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Romney's rate Really Around 30% due to double Taxation.
The left is not going to be happy ... and what of the tax threads already here ... if true will some apologize and stand corrected ... let the blood letting begin.
The Romneys also reported $4.9 million in ordinary dividends, of which $3.3 million qualified for the 15% tax rate. Unlike interest payments, corporations may not deduct dividends from their income. Dividend income therefore is taxed twice, first at the corporate level, and then again when it is reported on an individual’s personal income tax return.
A precise calculation of this double tax is impossible to make because the tax rates paid by different corporations vary widely – from 0% by GE and General Motors to the top corporate tax rate of 35%. A rigorous economic analysis would use the top marginal tax rate because that is the rate that affects economic decisions. However, for the purpose of this analysis, a reasonable estimate would use the average U.S. corporate tax rate which, over longer periods of time, has been 25%.
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Re: Romney's rate Really Around 30% due to double Taxation.
Quote:
Originally Posted by IcyPatriot
The left is not going to be happy ... and what of the tax threads already here ... if true will some apologize and stand corrected ... let the blood letting begin.
Re: Romney's rate Really Around 30% due to double Taxation.
The point about double taxation is correct.
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"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."
Re: Romney's rate Really Around 30% due to double Taxation.
It is not "correct," it is a possibility -- an estimate based on assumptions that could well be wrong. A reasonable argument would be that the tax rate paid by Bain investments would have been below the average corporate rate because Bain, like most private equity firms, would have structured its deals to reduce taxes and to avoid double taxation as much as possible -- something that is easier for private companies with fewer shareholders than it is for public companies.
There certainly was double taxation, but the magnitude could have been very low -- easily could have been single digits rather than 25%
Re: Romney's rate Really Around 30% due to double Taxation.
Quote:
Originally Posted by chicowalker
It is not "correct," it is a possibility -- an estimate based on assumptions that could well be wrong. A reasonable argument would be that the tax rate paid by Bain investments would have been below the average corporate rate because Bain, like most private equity firms, would have structured its deals to reduce taxes and to avoid double taxation as much as possible -- something that is easier for private companies with fewer shareholders than it is for public companies.
There certainly was double taxation, but the magnitude could have been very low -- easily could have been single digits rather than 25%
Chico the point is that 13% is the lowest and go up from there ...
the premise that the guy is a criminal or felon or tax cheat or any of the things Obama has accused him of is wrong. Now if one wants to say he should have paid more ... well fine ... that's another topic. But the guy is not a tax cheat.
Re: Romney's rate Really Around 30% due to double Taxation.
Quote:
Originally Posted by IcyPatriot
Chico the point is that 13% is the lowest and go up from there ...
the premise that the guy is a criminal or felon or tax cheat or any of the things Obama has accused him of is wrong. Now if one wants to say he should have paid more ... well fine ... that's another topic. But the guy is not a tax cheat.
Has Obama accused him of being a tax cheat?
As for 13% being the low point -- yes, of course. But the title is not correct, 13's claim that the analysis was "correct" was wrong, and the 25% estimate isn't as reasonable as the author made it out to be.
Last edited by chicowalker; 08-21-2012 at 09:59 PM..
Re: Romney's rate Really Around 30% due to double Taxation.
Quote:
Originally Posted by chicowalker
Has Obama accused him of being a tax cheat?
As for 13% being the low point -- yes, of course. But 13's claim that the analysis was "correct" was wrong, and the 25% estimate isn't as reasonable as the author made it out to be.
There's to much to copy and paste there ... the article ends this way.
Quote:
Thus, the Romney’s total income and taxes paid must also be adjusted up by 33% (1.33-(.25*1.33)=1) of the amount of their $12.6 million in capital gains income, or $4.2 million. After this adjustment, the Romney’s “Adjusted Total Income” is $27.0 million, and their “Adjusted Total Federal Income Tax Payments” are $8.3 million, $5.3 million more than reported on their tax return and 30.7% of their Adjusted Total Income.
Readers may quibble over the magnitude of these adjustments. But, even if they were reduced by a third, Mr. and Mrs. Romney’s properly calculated federal income tax payments were one-quarter of their Adjusted Total Income, an average rate significantly above the average rate paid by President and Mrs. Obama.
Re: Romney's rate Really Around 30% due to double Taxation.
Don't worry if Obamas IRS had something on Romney it would be out there by now.
What Obamas media would do under full disclosure is find out that Romney had invested in some company that had 10% ownership by a known KKK and NAMBLA member who was funded by a drug lord with child slaves. And this would be the new narrative when it was proven that Romneys taxes were in order.
Just another distraction game that the leftwing children fall for over and over again.
Re: Romney's rate Really Around 30% due to double Taxation.
The tax thing will continue Obama can't talk about the economy and unemployment so the freak show will continue.
__________________
"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."
Re: Romney's rate Really Around 30% due to double Taxation.
Quote:
Originally Posted by IcyPatriot
There's to much to copy and paste there ... the article ends this way.
So the author acknowledges that the estimates may be off but still fails to point out that many companies and transactions are structured in tax-advantageous ways and writes off ctiricism of his assumptions as "quibbling."
Look, if your point is simply that the effective tax rate on the earnings was somewhere above 13%, fine -- you're absolutely correct. But the article and a conclusion that the rate was really around 30% is flawed.
Romney's rate Really Around 30% due to double Taxation.
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