suntzukali2
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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In his defense he didnt work to earn any of it.
http://www.washingtonpost.com/blogs/election-2012/post/romney-to-release-tax-returns-estimates-rate-at-about-15-percent/2012/01/17/gIQALiQf5P_blog.htm l
FLORENCE, S.C. — Bowing to pressure from his Republican rivals as well as the Democrats, Mitt Romney told reporters here Tuesday that he plans to release his federal income tax returns this spring and estimated his rate at about 15 percent.
“What’s the effective rate I’ve been paying? It’s probably closer to the 15 percent rate than anything,†Romney, a GOP presidential candidate, said. “My last 10 years, I’ve — my income comes overwhelmingly from investments made in the past rather than ordinary income or rather than earned annual income. I got a little bit of income from my book, but I gave that all away. And then I get speaker’s fees from time to time, but not very much.â€
Romney’s 15 percent rate is likely to draw fire from opponents because it highlights the tax advantages enjoyed by wealthy Americans who make most of their money from investments rather than labor — a disparity that has been criticized by billionaire Warren Buffett and many Occupy Wall Street protesters.
A report by the nonpartisan Congressional Research Service recently showed that investment income, of the kind Romney is citing, was the biggest contributor to an increase in income inequality between 1996 and 2006.
Most Americans earn their income from wages and salaries, paying higher tax rates — up to 35 percent — the more they earn. The tax on capital gains, which include profits from the sale of stocks, bonds and real estate, is 15 percent.
The wealthy take advantage of this lower rate far more than other Americans. In the last 20 years, about half of all capital gains income realized have gone to the wealthiest 0.1 percent.
Romney’s tax returns could also reignite a debate over how to count income earned by partners at private equity firms. When private equity firms sell long-run investments, those profits are treated as long-term capital gains, which means they’re taxed at no more than 15 percent. Critics say those earnings should be taxed as ordinary income because the partners are mostly managing other people’s money, not their own.
Romney collected more than $360,000 in speaking fees from such companies as Barclay’s Bank and Goldentree Asset Management over a 12-month period ending last year, according to his financial disclosure filing.
Romney, who until now had resisted releasing his returns, acknowledged the political pressure on him to do so now. He said he would wait until he files his 2011 returns in April to release them.
“I know that if I’m the nominee, people will want to see the most recent year,†Romney said, adding: “Rather than sort of have multiple releases of tax returns, why — we’ll wait until the tax returns for the most recent year are completed [in April], then release them.â€
In Monday night’s debate, Texas Gov. Rick Perry demanded that Romney release his returns, noting that he already had and that former House speaker Newt Gingrich planned to release his later this week. Romney bristled at the suggestion and, when pressed later by one of the debate moderators, offered an unusually stammering response and no commitment to release them.
Romney, a businessman who founded and led the private equity firm Bain Capital, estimated his net worth at between $190 million and $250 million in a public filing last summer. At various points in the campaign, Romney’s rivals have tried to use his personal wealth against him.
During the news conference following a campaign event here, Romney criticized Gingrich’s tax proposal to eliminate capital gains taxes on all individuals. Romney argued that eliminating taxes on investment income would mean that some of the nation’s wealthiest citizens would pay nothing in federal income taxes.
“Warren Buffet, Bill Gates would probably pay no taxes at all,†Romney told reporters. “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.â€
Romney did not specify whether he would be among those wealthy investors paying zero taxes under Gingrich’s plan. Romney touted his own plan, which would eliminate capital gains taxes only for those making $200,000 or less.
“I just don’t think that’s the right course. I think that with our precious dollars we should focus on providing relief – tax relief – really in two areas: one is for middle-income Americans that have been hurt the most and secondly is to bring our corporate tax rates to a level where we could draw people from other countries to bring their funds into this country.â€
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Rhodoman
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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That's about what everyone ought to be paying.
*yawn*
Rho
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Kanga_Roo
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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Rhodoman posted:
That's about what everyone ought to be paying.
*yawn*
Rho
Lol I don't think much of Romney but I think he is too smart to run with this
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Allmightybob_MLF
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Subject:
Mitt Romney to release tax returns, estimates rate at about 15 percent
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Abolish sales tax.
Abolish property tax.
Abolish estate tax.
Flat rate 15% income tax.
Abolish customs tax and tariffs.
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Anebriated
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Subject:
Mitt Romney to release tax returns, estimates rate at about 15 percent
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if you make minimum wage around here it's like 10 dollars/hour. if you work 40 hours a week that's 400 dollars a week, 1600 a month.
if you rent a room and live with a bunch of hippies you can pay 650 in rent. add 50 in utilities, 50 health insurance, 250 food. 60 for public transportation.
that's a conservative monk-like estimate. that leaves less than a third of your wages for something beyond essential.
<19.2k a year paying 15% is 2880 dollars.
15% for someone making minimum wage is 2880 dollars, like half of your 'spending' money! spending money like a cell phone or cable television.
obviously 15% is not the same to everyone.
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Wulfgarr
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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Don't you know that progressive taxation is morally evil? It puts us 3 inches from socialism. If we bump the marginal tax rate back up 3 percent we will effectively have rebuilt the gulags. Stalin, even that Keynesian bastard Hitler, were ultimately proponents of this system. Do you want to the philosophical policies of mustachioed genocidal maniacs? We're much more keen on maniacs here without mustaches, or pulses, thank you very much.
Progressive taxation also penalizes being wealthy. Wealthy people didn't get wealthy by paying taxes! They are our job creators and look how fine a job they're doing creating all those jobs with their historically low tax rates and historically disparate amount of wealth! Why I do say, that if we lowered their taxes some more that this troubling disparity and lack of generational income mobility would just flat disappear, not become more deeply entrenched like it has...
Why it's your fault. Don't you know our perfect capitalistic system determines who is smart and who is poor! If you think 15% flat tax is a bad deal, well the economy has decided you are stupid. You should just go and get a higher paying job, or create a job. That automatically makes you wealthy, they are job creators after all.
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Bat_Avenger
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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/points /laughs @ adult making minimum wage.
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JD_HOGG
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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Wulfgarr posted:
Don't you know that progressive taxation is morally evil? It puts us 3 inches from socialism. If we bump the marginal tax rate back up 3 percent we will effectively have rebuilt the gulags. Stalin, even that Keynesian bastard Hitler, were ultimately proponents of this system. Do you want to the philosophical policies of mustachioed genocidal maniacs? We're much more keen on maniacs here without mustaches, or pulses, thank you very much.
Progressive taxation also penalizes being wealthy. Wealthy people didn't get wealthy by paying taxes! They are our job creators and look how fine a job they're doing creating all those jobs with their historically low tax rates and historically disparate amount of wealth! Why I do say, that if we lowered their taxes some more that this troubling disparity and lack of generational income mobility would just flat disappear, not become more deeply entrenched like it has...
Why it's your fault. Don't you know our perfect capitalistic system determines who is smart and who is poor! If you think 15% flat tax is a bad deal, well the economy has decided you are stupid. You should just go and get a higher paying job, or create a job. That automatically makes you wealthy, they are job creators after all.
Taxes for the poor are historically low too. Things were much better when their taxes were higher. We better return to those days pronto so the economy improves.
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JD_HOGG
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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OMG I just looked at something else, I see Elvis was alive when tax rates were at 70%. If we raise taxes back up that high (without the deductions we had in the 1970s though) Elvis will return!
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JD_HOGG
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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When taxes were high, Star Wars came out. High taxes increase creativity!
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levgre
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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Bat_Avenger posted:
/points /laughs @ adult making minimum wage.
Would you rather they stay on unemployed benefits? There are actually high skill workers who have been laid off and now have to work near minimum wage jobs. There are not nearly enough well-paying jobs out there.
Typical conservative idiocy. GET A JOB. Oh, you are already employed and working 40 hours a week? NO I MEANT A DIFFERENT (non-existent) JOB.
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Sith_Mauler
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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Bat_Avenger posted:
/points /laughs @ adult making minimum wage.
25% of working adults now hold min wage jobs.
welcome to the new America.
there comes a time when you have to swallow your pride and do whats necessary to survive.
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Ah-Schoo
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Subject:
Mitt Romney to release tax returns, estimates rate at about 15 percent
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levgre posted:
Bat_Avenger posted:
/points /laughs @ adult making minimum wage.
Would you rather they stay on unemployed benefits? There are actually high skill workers who have been laid off and now have to work near minimum wage jobs. There are not nearly enough well-paying jobs out there.
Typical conservative idiocy. GET A JOB. Oh, you are already employed and working 40 hours a week? NO I MEANT A DIFFERENT (non-existent) JOB.
LOL, it's Bat_Avenger.
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silvadel2
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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The big problem with capital gains is that it is not indexed to inflation.
THAT is what sets all of this up.
If capital gains were indexed to inflation and taxed as regular income then it wouldnt be this way. I mean you are supposed to know the basis for your cap gains anyway so it isnt adding any recordkeeping that is not already there.
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HeartView
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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Allmightybob_MLF posted:
Abolish sales tax.
Abolish property tax.
Abolish estate tax.
Flat rate 15% income tax.
Abolish customs tax and tariffs.
I would much rather there be no income tax and instead have a flat 15% sales tax on everything. Considering most states already have a sales tax, people would be just paying the difference of the increase but they would be making a LOT more.
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_Gimpzilla_
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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Sith_Mauler posted:
Bat_Avenger posted:
/points /laughs @ adult making minimum wage.
25% of working adults now hold min wage jobs.
welcome to the new America.
there comes a time when you have to swallow your pride and do whats necessary to survive.
And Republicans are always talking about how working class people are paid too much, driving jobs into China. If they have their way, 99% of working adults will be paid below what is now min wage jobs (since they will also abolish the minimum wage).
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Rhodoman
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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_Gimpzilla_ posted:
And Republicans are always talking about how working class people are paid too much
Nope, they're not.
Rho
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Rho is correct. - Varece
Venit hiems quidquid Latine dictum sit altum viditur
Referring to illegal aliens as 'immigrants' is the same as referring to shoplifters as 'shoppers' - Dorvinion
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-Ronsac-
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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Rhodoman posted:
_Gimpzilla_ posted:
And Republicans are always talking about how working class people are paid too much
Nope, they're not.
Rho
Yup, they are.
Ron
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HeartView
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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Rhodoman posted:
_Gimpzilla_ posted:
And Republicans are always talking about how working class people are paid too much
Nope, they're not.
Rho
Their tax policies and voting records would speak otherwise.
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Wulfgarr
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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[quote=JD_HOGG]OMG I just looked at something else, I see Elvis was alive when tax rates were at 70%. If we raise taxes back up that high (without the deductions we had in the 1970s though) Elvis will return![/quote
What do you know: confusing cause and effect again and not referencing ANY Of the points made? Par for the course.
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JD_HOGG
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Mitt Romney to release tax returns, estimates rate at about 15 percent
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Wulfgarr posted:
[quote=JD_HOGG]OMG I just looked at something else, I see Elvis was alive when tax rates were at 70%. If we raise taxes back up that high (without the deductions we had in the 1970s though) Elvis will return
