Romney's background (unbiased IMO)

[TRENCHLORD]

Who Pays the Most Income Tax?

[TemjinStrife]

Originally Posted by TRENCHLORD

Who Pays the Most Income Tax?

Income tax is not the total tax burden, dude. What was Romney's total effective tax rate? Under 14% of his total income?

Seems a little unfair, doesn't it, when a guy who pays so little in taxes already wants to lower the burdens on himself and others like him, who already pay so little.

[TRENCHLORD]

Originally Posted by TemjinStrife

Income tax is not the total tax burden, dude. What was Romney's total effective tax rate? Under 14% of his total income?

Seems a little unfair, doesn't it, when a guy who pays so little in taxes already wants to lower the burdens on himself and others like him, who already pay so little.

I guess your missing the point that lower income people (myself included) don't pay shit. We get most all of it back at the end of the year.

[TemjinStrife]

Originally Posted by TRENCHLORD

I guess your missing the point that lower income people (myself included) don't pay shit. We get most all of it back at the end of the year.

And yet we still pay a higher percentage of total income as taxes than Romney does. Income tax is just part of it.

[TRENCHLORD]

Originally Posted by TemjinStrife

And yet we still pay a higher percentage of total income as taxes than Romney does. Income tax is just part of it.

Maybe in New York you're getting state taxed to death?

I've had several years of $25,000-$30,000 annual gross putting me in the 15% bracket.
BUT, since I have three dependants (counting myself) I get earned income credit and recieve a tax return of well over $4,000 not counting my state return.

So in other words, I pay nothing and am rewarded a bit extra for impregnating women .


Romney did have to squirrel around to get that rate.
His "income tax" was in the 30s% I think, but i understand how you're averaging in his capital gains and investments income as well.

Those investments do in some cases create jobs for many others though.
I don't blame the guy for working the system.
If elected he should take measures to close some of the foreign investment loop holes.
It will be his duty to set an example, if he don't then I'll consider not voting for him again.

[TemjinStrife]

Right now he seems to like the idea of lowering capital gains taxes and isn't talking too much about closing tax loopholes; I'm guessing he's signed on to Norquist's "no tax increase" pledge which means that we're not going to see any such loophole closings or improvements on tax policy.

This means that I doubt he's going to "set an example," especially since he's very friendly with the sort of people who stand to lose the most from said policy.

Also, I doubt his investments create jobs on a significant enough scale to justify the argument that the rich should be left alone to be "job creators."

I just don't really see any reason to vote for the guy, unfortunately. He had a pretty good run in Massachusetts but has absolutely DESTROYED his own credibility. He'd probably become a mouthpiece for the rest of the Republican Party, which really isn't what I'd like to see in the Oval Office.

[pink freud]

Originally Posted by TemjinStrife

Right now he seems to like the idea of lowering capital gains taxes and isn't talking too much about closing tax loopholes; I'm guessing he's signed on to Norquist's "no tax increase" pledge which means that we're not going to see any such loophole closings or improvements on tax policy.

This means that I doubt he's going to "set an example," especially since he's very friendly with the sort of people who stand to lose the most from said policy.

Also, I doubt his investments create jobs on a significant enough scale to justify the argument that the rich should be left alone to be "job creators."

I just don't really see any reason to vote for the guy, unfortunately. He had a pretty good run in Massachusetts but has absolutely DESTROYED his own credibility. He'd probably become a mouthpiece for the rest of the Republican Party, which really isn't what I'd like to see in the Oval Office.

Romney has a history of avoiding tax-increases through increasing fees for government services. And here I thought the GOP was for diminishing government.

[TRENCHLORD]

One other thing I'd add is that;

When you raise taxes on the wealthy, they will almost always find a way to pass most of the difference on down the line.

They'll cut jobs, wages, and increase product prices to help soak up much of the difference. They also just love shutting down and moving operations abroad.

Sucks I agree, but they still have yachts to buy and exhubarent vacation expenses lol.

[Stealthdjentstic]

No they wont. Look at canada

Our maximum income tax is more than 50% and our minimum wage is higher than yours. Sounds just youve been drinking too much

[Waelstrum]

^ Same applies to Australia, and we were hit by the global financial crisis the least out of any western country. At the time, Rudd explicitly stated that laissez faire capitalism lead to the collapse, and adopting temporary socialism stopped most of the damage. (Of course, having all the minerals that China wants helped.)

[TRENCHLORD]

Originally Posted by Stealthdjentstic

No they wont. Look at canada

Our maximum income tax is more than 50% and our minimum wage is higher than yours. Sounds just youve been drinking too much

I have been drinking too much .

I'll stand by my point though. The wealthy will always find/create ways to pass the buck.

Are you paying more than us for goods services?
Are there higher % of people earning middle class type wages?
AdMITTedly (see what I did there) I know jack shit about Canada finances.

Canada is an extremely resource rich nation with fairly low population relavent to size so you might well benefit from a higher government collected energy revenue percentage. ?

[Stealthdjentstic]

Yeah, proper controls on banks and our financial system in general helped protect us a lot even though the US is our biggest trading partner