PatsFanInVa

Mitt Romney Would Pay 0.82 Percent in Taxes Under Paul Ryan's Plan - Matthew O'Brien - The Atlantic

After all, if you are the 1%, you should pay 1%.

Hamar

Where is Obama's plan?

And, even if Mitt pays 1% it is still more by a huge factor than you pay. You are so wrong thinking that Obama is any different than Mitt. They are both power hungry rich people that do not care about anyone else.

Obama had the chance to cancel the Bush tax cuts, nothing could have stopped him and the democratic super majority, and yet they did not. Explain that... The truth is, they (our rich politicians) all benifit from it so it is not going away, no matter who is PResident.

patsfan13

Well what getting rid of Capital Gains Taxes does is end the double taxation of Corp profits.

You own corp xyz, you make a 1M profit congrats you are rich, first 40% goes to the feds and say 6% to your state, hey you still have 540K so you take that as a capital gain.

So now the Feds take (currently 15% and the state takes (depending on the local laws) another 6%, so another 85k for the government.

So from the 1M the corp makes 455k is left, of course Obama wants to raise the cap gains rate to 40% so he wants to take another 170K, so under the Obama plan that 1,000,000 magically turns into 280k.

See you are the greedy owner of a corp you didn't build and in order the pay your fair share Obama thinks you should only get 280K of the 1M profits.


I do favor a Flat Tax where cap gains as taxed as regular income to H Reid B Gates Romney and Obama all pay the same rate. I would eliminate business taxes to stop the double taxation of corp profits.

BTW there is a relationship between business taxes and salaries paid to employees a topic for another thread.

__________________
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."

chicowalker

That's why most business owners set up their companies so they aren't subject to double taxation, 13...

And btw, capital gains and corporate income taxes are 2 separate, though sometimes related, constructs.

PatsFanInVa

It's very interesting that the notion of putting the money back into the business does not seem to be an option -- but of course, that's a particular niche of Capitalism, the kind that produces a product. You know, old-school: Hey, I can make more widgets with more employees and capital investment!

Of course however good that is for the national economy, it's not a make-money-out-of-other-money scheme. That makes it too slow a way to get rich, by present standards.

As Chico points out, however, nobody actually pays the corporate rate. Interestingly, both campaigns favor lowering it regardless.

A final point: I too pay the corporate rate precisely as Romney does. I have a 401(k) plan. Many of you do too. Many also have brokerage accounts. Investors indirectly pay the corporate rate in relation to their investments, to the extent that the companies they're invested in pay the corporate rate. That extent, as we've discussed, is by and large minimal. In Romney's case, I would guess it is particularly minimal.

However, according to Romney, he no longer outright owns one particular company he's identified with. He's just another investor, albeit one with a particularly good tax attorney. He pays the terrible monstrous corporate rate precisely as you and I do, just less so.

A final coda: Whatever savant declared that "if Romney pays 1%, that's still more than you!"... how much do you have to kowtow to these guys before you feel you've appropriately served your lords and masters in the moneyed elites? Jeez - unbelievable.

Lookit: Make taxes simpler, and make them more (not less) progressive, and I'm with ya.

Talk about how rates have to be flat, and you'll just strike me as naive.

Insisting on a regressive tax on the premise that the raw sum of money is very big even at 1%, and I'm sorry but you don't pass the laugh test.

PFnV

Wolfpack

That works great for sole proprietorships, but just can't be done for those drawing income from corporate capital gains. Of course, sole proprietorships aren't taxed at the long term capital gains rates, so the government gets them too.

Wolfpack

What in the world are you babbling about? Of course that's an option, and one Romney has used many, many times over. You guys down in VA love research, so I'm surprised you don't know that. I look forward to 5,000 words on my desk from you by morning.
I don't know why you people think what Romney is doing is so terribly complicated. His personal income is overwhelmingly the product of long term capital gains, and are taxed at the long term capital gains rate. It is not - nor should it be - taxed as ordinary income.

There's really nothing complicated about it whatsoever, despite the fact that it befuddles you so.

patsfan13

Of course the example was simplified, the money that is taken out of the business as dividends or cap gains is doubled taxed.


Point is go to a Falt Tax with No corp taxes and clean up a lot of corruption.

People who want to use the doling out of tax favors for campaign case of course abhor this idea.

__________________
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."

chicowalker

It's not just sole proprietorships. Most businesses are set up as passthroughs, whether S-corps, LLCs, LPs, etc.

chicowalker

Except that a lot of money taken out of businesses isn't taxed twice, no matter how many times you claim that it is.

Nobody advocates a true flat tax -- all pols want to use the tax code to dole out favors and gain influence.