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In reply to the discussion: Mitt Romney: It's fair I pay a lower tax rate than people making $50,000 [View all]JDPriestly
(57,936 posts)95. If he were subject to payroll taxes, it would not change the percentage of his income that
he pays in combined payroll/income/capital gains taxes by much.
He is probably only paying or virtually only paying capital gains taxes. If you want to be technically precise and don't count payroll taxes as income taxes, then you shouldn't count taxes on capital gains as income taxes either. And if you didn't, the who knows what Romney's tax rate would be.
Someone was objecting to the fact that we were comparing the overall tax rate on lower income people and including in it the payroll taxes while not including payroll taxes in Romney's rate.
I was saying that whether Romney pays payroll taxes or not, the amount he would pay in them would be so small as to not affect the overall percentage he pays in taxes by much if anything.
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Mitt Romney: It's fair I pay a lower tax rate than people making $50,000 [View all]
ProSense
Sep 2012
OP
Someone should ask Mitt, are capital gains more important than labor? If not, why tax them different
reformist2
Sep 2012
#1
ALL money has already been taxed!!!! When you get it as income, it gets taxed again.
valerief
Sep 2012
#3
that's not technically true, although i certainly agree all income should be taxed the same.
unblock
Sep 2012
#34
The EFFECTIVE corporate tax rate is 12.1; many huge corporations (like GE) pay zero.
SunSeeker
Sep 2012
#27
Romney's capital gains income (the majority of his income) is not subject to payroll taxes.
JDPriestly
Sep 2012
#41
A person making 50,000, in my experience, will have between 28 and 33% of that withheld.
DLnyc
Sep 2012
#9
& 1/3 of those people make less than $10K a year. about 500,000 make over $100K.
HiPointDem
Sep 2012
#51
Not necessarily. If you added Romney's SS & Medicare to the tally, it wouldn't budge the number
dorkulon
Sep 2012
#94
Romney's tax rate would not be that much higher if he added in his payroll and income taxes.
JDPriestly
Sep 2012
#43
If he were subject to payroll taxes, it would not change the percentage of his income that
JDPriestly
Sep 2012
#95
So, include the amount Romney pays in payroll taxes and see how much difference it makes -- none.
JDPriestly
Sep 2012
#53
lol you sure put a lot of effort into this. In your earlier post you did not specify a specific
grantcart
Sep 2012
#89
So why doesn't the same logic apply to labor? Why doesn't it "discourage work" when you tax
Marr
Sep 2012
#11
gee, my income was already taxed when i earned it, so why should i pay sales tax when i spend it?
unblock
Sep 2012
#37
what? capital has already been taxed at the corporate level? can someone explain to me
HiPointDem
Sep 2012
#48
You would think they would have learned with McStain that Americans don't want to hear that bullshit
trouble.smith
Sep 2012
#79