next guy but avoidance of paying should not be someone's top priority, especially when you earn what this guy does and have his wealth.

[menmon]

fixed!!!!!

Cuts yours a few hundred dollars and cuts Romneys a few million dollars, and you will still be whinning about the ballooning debt. Can't have your cake and eat it too Stan