Debate

Romney's income is likely from investments (capital gains and/or proceeds on the shares/investment awarded, bought) which have a lower tax rate, coupled with many legal tax deductions. There is probably nothing (but DI, except for a major SEC, NASD or NYSE violation) that stops you from making (wise) investments and having the opportunity to pay a lower tax rate on capital gains over salary income. The tax deductions and credits we already discussed...

When I hear 'can afford to pay more' or 'should pay their fair share' it often rings in my ears as greed, jealousy or punishment for success. IMHO success shouldn't be penalized, but rather encouraged.

 

FWIW-Going into the Olympics, both the value of the commodity of the medals (gold, silver, bronze) as well as the Honoraria (25k, 15k, 10k respectively) were to be taxed for US athletes. Congress and the PotUS had intervene to override from fed taxes.
Though they may be subject to any applicable state and/local taxes.

The big names (Phelps, Douglas, et al) that get endorsements and appearance compensation have to pay taxes on that income too.

 

I hope to clear a few mill a year some day. That's why I spent the last 21 of my 30 years in school as well as working my butt off. I applaud Mitts success and think he should be viewed as an inspiration rather than a focal point for anger or jealousy. He paid his taxes, and paid the amount he should have. People gripe at the rich like they did something wrong by being successful.

I leave you with a quote from Ice T. But instead of T let's substitute him for "Mitt."


"I don't know why a player wanna hate "Mitt"
I didn't choose the game, the game chose me"

Don't hate the player, hate the game.

 

My point was gold metalist working the hardest and maybe being a little gifted in their sport should then be penalized like the rich and have time added their runs or add weights to slow them down. After all if their winners and they have talent to spare to make the other competitors feel better about themselves.

We should hate the winners in the world because they cheated the others out of winning.
Is that about right?

 

Our country sure likes to tax the successful people. I just don't get it.

 

Because they have most of the money. You can flat tax the poor all you want... the money just isn't there. 15% of nothing is still nothing. It would never help pay for government's big spending, obamacare and anything else for that matter. Somebody is needed to do the crap jobs with the crap pay to make the world go round. The poor are needed unless you guys are happy with businesses moving out out of the country and setting up shop in another to get cheap labor. Last I checked... people weren't getting rich when they barely get paid better then minimum wage... but hey if you guys figure that will save the country by flat rate taxing the poor... life really is bliss. No President is going to fix that.

While it sucks for the rich... it sucks more to be poor.

Tim

 

I didn't realize it sucks for the rich... I thought they've been doing just fine.

 

Not according to most on here. I would love to have the problems of the rich. Instead I will work my *** off and be able to afford to retire when they put me in a coffin. Yay for me !!

Tim

 

Mitt did not have earned income. He did not need a wage paying job. Right now, capital gains are capped at 15%. All of his income was from investment gain. On top of that, he gave a few million to charity. So, he paid about 14% in income taxes. If he had wages like the rest of us, he would have paid the same ordinary income taxes we do. You cant fault a guy for being smart enough that he no longer has to work. The reason the capital gains tax was capped at 15% was to encourage all of us to save more of our money for retirement. I think most educated liberals know this. But, there are a lot of them that dont and the fact that he only paid 14% is a simple concept to deceive with.

 

Thanks for taking the time to explain that. The left love leaving out the details to full the flames to their constituents.

 

And, there are some investments, like municipal bonds where interest may be tax exempt.

One other note, it would be irresponsible and a (fiduciary) conflict for a company (private equity) like Bain, for its executive to not look at areas of businesses to be streamlined, work done cheaper, more efficiently, spun off, consolidated or even shut down. Mitt gets criticized for this, but that's key to successful businesses--any business that doesn't won't last in a competitive marketplace.

 

Yes, get it but many that don't invest or own their own business never really understand that side of investing.

Great example of Bains as well. Some people can't handle the truth

 

While I feel for ya, is that really anyone's fault outside of your own? We all make choices in life and sacrafices to get what we want, whether that be a high paying job, a family, a wife, vacations, schooling.... It isnt my classmates fault they have tuition paid in full by their parents while ill be at $200k in debt by the time i get the same degree.

The poor (making anywhere close to minimum wage qualifies) essentially don't pay taxes in the first place. Most of us are suggesting that for those payin taxes it is a flat rate across the board, whether you pay $10 or $10M in taxes. Cut back all the programs designed around not working and watch our great country climb out of its self dug hole quickly.

 

.....

 

If the dems had their way, it seems the rich would be getting taxed 60%-70% Atleast over time they would.(how about the reference Romney made of the small business paying over 50% in TOTAL taxes,I do believe that and it isn't right) No one is against anyone paying their "fair share" but what is fair? Where does it end? You can't just put new taxes on the rich everytime your mismanagement gets the country in financial crisis.At some point the root of the problem has to be realized and fixed.

My biggest problem with overtaxing succes is it drives away incentive for succes. The rich drive this country,NOT THE POOR. sorry if you see that as "unfair" but life isn't fair and it shouldn't be.

Think about all the advancement in technology you own yourself. Ipods,navigation in cars and otherwise,cell phones,big screen tv's. It took the rich to develop,market and most of all,PURCHASE the first models so you and I can someday afford the same.


Capital gain as I understand has a tax of 15% on long term and 30% on short term(correct me if this is incorrect),so the taxes are there and remember,WE ALL HAVE CAPITAL GAINS(have a house,401 or roth ira?) and benefit from a low tax rate on it. It is low for incentive to invest in your future and that of the country.


AND,we really don't even want to get into getting double taxed and taxation without representation.

 

Wasn't looking for sympathy... so not sure why you went that route. I know about scarifice to make ends meet or to get what I want. I am not 200K in debt either. I do feel for ya. :p

Not my fault the rich and successful run govenment and have put us in this mess.

I agree with you and am for a flat tax and the govenment to quit wasting money. I am hoping for the same thing you are hoping for. What I was trying to get at... the ones with money will pay the lion share whether flat tax or not.

Tim

 

The main thing stopping a flat tax across the board is the poverty level poor would have an extreme burden put on them.A flat tax would be around 20%,not 15% like many think.That 20 % would have a much more negative effect on them than the middle class or upper class.

So,for that reason,I understand a tax base that increases with income,but it could be done much more effectively than it is now.
It could be an income based flat tax,no loop holes or deductions.



IMO,you tax the individual,not the family income. So no more adding 2 together and bumping tax brackets.

 

Agreed. I reread my post and it completely came across as a total **** move. My apologies for that. I was just meaning everyone works towards what they want in live and pays in big ways to get there (monetarily or not) except for a few select few lucky individuals.

I hope we just get some normal people to begin running, enact a one term limit, and abolish these crazy huge retirements and benefits for those in office to remove some of the corruption. Then cut back handouts, cut back taxes, and make it a flat number (whatever that may be) so that there are no more loopholes or workarounds for the system to then hire people to track down and find.