Harry Reid accuses Romney of not paying taxes

[Socks]

Taxpayer A: earned $10million and paid in $1.4 million in taxes (14%)
Taxpayer B: earned $200,000 and paid in $58,000 (29%)
Taxpayer C: earned $25,000 and received a check for $3500. (-%)

Who's percentage is appropriate, why don't they all pay the same percentage, and who could more easily afford their tax burden?

DING. DING. I'm not a left or right guy, or at least not try to be, but these numbers should wake up everyone. Fine, make millions, just pay your fair share percentage wise. If this means a tax overhaul then fine. The rich have tax lawyers and accountants. Me and my wife have to buy turbotax to do our taxes. Others just have their hands out.

[Buzz]

Taxpayer A: earned $10million and paid in $1.4 million in taxes (14%)
Taxpayer B: earned $200,000 and paid in $58,000 (29%)
Taxpayer C: earned $25,000 and received a check for $3500. (-%)

Who's percentage is appropriate, why don't they all pay the same percentage, and who could more easily afford their tax burden?

We should all be calling this what it is. It's the government subsidizing the poor family that can barely afford to keep a roof over his head and food on the table and clothes on the backs of his family or gas in his tank to get him to work and back.

But what it REALLY is, is the government subsidizing the business owner who is either too cheap or has too marginal a business to be able to pay a decent wage.

Maybe you all are right. Maybe the government should stay out of it so that there is more unrest among the poor so they will rise up & stand up for himself, and the marginal businessman will just go out of business and leave it to folks who can run a business.

What really pisses me off is when mega corporations like Walmart are subsidized in this manner for not paying a decent wage and not being responsible for healthcare for their employees. Their employees get negative tax rates and they go on medicaid when they get sick.

Any you all have a nut on for the union guy. They have brainwashed you into putting your focus in the wrong area.

By the way, do you really believe that the guy making $200k is paying a 29% effective rate on federal income tax? I would believe a 29% marginal rate. How many of you have ever seen a tax return on an income like that?

And don't go and start including payroll taxes for medicare and social security, because you're not willing to give that guy earning $25k the same credit.

[Down East Labs 217]

Taxpayer A: earned $10million and paid in $1.4 million in taxes (14%)
Taxpayer B: earned $200,000 and paid in $58,000 (29%)
Taxpayer C: earned $25,000 and received a check for $3500. (-%)

Who's percentage is appropriate, why don't they all pay the same percentage, and who could more easily afford their tax burden?

What kind of income did tax payer A have. ? If it is from working than he is underpaying. If it is from investments than he is dead on. Investment income has already been taxed at the higher rate once. He made the money and payed the higher tax when he made it. He invests what he earned and should not get taxed to death a second time. Why should it be taxed at the higher rate twice?

My opinion

Richard

[Buzz]

Suppose that IRA that Buzz mentions had been invested in gold? Might that have shown that kind of return needed?

Gerry, when you go feeling all sorry for the small business owner, do you take into account benefits like being able to save up to $50k each year and being able to take a business deduction for it, and then being able to earn returns on it tax free in an IRA? Does it bother you that the majority is limited to saving $5 or $6k a year that way? Don't get me wrong, I'm not complaining. I almost have enough to retire because of this benefit.

[ARay11]

We should all be calling this what it is. It's the government subsidizing the poor family that can barely afford to keep a roof over his head and food on the table and clothes on the backs of his family or gas in his tank to get him to work and back.

But what it REALLY is, is the government subsidizing the business owner who is either too cheap or has too marginal a business to be able to pay a decent wage.

Maybe you all are right. Maybe the government should stay out of it so that there is more unrest among the poor so they will rise up & stand up for himself, and the marginal businessman will just go out of business and leave it to folks who can run a business.

What really pisses me off is when mega corporations like Walmart are subsidized in this manner for not paying a decent wage and not being responsible for healthcare for their employees. Their employees get negative tax rates and they go on medicaid when they get sick.

Any you all have a nut on for the union guy. They have brainwashed you into putting your focus in the wrong area.

By the way, do you really believe that the guy making $200k is paying a 29% effective rate on federal income tax? I would believe a 29% marginal rate. How many of you have ever seen a tax return on an income like that?

And don't go and start including payroll taxes for medicare and social security, because you're not willing to give that guy earning $25k the same credit.

Want me to forward you the return? 29% is the EFFECTIVE rate. All income was W-2.

[Buzz]

What kind of income did tax payer A have. ? If it is from working than he is underpaying. If it is from investments than he is dead on. Investment income has already been taxed at the higher rate once. He made the money and payed the higher tax when he made it. He invests what he earned and should not get taxed to death a second time. Why should it be taxed at the higher rate twice?

My opinion

Richard

What you are neglecting here is that guys like Romney and other hedge fund managers get taxed this way on carried interest. They make a bundle investing other people's money, then they only get taxed at the 15% rate. In my opinion, they are making money just working but not paying like the rest of workers are because <sarcasm> they are special, they work on Wall Street. </sarcasm>

[Buzz]

Want me to forward you the return? 29% is the EFFECTIVE rate. All income was W-2.

Don't you have your own business? You have to be including self employment tax which is there to cover payroll tax for SS and Medicare. You shouldn't take credit for that because you all claim the poor guy doesn't pay taxes, but you all are not willing to give him credit for his SS and Medicare tax.

If not, then you should find a better accountant. You should be paying MUCH less than that.

[luvmylabs23139]

We should all be calling this what it is. It's the government subsidizing the poor family that can barely afford to keep a roof over his head and food on the table and clothes on the backs of his family or gas in his tank to get him to work and back.

NO lets cll this what it is SOCIALISM!!!! THe gov't CONFISCATES from me what I earn and gives it to someone else. If ya can't feed them don't breed them end of story.

[coachmo]

Isn't it somewhat ironic that the socialists among us always point to successful business people in an attempt to show the ills of capitalism but never the entertainers, athletes, celebrities, etc.? Why exactly is that? I mean lady gaga has made 52 million, tom cruise 75 million, the overly talented kim kardasian 18 million so far in 2012. The list goes on and on! Don't get me wrong I say they can make what ever the market and competition will bear but where is all of the outrage, disdain and hate for all of these people. Left wing thinking people are either the world's biggest idiots or hypocrites!!! Take your pick!

[ARay11]

Don't you have your own business? You have to be including self employment tax which is there to cover payroll tax for SS and Medicare. You shouldn't take credit for that because you all claim the poor guy doesn't pay taxes, but you all are not willing to give him credit for his SS and Medicare tax.

If not, then you should find a better accountant. You should be paying MUCH less than that.

We own a ranch which is the only reason our rate was only 29% (would have been a bit higher without losses tied to getting the ranch up and running) No mortgage interest to deduct. Make too much money to deduct kids. We both have regular jobs, in upper management, so there aren't any deductions available. If you wonder why I am always ticked off about tax rates, this is the reason.