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Mitt Romney's taxes or lack there of....

Discussion in 'Political Discussion' started by Ilikehappyppl, Jan 24, 2012.

  1. Ilikehappyppl

    Ilikehappyppl Rookie

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    NBC Politics - Mitt Romney's tax returns: He earned $42.5 million, will pay $6.2 million in taxes


    So he had a Swiss bank account and a Cayman account too, pay's only 13.9% because he's lazy and makes money off of money....and still calls himself a man for it.

    Is 13.9% fair?
    Is making money off of money and not really working and getting taxed a lower rate then the rest of us fair?

    They say he's worth 150-250 million, one of the richest people ever to run for Prez....

    I'll give Newt some props though, he payed around a 31% tax rate! But he's as sleazily as they come too, what does that say about good old Mitt?
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Some of my favorite people are self made men and women who have had the creative energy to build a fortune...

    Some of my least favorite people are "trust fund" babies, who are born into wealth and learn how to perpetuate by virtue of their birthright...
  3. Drewski

    Drewski Rookie

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    Without having all the details of his tax return (deductions etc etc etc) making as much as he had in that time; he "should have" paid more.
  4. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #12 Jersey

    Yes, maybe he "should have."

    And if Obama gets "his way," he will....because we will increase the taxes on the very rich and get rid of the parts of the Bush tax cuts which lowered the rate on capitol gains.

    However, if Paul or Gingrich gets elected people like Romney, as well as Romney himself, will pay ZERO. Not 13.5% like Romney paid last year, not 15% like he says he will pay this year - but ZERO because Paul and Gingrich have vowed to do away with taxing capitol gains altogether. Santorum, being a bit more cautious, would lower the rate to 12% and Romney would leave them where they're at for amounts over $100.000.00.
  5. Real World

    Real World Moderator Staff Member

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    The guy paid more in taxes in one year than all of us combined will pay in our lifetimes.

    While I've stated many times that CP taxes should be higher than 15%, I think alot of people miss the boat on the differences between taxes on the wages I make each week, versus those I pay on the interest I'm taking in from my CD's. I'm more concerned with the $65 million gross, $45 million taxable that people like Mitt and Buffett report. The rate is not the issue to me, as much as that $20 million dollars in deductions is.
  6. JackBauer

    JackBauer On the Roster

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    While I don't disagree with your second point, he did also make more in one year than most of us will make in our lifetimes.
  7. chicowalker

    chicowalker Rookie

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    He worked for his money, just like anybody else. Criticizing white collar workers as "lazy" is as misguided as calling blue collar workers stupid.

    Everybody who has any sort of savings should be making money off their money.

    That said, I don't think capital gains or interest should be treated more favorably than wages / salary -- but that's not Romney's fault.
  8. JackBauer

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    He got paid 26mm for doing what, exactly?
  9. Drewski

    Drewski Rookie

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    RW, this has been my point all along (me and Chico had a convo about in another thread many moons ago).

    I dont care about the rate. What I care about is he was able, using deductions, to lower his income.

    I want there to be no deductions (or as very few as possible)

    You bought a house? Good for you, no deduction.
    You "had" to use a personal jet for business? Congrats, no deduction, that is just a cost of doing business.
    Last edited: Jan 24, 2012
  10. DarrylS

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    Liking to fire people...
  11. Real World

    Real World Moderator Staff Member

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    My point is that for some "fair share" is a percentage, while for some others, it's hardly fair that one person pays millions for the same services that the next guy pays virtually nothing for. **I'm not saying this is how I feel exactly, but more a matter of differing philosophies. Another point would be why someone should be penalized for being more successful. Is doing so "fair"**

    I think CG should be 20% at the bottom, and 25% at point X and thereafter. 15% is too low in my opinion.

    I think it's easy for people to target those with money, since their are fewer of them than us, and everyone wants what those "rich" people have.



    For being smart with is money.

    I think a "flatter" tax system with say 4 or 5 brackets, that treats all income the same might be something this country could use.
  12. chicowalker

    chicowalker Rookie

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    which $26mm -- you tell me
  13. chicowalker

    chicowalker Rookie

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    I agree with all of this, RW.

    Funny thing is, people on both sides of the capital gains v ordinary income make arguments about why one or the other should be taxed more favorably. Almost all of it is self interest, imo. Working at a plant isn't inherently more deserving than working in an office, and the "riskiness" of investments isn't a rationale for a tax break.

    (and none of this touches on the treatment of carried interest at private equity firms, which is a much more complicated issue... and one that would go away if there were no difference in the tax rates)
  14. JackBauer

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    I agree with this. I really don't care whether the marginal rates go up or the loopholes/deductions are eliminated, but let there be no doubt that someone making 26 million dollars a year and paying less in taxes as a percentage of their income than someone making 40,000 a year is inherently unfair and economically undesirable.

    I would love it for Obama to embrace comprehensive tax reform. Seems like a winning issue that could unite a lot of people across the political spectrum. Not to mention it being simply the right thing to do.
    Last edited: Jan 24, 2012
  15. JackBauer

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    I misread your original post, disregard.
  16. chicowalker

    chicowalker Rookie

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    I agree with you about tax reform, and I personally think that a progressive tax structure is what we need given our debt (in an ideal world I'd prefer a flat tax).

    The one thing I take issue with is saying that a lower rate is inherently unfair. This may be semantics, I don't know, and I bring it up only b/c of the tenor of political debate both on this board and out in the "real world."

    I think there's an argument behind what you're saying, but it's not the only argument on the matter -- in other words, there's nothing inherent about it, and some people try to use this as a class warfare point. But if a guy makes $100mm and pays $14mm in taxes, he's still paying almost $14mm more than most people are, and he's receiving basically the same services. So I don't think it's appropriate to say that it's inherently unfair, when one can make a reasonable argument that he's paying drastically more. Undesirable, though? I agree. Impractical given our debt? Also agree.
  17. Drewski

    Drewski Rookie

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    Agree completely.

    Close all the loopholes, and leave only maybe the personal deduction. The idea that a rich person can go to an accountant and have them find every loophole to lower thier income, and then that person pays much less than a working stiff does is not "right".

    i.e. Buffet paying "less than his secretary" and GE supposedly making buku bucks and paying no tax on it.

    Also make it simple. I dislike Rick Perry, but his "post card" idea, while a political gimmick, is what I would do. Our tax code should be 1 page. You made this, you owe that. Not this War and Peace length novel it is now.
  18. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Steve Forbes has an interesting plan as well.
  19. Drewski

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    Didn't Forbes advise on Perry's tax plan? Or is my sarcasm meter in need of a recharge? :)
  20. Real World

    Real World Moderator Staff Member

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    I'll never forget when I saw a dudes tax return a long time ago, and saw $200k in taxes paid. It was the first time I'd ever seen a return outside of my own, or my friends who's taxes I'd sometimes do for them. Needless to say none of the latter were anywhere close to six figures in earnings, nevermind paying that in taxes. It gave me a little perspective in the sense that I would so hate having to hand the government that much coin.

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