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http://firstread.msnbc.msn.com/_news/2012/01/17/10174817-romney-pegs-his-tax-rate-at-around-15-percent

Mitt Romney estimated that he pays about a 15 percent effective tax rate on his earnings, an admission coming amid growing speculation the presidential hopeful will release his tax returns this spring.

Facing increasing pressure from his GOP rivals, particularly former House Speaker Newt Gingrich and Texas Gov. Rick Perry, to release his tax records, Romney seemed to commit to release some returns after having been somewhat cagey on the topic at last night's presidential debate.

If and when those records are released, Romney suggested they would show he pays about 15 percent of his earnings to the government...

Romney addressed that argument to an extent, noting his opposition to Gingrich's proposal to eliminate all capital gains taxes.

"You’d have individuals – the Warren Buffett argument -- Warren Buffett, Bill Gates would probably pay no taxes at all," he said. "Today they probably pay 15 percent. Very high-income people of this country pay roughly 15 percent of taxes if their resources are coming from investments and under their plan it would go to zero. I just don’t think that’s the right course."

Romney provided no indication as to what level of taxes he thought the wealthy should pay on their investment-related income, but said he thought savings in the tax code should be directed toward providing tax relief for the middle class, and lowering corporate income taxes.

I'll take that bet. My effective tax rate was a negative number last year and I expect the same this year.

Kirk

Hi Kirk:

Mine will be in the 18% range Fed not inlcluding SS and MC and I probably make about 1/1000th of what Romney will.

Wayne

Eh, ok. I just get an overload of political stuff from EVERYWHERE these days. Getting jaded, perhaps.

That said, Romney's net worth is estimated to be over 100 million (not known for sure because he hasn't released it). That's more than all the other candidates combined, including Obama.

:eyebrow: I'm not sure I trust him to have my best interest in mind.

But you can bet he pays a bigger amount than we do! H

Hi Harold:

I bet the Government protects his larger amount the same as yours and mine? To the tune of which we are closing in on $16 Trillion in arrears. I'll just write a check and cover your portion even though I pay a higher rate than the guys that designed the laws that benefit themselves the most... Not going to happen ;)

Wayne

Bear in mind that his income is mostly capital gains, or unearned income.

If the current provisions aren't extended, those capital gains rates will go up to 20% next year. (including your and my investment and retirement accounts)

The rich keep getting richer . . .

If the current provisions aren't extended, those capital gains rates will go up to 20% next year. (including your and my investment and retirement accounts)

That's fine by me. Kind of.

It's a stupid tax system that makes it:
- better to bet on a business than do business.
- better to make money selling real estate than goods.

Is it really that hard to say
Business: Profit = income - expenses
Person: Profit = income - deductions/necessary expenses

and tax profit?

His response was very obviously focused on winning the presidential election: he can't win the GOP candidacy by playing conservative, he has to win using ABO.

Lets see your making $1,000,000 in say Calif or NY your paying 390K in federal taxes, $8K to SSI, $90K or more in state taxes, plus local if the rate is 1%, $10K plus RE taxes on your home. That is over 50% of your income is paid in taxes. How much do you want 60%, 70%, 80%, 90%?

How does taxing the rich help you personally? It doesn't affect you diddly squat except on the local level. Lots of rich people living around you they subsidize your local taxes. They move, you have to make up what they were paying into your local governments coffers.

Example my local RE tax rate here in Pittsburgh is 3.6% on my home.
My Condo in Naples where I'm surrounded by lots and lots of very rich people is 1.1%

50% of California's budget deficit is directly related to the number of wealthy people who threw in the towel and moved out of the state because of the increased tax rates on the millionaires. Look at NY, MD, NJ who are also having money problems due to RICH flight out of there states. Illinois is totally going to take up the *** when people and companies say they've had enough and book out of the state in mass.

Here in Pa. most of our population increase is from residents of NY and NJ moving here to escape the high taxes of those two states.

If you want to take a bus from Manchester, NH. to Boston during the week, you need to get to the station before 3:30 AM. That's because all the buses are filled to capacity from all the Ex-Mass residents who still work in Boston.

90 minute ride in and 90 minute ride back, five days a week, plus the cost of the bus ride is well worth it over paying Massachusetts taxes. You're making $100K a year you save $6,250 living in NH over MA. Raise that to say $250K a year, $15,625, now your talking big money. Add to that a Mass. sales tax of 6.25% VS 0 sales tax in NH. You buy $30,000
car you save almost $1950 on the purchase by living in NH over Mass.

You could take 100% of the incomes from all American's making $500K or more and it would run our Government for only 18 days.

When did the United States become France where it is so bad with this get the rich attitude that over 550,000 millionaires have left the country with their money. :rolleyes:

The top 1% pays 36.7% of all income taxes.
The top 5% pays 58.7% of all income taxes.
The top 10% pays 70.5% of all income taxes.
The top 25% pays 87.3% of all income taxes.
The top 50% pays 97.7% of all income taxes.

The bottom 50% pay 1.3% of all income taxes.

Source (http://www.taxfoundation.org/news/show/250.html)

I'll take that bet. My effective tax rate was a negative number last year and I expect the same this year.

Kirk

+1. My highest effective was about 1% :)

...
The bottom 50% pay 1.3% of all income taxes.

Source (http://www.taxfoundation.org/news/show/250.html)

I would suggest using numbers from a source that isn't grinding such a particular axe unless you want people to question your credibility.

Try the numbers from the Tax Policy Center (http://www.taxpolicycenter.org/index.cfm) of the Brookings Institution for this particular topic for example.

Did you know that there were 27,399 returns that reported incomes over $200,000 in 2008 yet paid no income tax?

When did the United States become France where it is so bad with this get the rich attitude that over 550,000 millionaires have left the country with their money. :rolleyes:

It's not a "get the rich" attitude. It's an "all income is equal" attitude.

They're leaving, yet taxation on the wealthy has never been lower. I suspect they're leaving because it's now easier than ever to live in other countries without losing connection to home.

If you want to take a bus from Manchester, NH. to Boston during the week, you need to get to the station before 3:30 AM. That's because all the buses are filled to capacity from all the Ex-Mass residents who still work in Boston.

90 minute ride in and 90 minute ride back, five days a week, plus the cost of the bus ride is well worth it over paying Massachusetts taxes. You're making $100K a year you save $6,250 living in NH over MA. Raise that to say $250K a year, $15,625, now your talking big money. Add to that a Mass. sales tax of 6.25% VS 0 sales tax in NH. You buy $30,000
car you save almost $1950 on the purchase by living in NH over Mass.

Did you know that people in who work in MA pay MA income tax irrespective of where they live?

The difference is sales tax, property tax and insurance:
- NH no sales tax (but has a restaurant tax).
- MA has sales tax (excludes food and clothing).
- NH has higher property tax rates but cheaper property.
- NH has much cheaper car insurance.*

Seems to me that the big deal is cheaper real estate. Really, it's just like everywhere else.

* Incidentally, some fraudsters try to insure using a ME residence in order to get cheaper car insurance.

Did you know that people in who work in MA pay MA income tax irrespective of where they live?

The difference is sales tax, property tax and insurance:
- NH no sales tax (but has a restaurant tax).
- MA has sales tax (excludes food and clothing).
- NH has higher property tax rates but cheaper property.
- NH has much cheaper car insurance.*

Seems to me that the big deal is cheaper real estate. Really, it's just like everywhere else.

* Incidentally, some fraudsters try to insure using a ME residence in order to get cheaper car insurance.

Your right on the income generated by working in Mass. being taxed but any income that is generated through investment income would not be taxed under Massachusetts law since they were not a resident.

Romney was very smart to change his residence from Massachusetts to NH.

No wonder John Kerry tried to berth his boat in Rhode Island instead of Massachusetts.
This way he could have saved over $500K in sales and excise taxes the first year and an additional $70,000 in excise taxes on his yacht each year afterward. If it hadn't been for those pesky Republicans tattling on him, he and Teresa could have slipped under the radar on that one.

Your right on the income generated by working in Mass. being taxed but any income that is generated through investment income would not be taxed under Massachusetts law since they were not a resident.

Romney was very smart to change his residence from Massachusetts to NH.

Well, that explains it then. All of those people commuting from NH to Boston are doing it because of their large investment income. It's not because they were only able to afford a house in NH or get a house in NH that would have cost them $200k to $300k more in Mass.

But I do wonder why they're commuting to Boston instead of working in New Hampshire. New Hampshire must have a better economy than Massachusetts.



No wonder John Kerry tried to berth his boat in Rhode Island instead of Massachusetts.
This way he could have saved over $500K in sales and excise taxes the first year and an additional $70,000 in excise taxes on his yacht each year afterward. If it hadn't been for those pesky Republicans tattling on him, he and Teresa could have slipped under the radar on that one.

That's the thing about extremely wealthy people. They get to be resident wherever they like because they can afford to do it. Since the current low taxation isn't low enough, obviously you should stop taxing them at all so they'll stay and spend their money instead of accumulating more. The trickle-down effect should then greatly benefit the economy.

The cost of living is much cheaper in NH over Mass. My niece graduated from Northeastern and got a good job in Boston. First paycheck she drove 90 miles back home to NH crying all way due to how much money they took out of her paycheck. It was a reality check to her on WHO really pays for all these wonderful programs people demand the Government offer.
She now lives and works in NH due to the lower cost of living and lower payroll taxes taken out of her paycheck. She doesn't make as much money but lives much better than she could in Boston.