Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
17 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
 

99th_Monkey

(19,326 posts)
2. Well, yah, but there is a BIG difference in these kinds of incomes
Sun Sep 30, 2012, 08:09 PM
Sep 2012

All Mitt has to do to "earn" his millions is to sit on his sorry ass,
except when he's running around firing people, which he loves to
do.

Kennah

(14,240 posts)
7. Factually accurate. I see nothing wrong with the information.
Sun Sep 30, 2012, 08:58 PM
Sep 2012

If anyone seriously believes there is nothing wrong with the situation that allows this to be, then they must be part of the 1 percent or a seriously deluded Fox News viewer who plans to vote Rmoney.

 

obxhead

(8,434 posts)
9. It's completely inaccurate
Sun Sep 30, 2012, 09:15 PM
Sep 2012

Add in state, property, sales, and gas taxes (to name a few) and the effective tax rate for the "middle class" is far higher than 15.5%.

Tennessee Gal

(6,160 posts)
11. It is based on effective federal income taxes.
Sun Sep 30, 2012, 09:30 PM
Sep 2012

That means that Mitt can make many bundles of big bucks without working at all since his income is from investments. He doesn't pay as high a rate as middle-class Americans because he can afford highly paid tax attorneys and accountants to find all the tax avoidance loopholes he needs and to hide his income in foreign locations.

What kind of man thinks it is okay to run for President while investing money in foreign countries to avoid paying taxes to the United States Treasury?

JoeyT

(6,785 posts)
13. I was just about to ask that.
Sun Sep 30, 2012, 10:08 PM
Sep 2012

Thanks for explaining it.

I was wondering because I've never paid 15.5% taxes in my life. Not that I want my taxes lower, I want that bastard that's paying 14% to pay more.

I suspect his actual tax rate is far lower than 14%. It's just 14% on the stuff he hasn't hidden.

hfojvt

(37,573 posts)
17. I am having trouble believing that
Sun Sep 30, 2012, 10:26 PM
Sep 2012

my own data (from IRS stats) says that taxpayers making less than $67,280 in AGI are only paying an income tax rate (on average) of 9.29%. Even those making as much as $113, 799 are only paying an income tax rate (on average) of 12.44%. http://journals.democraticunderground.com/hfojvt/169

So I'd like to know where the 15.5% comes from.

Latest Discussions»General Discussion»What's wrong with this pi...