Welcome to PatsFans.com

10% donated to charity counts "against" your tax rate?

Discussion in 'Political Discussion' started by Holy Diver, Aug 17, 2012.

  1. Holy Diver

    Holy Diver Rookie

    Joined:
    Sep 13, 2004
    Messages:
    10,800
    Likes Received:
    6
    Ratings:
    +6 / 0 / -0

    Speaking of the 13% annual tax MItt Romney is claiming to pay every year:


    "And if you add in addition the amount the goes to charity [at the Mormon church], well, the number gets well above 20 percent."



    The last time I donated a few million to charity, it counted as a writeoff, and was a way to lower your taxes. MY question is...


    Who does Romney's taxes?
    and why doesn't he fire that person?
  2. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

    Joined:
    Jan 4, 2005
    Messages:
    24,590
    Likes Received:
    63
    Ratings:
    +115 / 7 / -10

    Money donated to Charities is not taxed.

    So if you make 10M, give 5M to Charity, you are taxed on the remaining 5M.
  3. Holy Diver

    Holy Diver Rookie

    Joined:
    Sep 13, 2004
    Messages:
    10,800
    Likes Received:
    6
    Ratings:
    +6 / 0 / -0

    No $#!t.....

    I know you and I both understand that, so does every accountant on Earth, and Turbo Tax himself.

    Thats not my question.

    How does Mitt claim to pay 13% in taxes, and by adding the 10% he donates to his church, he is somehow paying "well over 20%" in taxes?
  4. PatriotsReign

    PatriotsReign Rookie

    Joined:
    Jan 15, 2007
    Messages:
    25,628
    Likes Received:
    74
    Ratings:
    +151 / 1 / -10

    Maybe because a lot of our tax dollars go to social charities....I mean programs. But to me, they're the same thing.

    If one depends upon the gov't to get by, they do so by the charity of taxpayers...wouldn't you agree?
  5. Holy Diver

    Holy Diver Rookie

    Joined:
    Sep 13, 2004
    Messages:
    10,800
    Likes Received:
    6
    Ratings:
    +6 / 0 / -0

    I get the dig on social programs...but lets be honest here...

    Thats not what Romney was saying.

    Do we think he is stupid, or doesn't know how basic taxes work, or thinks we are so stupid that we think that paying 13% in taxes, plus a 10% donation to a church = a 23% rate of taxes?

    Don't tell me you are one of the people who Mitt is counting on being stupid?

    You are better than this, PR.
  6. Holy Diver

    Holy Diver Rookie

    Joined:
    Sep 13, 2004
    Messages:
    10,800
    Likes Received:
    6
    Ratings:
    +6 / 0 / -0

    Here is his entire quote for clarity:

    Mitt Romney Says He Never Paid Less Than 13 Percent In Taxes - ABC News


    WTF?


    who is buying this?
  7. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Mar 19, 2006
    Messages:
    20,023
    Likes Received:
    185
    Ratings:
    +291 / 5 / -8

    it's all fiction anyway. His rate's lower for 2009 and everybody here knows it...

    Or else what's he so afraid of in the 2009 taxes, that he had to draw so line so boldly and brightly at 2010?

    So pick a number, any number... let's say 13! Mind you it's still a ridiculously low rate, but I doubt very seriously it's the truth.

    PFnV
  8. Hamar

    Hamar Rookie

    Joined:
    Nov 23, 2011
    Messages:
    2,163
    Likes Received:
    17
    Ratings:
    +31 / 0 / -0


    He paid 40% or damn close in 2009, guarantee it.

    How are you going to call me on it?
  9. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

    Joined:
    Jan 4, 2005
    Messages:
    24,590
    Likes Received:
    63
    Ratings:
    +115 / 7 / -10

    well who says he didn't contribute >10% to charities?

    My guess was that his income was largely capital gains which are taxed at a lower rate.

    Much ado about nothing, but that is all Obummer has to run on.
  10. Holy Diver

    Holy Diver Rookie

    Joined:
    Sep 13, 2004
    Messages:
    10,800
    Likes Received:
    6
    Ratings:
    +6 / 0 / -0

    He gave 10% of $23 million to the Mormon church. That's $2.3 million minus his $23 million left to tax, and he is claiming that 10% is somehow ADDED to the 13.8% he paid in 2010.

    If you bought this lie, I feel really bad for you. If you still believe Mitt payed closer to 20% after I explained this to you, no facts will get in the way of your man-crush.
  11. Wolfpack

    Wolfpack Banned

    Joined:
    Sep 6, 2009
    Messages:
    9,111
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    And I'd bet every penny I own that you're another one of those people that pays the absolute minimum in taxes and you take every single deduction you're entitled to.

    But for some reason when Romney does that, he's the devil. :bricks: :bricks:
  12. Hamar

    Hamar Rookie

    Joined:
    Nov 23, 2011
    Messages:
    2,163
    Likes Received:
    17
    Ratings:
    +31 / 0 / -0

    If I called Holy Diver a dumbass would that be an infraction? IF so then I won't.

    The point that Mitt is making is that if he were so greedy as to short his taxes, then then he would not be giving 10% of his money away. And, if he was giving it away to save more on taxes then you have to call your left leaning millionaires into question (like Obama) because they do the same thing.
  13. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

    Joined:
    Jan 4, 2005
    Messages:
    24,590
    Likes Received:
    63
    Ratings:
    +115 / 7 / -10



    Since his 'income' for the years since he left Bain was cap gains and not salary 13% is about what I would expect him to pay.

    I don't care you are the one getting all wet thinking about his taxes.

    I am an advocate of the Forbes/Armey Flat Tax which would resolve all this sort of stuff.

    ;)
  14. scout

    scout Rookie

    Joined:
    Sep 13, 2004
    Messages:
    7,699
    Likes Received:
    25
    Ratings:
    +35 / 0 / -1

    #15 Jersey

    I heard Romney make the statement. Makes you wonder, does he think most people do not realize that charities are deductable, and that he was being a politician. I can not imagine that he would make such an elementary mistake.
  15. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    37,707
    Likes Received:
    258
    Ratings:
    +477 / 2 / -10

    #87 Jersey

  16. Hamar

    Hamar Rookie

    Joined:
    Nov 23, 2011
    Messages:
    2,163
    Likes Received:
    17
    Ratings:
    +31 / 0 / -0

    I agree that a flat tax would be great, take all the corruption out of the tax system and so forth. But, the people that get to vote on and make things into law will never allow it.

    The people that make the laws are the same people that take advantage of the tax loop holes. This is why when Obama had a super majority and the Bush tax cuts for the rich came up to be canceled or renewed it was renewed

    If tomorrow the Republicans came out and said they wanted to stop the Bush cuts it would never go through... here is a shocker... Democratic politicians are just as rich as Republican politicians.
  17. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Mar 19, 2006
    Messages:
    20,023
    Likes Received:
    185
    Ratings:
    +291 / 5 / -8

    Ah, here's where you and I both know something, so typing words on a screen makes no difference.

    What happened to people who got their earnings in investment income in 2009? Yeah that.

    What would really sting people is if he had requirements to pay estimated and he did so at some anemic rate, then got money back... How would that sit? :)

    Look, there's some couple in a house in texas who believe it or not, make out their mortgage check to Willard Mitt Romney. Personally. Not Bank of Mittmerica, not Romneywide, no, it goes to Willard Mitt Romney. Never met them, no desire to; Some damn tax thing.

    You really think he paid 40% in 2009? No, no you don't. You agree with me. And you know it.

    PFnV
  18. Hamar

    Hamar Rookie

    Joined:
    Nov 23, 2011
    Messages:
    2,163
    Likes Received:
    17
    Ratings:
    +31 / 0 / -0

    I think you missed my point.

    You and your other half often call people out when they make a stupid remark. You both have called me out and I usually re-read what I wrote and think, "yeah, that was not so good".

    So, I was pointing out your previous remark where you basically said that if it could not be proven wrong then it was right. It struck a nerve with me because you seem to be a very logical, fact-based poster (maybe I am wrong).

    As for Mitts taxes... If you asked everyone in congress to vote on whether to release all public employees taxes, my guess is that they would almost to a person vote no. You do realize that they all have accountants that know how to avoid taxes? And, it is all legal? Voted into law by the rich people that want to avoid taxes? You do not really believe that Republicans are richer than Democrats do you?

    I bet you and everyone else that is so concerned about what Mitt paid also take any tax break you can get.
  19. Drewski

    Drewski Rookie

    Joined:
    Jul 25, 2007
    Messages:
    3,702
    Likes Received:
    18
    Ratings:
    +42 / 0 / -1

    No Jersey Selected

    I agree Wolf.

    We can discuss the tax structure of this country, its shorts fall etc all day long.

    But I want to hear the first person in here say they don't take off what legally the gov allows them. Stocks, student loans, mtg, rent, donating clothes giving to your house of worship etc etc.

    If those things apply to you and you dont take em, here's a tack hammer....you know what to do :)
  20. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Mar 19, 2006
    Messages:
    20,023
    Likes Received:
    185
    Ratings:
    +291 / 5 / -8

    Okay I have to admit when you're being rational that makes me think I should be. So here's the chronology:

    I think I said I "guarantee" Mitt's taxes were 0 in 2009, got called out on it, and then to tweak people said yeah well, let me know when you have the released tax return.

    Now then, we had no such scruples when the board was all abuzz about the "I think he's from Kenya" bullsh1t... which continued until the administration released not one but two birth certs.

    So, if we're going to admit that we hold supporters of this pres to a higher standard, well yes I was fu(king with you.

    I strongly suspect, however, that his 2009 taxes would look like "OMG" to the average bear. I don't think what he's afraid of is giving to Hamas by mistake or something. I think he's afraid of being shown to have a zero or near-zero tax burden in 2009. And it's got to be dramatically low... not 12% when this year's was 13%.

    But since you're being rational and civil, which by the way I'm not sure I'll forgive you for, so will I.

    I strongly suspect and have no qualms about implying that Romney paid a far lower, likely 0 effective rate for 2009.

    And they'd be right. Keep it to public figures, don't you think?

    Now that we're back talking about public figures -- i.e., the rest of this is about the congress-critters themselves -- I know there are plenty of Ayn-Rand-Reading young backbenchers that are one election removed from selling cars or whatever, and there are the Kennedy types on the Dem side. I honestly don't know who's rich, who's super-rich, and who's merely upper middle class among them.

    However, when a very rich guy says "Look, I'm very rich, but I could be somewhat less rich, do something for the middle class and/or poor, and be okay with that," I don't think that's hypocritical.

    And when a guy who is very rich starts telling me how the middle class and the poor just need to tighten their belts (while he pushes policies to loosen his own,) I think that's whatever comes after disgusting.

    I bet the opposite. "Taking any tax break I can get" might net me a little more, but would take research and work. I don't make a hobby of finding places to hide income; the big ticket deductions that fit how my life has unfolded are just fine. I'm not looking to disappear the rest of my income, and I make sure I "give the government an interest-free loan" rather than try to exactly match the amount I could take home.

    It's also the case that I don't have access to the type of shelters Mittens has access to, but beyond that, it's demonstrably the case that he's a very wealthy individual whose program consists of the rest of us giving all our money to him. (I'm sorry, giving all our money to the nation as a whole, while he stops giving any of his, and turning medicare into a coupon book while he's at it.)

    I can understand why this appeals to the rich. For the life of me I have no idea why it would appeal to regular guys like on this board.

    PFnV
    Last edited: Aug 17, 2012

Share This Page

unset ($sidebar_block_show); ?>