Romney returns show low tax rate; questions linger

Comments (163)
razzmatazz wrote:

“Romney, whose estimated net worth is $190 million to $250 million, is among the wealthiest Americans ever to seek the presidency.”

This is silly – H. Ross Perot was worth BILLIONS when he ran for President in the early 1990s, and that’s in 1990s dollars back when gold was only $300 per troy ounce. Today, Romney has only millions and gold is now almost $2,000 per troy ounce — his dollars don’t buy nearly as much as Perot’s greater dollars did twenty years ago.

Jan 24, 2012 12:21am EST  --  Report as abuse
doggydaddy wrote:

And this multi-millionaire wants to become President so that he can lower his tax rates even further, increasing his personal wealth, while cutting programs that help the Middle Class, the elderly, and the poor, like Pell Grants, Medicare and Medicaid.

He talks about restoring America to greatness, but he is unwilling to spend any money doing it. No Hoover Dams or national highway systems like America built when we WERE great. We could build a national high-speed railway system like in China and Europe, but not under a President Romney, or any Republican President. Romney’s idea of restoring America to greatness is seeing him elected to the Presidency and having him simply declare it, much like Bush’s “Mission Accomplished”. Republicans think that all they have to do is state something and it becomes the reality. They believe that because it so often works with their adherents. There is no global warming. We can restore America’s greatness by cutting taxes to zero. We have the greatest healthcare system in the world. Obama wasn’t born in the US. Saddam Hussein was behind the 9/11 attacks. Republican followers believe these rightwing canards even though they have little or no basis in reality. All it takes is someone in the Republican leadership to state that it is so. Very very troubling.

Romney wants to perpetuate the lunatic notion that corporations are people while sending real people, young people from the poor and Middle Classes, to fight a war in Iran. And as always, he fails to explain how he’d pay for it. In fact, he would repeat one of the most stupid things that George Bush did, he’d cut taxes at a time of war. People, do not vote for a candidate who will cut taxes while going to war. Bush is the first US President to do that and you know how that turned out. Don’t ignore reality just because you find doing so is politically convenient or because FOX News is encouraging it. Do not elect someone to the Presidency who would cut taxes while going to war.

Jan 24, 2012 12:37am EST  --  Report as abuse
sdsavage wrote:

Mr. 0.01 percent?

Jan 24, 2012 12:37am EST  --  Report as abuse
4ngry4merican wrote:

So I make 40 thousand a year and proportionally I pay more than double the income taxes that Mitt Romney pays on 40 million. But hey, I’m just a lazy stupid freeloading liberal exploiting the politics of envy and looking for a handout.

Jan 24, 2012 12:38am EST  --  Report as abuse
bylekliss wrote:

“3 blind trusts” hahaha. The concept of blind trusts reminds me of Superpacs. Weren’t blind trusts outlawed for political candidates in the UK?

Jan 24, 2012 12:41am EST  --  Report as abuse
dslovejoy wrote:

Making 42 million dollars a year. How can he claim to understand what most Americans are going through?
Is he going to be there for us – those that make a small fraction of what he paid in taxes, or those who are more like him? 15% in taxes, more than 15% in charity, it still leaves him with more in a year than I will see in a lifetime.

Jan 24, 2012 12:44am EST  --  Report as abuse
doggydaddy wrote:

4ngry4merican: These are topics best reserved for “quiet rooms”.

Jan 24, 2012 12:51am EST  --  Report as abuse
BlueBelly wrote:

Mitt Romney is not half the man as his father, Gorge Romney. His tax records will dog him until he release tax records date back to when he was the “King Of Bain.com”.

Jan 24, 2012 1:32am EST  --  Report as abuse
Tracy--lee wrote:

And yet he still put his dog in a box on top of the station wagon… What a guy… Shoulda bought puppy a private jet.

Jan 24, 2012 1:38am EST  --  Report as abuse
QuantumForce wrote:

razz

Please look up the meaning of AMONG and then withdraw in shame.

Jan 24, 2012 2:31am EST  --  Report as abuse
fromthecenter wrote:

Between guys like Romney and the corporations who are making billions and paying no taxes, is it any wonder why we have a deficit? And yet, the republican answer to everything is still… .CUT TAXES. Give me a freakin break.

Jan 24, 2012 4:14am EST  --  Report as abuse
KyuuAL wrote:

Romney’s successes bring failures upon the rest of us.

Jan 24, 2012 4:26am EST  --  Report as abuse
drxym wrote:

No one should deny him his wealth. But that does not excuse a guy who gives money to a church in order to dodge taxes he needs to pay government. Not just a church but a religious cult. Perhaps that behaviour should be expected from a corporate raider. It absolutely should not be expected from someone running for president.

Jan 24, 2012 4:49am EST  --  Report as abuse
borisjimbo wrote:

99% of the people in this country won’t earn in a lifetime what this man paid in taxes in one year.

Jan 24, 2012 5:32am EST  --  Report as abuse
DrGuy wrote:

How come no one seemed to care when the Kennedy’s JFK, RFK and Teddy paid even less with their tax deductions. And they inherited their wealth from old Joe’s boodlegging.

Jan 24, 2012 6:58am EST  --  Report as abuse
abkisa wrote:

Two front runners, two fat cats who represent everything most Americans feel is wrong with our tax code and the economy. Why would anyone vote for either of these guys??

Jan 24, 2012 7:14am EST  --  Report as abuse
Sinbad1 wrote:

@Tracy–lee

Nixon let his dog sit on his lounge in the White house, I always liked that about the guy.

Jan 24, 2012 7:34am EST  --  Report as abuse
MhD wrote:

Why so many off shore accounts? Perhaps Mr. Romney doesn’t believe in the US Banking system from which he borrowed to invest? I don’t take anything away from Mr. Romney. it takes guts, skill and bit of moral suspension to make this kind of coin. But a man who profits from failing business (successful ones too) and who banks off shore to dodge taxes should not be President.

Jan 24, 2012 8:12am EST  --  Report as abuse
4ngry4merican wrote:

BioStudies – I’ve been working three jobs to make ends meet since I got out of college 10 years ago. Kiss my ass.

Jan 24, 2012 9:03am EST  --  Report as abuse
4ngry4merican wrote:

BlueOkie – This whole conspiracy theory that the “liberal media” is somehow “protecting” Obama is getting real tired real fast. Forget for a second the fact that the idea that the corporate-owned media would slant things away from the party who wants to eliminate corporate taxes is completely ridiculous. Do you really think for one split second that if there was any factual basis whatsoever to any of these ridiculous charges leveled at Obama by the far right that it wouldn’t be splashed all over Fox News?

Jan 24, 2012 9:08am EST  --  Report as abuse
reivers wrote:

It appears that based upon Mr. Romney’s employment history he has not held a position that would have allowed him to influence U. S. tax codes. Is everyone suggesting that it is somehow improper for him to have adhered to that tax code and he is guilty of a crime in doing so? In fact each and everyone of us annually fill out a return, just as Mr. Romney does, and use all of the rules to our best benefit. This is not an issue germane to the discussion at hand and with no slight in mind I would humbly point out that if financial contribution to our common government is germane then Mr. Romney has certainly contributed more than a significant amount. We should recognize this discussion for what it is, political maneuvering for the Presidency exacerbated by media agenda.

Jan 24, 2012 9:33am EST  --  Report as abuse
CF137 wrote:

He must really like Obama for giving him a tax cut.

Jan 24, 2012 9:46am EST  --  Report as abuse
beancube2101 wrote:

Why should majority of people of this country making much much lesser than him paying 25% and 28%? Is it, paying lesser tax than average people, a basic requirement to run for office in Washington? What is wrong about this country?

Jan 24, 2012 9:53am EST  --  Report as abuse
4ngry4merican wrote:

reivers – Nobody here is taking Romney to task for not paying more than he owes. (Like the Republicans did to Warren Buffett) The issue here is that a tax code that allows someone who makes $40 million to pay proportionally half the taxes of someone who makes $40 thousand is completely ridiculous, and that every single one of the Republican candidates propose to make it even MORE ridiculous by further LOWERING capital gains taxes.

Jan 24, 2012 10:03am EST  --  Report as abuse
American213 wrote:

@reivers, Our tax system is broken in the sense that the rich pay less tax, and how about I exchange places with Romney in terms of tax rate and you can explaining why I deserve to pay less tax.

Jan 24, 2012 10:18am EST  --  Report as abuse
oneofthecrowd wrote:

The liberal media is that way because Democrats tend to major in easier subjects like journalism, sociology, or communications than Republicans who may be found in science, math, and engineering. Shhh, don’t tell the Republicans. And if you do your own taxes you know that an IRA (like Romney’s) defers taxes and that capital gains is 15%. I know this because I worked 3 jobs and was in ROTC while an engineering student, because I knew I’d have a hard time getting a job from an easy major and I didn’t like being poor. We have a lot of lazy whiners in this country.

Jan 24, 2012 10:19am EST  --  Report as abuse
mdance86 wrote:

To all those who are making 40-50kish, and claim to be paying a higher tax rate than Romney… you don’t. Don’t kid yourself. I make an average salary, and I pay less than 15%, because I GET MONEY BACK from my taxes, AND SO DO YOU. Don’t claim you’re so burdened by taxes… you’re not. Chances are, you get back a substantial sum after you file. That brings your actual tax rate to a pretty reasonable rate.

Small business owners on the other hand… THEY take on a the biggest tax burdon. Not the “middle class” salary workers. So don’t act like you’re picked on – you’re not.

Jan 24, 2012 10:21am EST  --  Report as abuse
Makisupa43 wrote:

The fact that this is a big deal to so many displays just how misguided and ignorant many people in this country are. That, and the fact that the opinions of so many can be dramatically swayed by simply listening to these men bloviate on stage for a couple of hours (i.e. South Carolina) instead of doing their own homework. Then again, I am sure many of these people did not do their homework when they put little down on an ARM to purchase a house at the top of the market either…I know many people in my generation fall into that category.

Guess what? I also pay 15% on capital gains, and don’t want to pay a dime more. Nor do I think Mr. Romney should. I am 29 years old and not nearly as wealthy as Mr. Romney. I have worked for what I have. I have a career that provides me a good living, though it certainly does not put me in the top 35% income bracket. I worked hard growing up, went to college and worked hard there as well, studying a subject that I enjoyed AND that would make me employable to a broad swath of the workforce. Would writing a thesis on the history of the snare drum’s impact on early rock and roll while studying for 18 months in Southeast Asia have been more fun? At the time, probably.

I graduated, entered the workforce, started saving and investing, put off getting married and having children at too young an age, and have lived within my means, never expecting my employer or the government to be there to prop me up. Not now, and not when I retire. It is my goal to be my own employer before I retire, and I hope that the future of this country still provides the framework to do so.

It is up to me to save and invest for both expenses and luxuries later in life. It is up to me to educate myself on the world, on politics, on finance, on culture, on health. It is up to me to decide what I can and cannot afford. I don’t expect handouts. I don’t expect Social Security. I don’t expect a pension. I don’t expect Medicare. I don’t expect anyone to take of me except me. It is a simple formula.

Jan 24, 2012 10:31am EST  --  Report as abuse
oneofthecrowd wrote:

Lower capital gains tax and IRAs were designed to encourage investing by the middle class to help with their retirement. The problem is that the rich get greedy and want to get Social Security, abolish estate taxes, and keep getting low capital gains, and IRA accounts when they don’t need it. Cap these incentive programs!! Neither Romney, Obama or ANY successful politician is in need of these breaks. Cap them, or we can watch Obama use his Social Security checks to buy a timeshare!

Jan 24, 2012 10:43am EST  --  Report as abuse
AlkalineState wrote:

“Religion is what keeps the poor from murdering the rich.” -Napoleon

Jan 24, 2012 11:47am EST  --  Report as abuse
fred5407 wrote:

My opinion on this is that he just might have enough money to not have to be bought by special interest groups. Now that would be a relief, based on the last 3 presidents records.

Jan 24, 2012 11:50am EST  --  Report as abuse
AlkalineState wrote:

Flat tax. 23%.

Jan 24, 2012 11:51am EST  --  Report as abuse
xit007 wrote:

Romney is just playing by the rules both parties have made. But each party is guilty of feathering their own constituents nest – and we pay the price. Why are there limits on the amount of income against which Social Security or Medicare taxes are levied. Everyone has to stop focusing on the trade offs each party offers and just get to the best ideas. Obama proposes Healthcare system and then turns around and gives waivers – this is how everything in Washington is run. They spend billions on media advertising and campaigning – so the media will never agree to a public forum for elections – they lose money. We need to get back to basics and cut the class warfare – balance our budget – and move to a tax system that does not pander to groups. It will take a bright mind to do it and someone who knows how Washington works.

Jan 24, 2012 12:05pm EST  --  Report as abuse
mjp1958 wrote:

Let’s wait and see if American voters want a multi-millionnaire who made most of his fortune tearing up companies, and is a moderate, non-Christian with foreign bank accounts who pays 14 percent in tax — serving as President of the United States.

Jan 24, 2012 12:18pm EST  --  Report as abuse
mjp1958 wrote:

Hmmm. Wonder if Mitt Romney knows what a loaf of bread costs?

Doubt it.

Jan 24, 2012 12:20pm EST  --  Report as abuse
Phantasm wrote:

No surpises here. Membership has it’s rewards. It’s the rest of us that have to keep on paying for the yuppies on steroids.

Jan 24, 2012 12:26pm EST  --  Report as abuse
StewartIII wrote:

NewsBusters| Beware False Claims: ‘Romney’s Tax Rate Is Below That of Most Wage-Earning Americans’
http://newsbusters.org/blogs/noel-sheppard/2012/01/24/beware-false-claims-romneys-tax-rate-below-most-wage-earning-american

Jan 24, 2012 12:33pm EST  --  Report as abuse
Snowball2012 wrote:

@razzmatazz: Perhaps you should look up the meaning of “among”!!!

Jan 24, 2012 12:36pm EST  --  Report as abuse
Naksuthin wrote:

“The Cayman holdings and holdings in a Swiss bank account – closed in 2010 after an adviser decided it could be politically embarrassing to Romney – were reported on tax returns and were not vehicles to avoid taxes, the advisers said.”

So it appears that Romney’s 2010 tax returns have been “dolled up” so they don’t look so bad for the run for President

We need to see tax returns from years when he WASN’T planning to run for President. That should reveal why he found it necessary to bank at the Cayman islands and keep money in a Swiss bank account.

You hear a lot about drug dealers using the same vehicle to hide their assests.

Jan 24, 2012 12:36pm EST  --  Report as abuse
Naksuthin wrote:

I think the wealthy have NO IDEA what Americans are struggling through everyday.
They never have to pick and choose whether to pay the heating bill or the water bill first.
They never have to call the electric company to question a $10 charge.
They never have to put off buying a GPS unit because they need to buy clothes instead.
They live in a fairy tale world where they earn dividends and interest even while they are asleep.
That’s why Romney would NOT make a good President. He would have no empathy for the middle class since he grew up in wealth and has NEVER BEEN middle class. He knows nothing about how the rest of America lives.

Jan 24, 2012 12:41pm EST  --  Report as abuse
Naksuthin wrote:

I think the wealthy have NO IDEA what Americans are struggling through everyday.
They never have to pick and choose whether to pay the heating bill or the water bill first.
They never have to call the electric company to question a $10 charge.
They never have to put off buying a GPS unit because they need to buy clothes instead.
They live in a fairy tale world where they earn dividends and interest even while they are asleep.
That’s why Romney would NOT make a good President. He would have no empathy for the middle class since he grew up in wealth and has NEVER BEEN middle class. He knows nothing about how the rest of America lives.

Jan 24, 2012 12:41pm EST  --  Report as abuse
PatEbnit wrote:

how about a graduated tax on all income no deductions no special treatment?

Jan 24, 2012 12:43pm EST  --  Report as abuse
AlkalineState wrote:

Forget the marriage penalty. The GOP, through its various incentives and dis-incentives, has literally created a work penalty. Is there any other way to view a system that charges an effective 35% income tax on work that you’ve done, but only 15% when you avoid work and play trust fund / mutual fund / hedge fund…. with your inheritance? No wonder this country doesn’t manufacture anything anymore. The rich have got the working people paying the heaviest tax rate.

Jan 24, 2012 12:45pm EST  --  Report as abuse
edw12345 wrote:

The audience did applaud one candidate on most of his few chances to speak. That candidate is Ron Paul. Case closed – Ron Paul should be president.

Jan 24, 2012 12:47pm EST  --  Report as abuse

Let’s see…

At a low tax rate, romney pays $6.2 million in taxes.

At 30% tax rate, at $30,000 per year – one would pay $9,000 in taxes.

Yep, it looks like romney is a bigger contributor to the well-fare, well-being, social security, special interest groups than most Americans are.

Now that we know (for sure) that romney contributes more – and actually pays MORE in taxes than many others – can we now focus on getting obama out of the white house and seat of power he is usurping.

Jan 24, 2012 12:47pm EST  --  Report as abuse
9gb9 wrote:

Better Mitt should join Obama’s cabinet and pay no taxes.

Jan 24, 2012 12:49pm EST  --  Report as abuse
Mooper wrote:

Why don’t they mention the other ~20% he paid in the form of corporate taxes, bringing his real rate to ~35% – a far greater rate than most Americans bear? Add his ~$3 MIL in charitable donations, and the guy gave up ~$15 MIL to other people in one year. Fair share, I’d say!

Jan 24, 2012 12:53pm EST  --  Report as abuse
pmacdee2 wrote:

And teh tally of jobs created for that reduced tax rate? …. Just a second…. what the fetch? It is zero! In 2010, Mitt didn’t create any jobs! How about that.

Jan 24, 2012 12:58pm EST  --  Report as abuse
John_L wrote:

Thank you Mr. Romney for working hard, succeeding, and reinvesting in the economy! Thank you for paying such a staggering amount towards our overbloated national deficit. Thank you for putting money to work so that the rest of us can have jobs!

You are a prime example of the American “land of opportunity” promise that holds out hope to anyone, regardless of initial station in life, that they can both succeed in business become empowered to serve our nation!

Those who believe that there is inequity in Mr. Romney’s taxes, you are woefully ignorant of the reasons and benefits. Mr. Romney invests his income in the success of others. He does not make a dollar without many others also rising in their success. That is why the government encourages investment through taxation strategies.

Consider this: Why would you work to earn another $100 if the govt. takes an extra $40 for each additional hundred you make? I once had a good year, and was in the process of writing a check to the government of six figures (a 40% marginal tax rate) when my brother, who hasn’t worked in years (mostly for reasons of his own making) called to gleefully announce he was getting back $14K for zero earnings. This was after I had spent/given over $100K to help him out because of his situation. How do you think I felt about his tax situation?

The truth is, the Mr. Romney’s of our country pay over 90% of our individual household tax burdens. The rest of us pay a pittance by comparison. I celebrate his success, and I hope he can become president and make many more successful people just like him, as his success in that endeavor will mean the rest of us will get to PAY taxes against money we make (which many of us aren’t making today) because we will have JOBS funded by the reinvestment of people just like him!

GO ROMNEY!

Jan 24, 2012 1:01pm EST  --  Report as abuse
JLWR wrote:

I ONLY MADE $55,000 AND MY TOTAL TAX WAS 23%. It appears there has already been a wealth distribution for the past 20 plus years favoring the mega wealthy and us worker bees get the shaft. If my tax was total 14% I would have $322 more per month to spend. I could sure use it. Unjust and ufair tax code rigged for the wealthy has got to turn around 180 degrees this year or there will be a revolution. I am not only mad, I plan to get even!!

Jan 24, 2012 1:02pm EST  --  Report as abuse

Mitt Romney paid more in charity ($7M) than he did in income taxes ($6.2M) over two years. That’s a good thing. He is deeply committed to charitable giving as opposed to feeding the big government welfare state. He (and I) believes that the US would be better off if government is made smaller and the American people help the poor through charity. That is his belief and if you want big government, vote for the Democrats. If you want smaller govt. and more volunteering to help society, vote for any of the Republican candidates. But don’t think that Romney should be judged soley by the big government standard.

Jan 24, 2012 1:06pm EST  --  Report as abuse
fred5407 wrote:

I think some of the commentors, should look at principles, rather than there feelings of empathy and such. Bottom line in the USA is that you can make an unlimited amount of money if you are willing to plan, and take calculated risks. Just because someone is successful, does not mean that they do not care about the country. I am more concerned about Barak Obama driving our country into a ditch than Mitt Romney. George Bush Jr. also knew how to drive the country into a ditch.

Jan 24, 2012 1:09pm EST  --  Report as abuse
John_L wrote:

The gross ignorance of people on this comments section is embarrassing! We boast the strongest economy in the world. Travel outside the US to any 3rd world country and learn what it means to live in struggling circumstances. An individual in the US on welfare anywhere in the US lives infinitely better than more than 80% of the rest of the world! You have clean water, roofs over your heads, and food to eat. You worry about your cable bill while others worry about drinking water that won’t kill them. You complain you don’t have the latest xBox while people in truly struggling circumstances worry about a pair of shoes – any shoes! All this that is taken for granted in the US is made possible by individuals like Mr. Romney who, having made a success for themselves, put their success at risk, and share in the benefits of success of others he helps fund, by reinvesting in others.

When you start a small business (that you hope becomes a big business), where do you think the money comes from for your loans? Who do you think funds your credit card balances so you can have your xBox before you can afford it? Do you think people with no money provide this?

No, you cut off the successful from the rewards of their efforts and penalize them for success and you kill yourself. It is like getting upset that your rescue boat captain has no business being in the cabin, so you sink his boat in order to level the playing field.

We should celebrate success, and not accept the class warfare mentality that puts those who succeed against those who, in reality, want to succeed.

Jan 24, 2012 1:14pm EST  --  Report as abuse
BioStudies wrote:

The new title for this article is again showing preference.

How about a good article title for Obama, “Obama campaign started in domestic terrorist’s house.”

Jan 24, 2012 1:15pm EST  --  Report as abuse
tularockstar wrote:

You hypocrite liberals are attacking Romney for what he’d made, but never once questioned the Mayor of NYC, Nancy Pelosi or the Kennedys! Nancy Pelosi’s networth is over $380 million, and she used the insider trading exemption for Congress to make her millions! Her networth is even more than Romney’s, and he made his money through legal means! Michael Bloomberg was also a millionaire before he became mayor, and the Kennedys were living their lives on Camelot–more millions than Romney! Romney paid his taxes based on what the IRS allowed. If you loons want him to pay the same rate as you, then go to Congress and lobby for change! Stop attacking Capitalism and being such hypocrites!

Jan 24, 2012 1:17pm EST  --  Report as abuse
emcourtney wrote:

Oh no, Its much worse. All wage earners in America have 13.3% skimmed off the top via FICA. (counting employers contribution, which is really money the wage earner earned, who do they think the’re kidding)

So, any wage earner with taxable income is paying a higher rate than Romney.

Jan 24, 2012 1:22pm EST  --  Report as abuse
JSchrubbe wrote:

Makisupa43 –

If you don’t need or want social security or medicare or a pension I sure hope you don’t get a disease like Alzheimer’s, MS, or Cancer… or get in a car accident that leaves you incapable to take care of yourself.

Please do not talk like you achieved your status on your own. Without an education (teachers) you wouldn’t be so damn ‘smart’ – without people to take money from you wouldn’t have an income.

Two real basic examples – It wouldn’t take much to think of a few more reasons why YOU are not the sole individual responsible for your successes.

This is all absurd. Capitalism – everybody is on their own to do as well or poor as they so choose. Consequently, whoever gets to market first makes all the money. If you weren’t the first person to get the patent – too bad, its your fault you are dumb, lazy, and unfortunate (now sit back while we make all the money because we own the intellectual property rights).

If you believe Steve Jobs deserved billions of dollars for ‘inventing’ the iPod you are one brainwashed zombie in the man’s pocket.

People demand entertainment, as much as we demand food/water/shelter. Imagine… if the iPod didn’t come along somebody else would have invented something along the same lines (Edison, light bulb & DC electricity, Bell and the telephone – inventions almost invented by somebody else at the same time). There was demand, and so it was met with product.

Like Darwin’s laws, if there is a niche it will be filled. Who are we to reward somebody with BILLIONS of dollars for just providing society with what it demands? Capitalists, that’s who. Privilege granting, right denying capitalists.

Jan 24, 2012 1:23pm EST  --  Report as abuse
Rembot wrote:

This means Romney “made” $2,450 for every hour of the day, round the clock, for the past two years — an obscene and disgraceful display of wealth for which the taxpayers of America reward him with a drastically reduced tax rate, all so he can pump that money back into investments and make even more money. Who is gaming the system so that these men, Democrats as well as Republican, can wallow in profits made off of risking other people’s money and jobs? Our tax code needs to be drastically reworked for fairness, pronto. And our creaking old election system, patched and amended for the past 230 years, desperately needs a 21st century major overhaul so that we are not limited to voting for a slate of greedy plutocrats. How much accumulated wealth is too much, and why should this be subsidized?

Jan 24, 2012 1:26pm EST  --  Report as abuse
oneofthecrowd wrote:

I just took a look at Wikipedia’s 2011 wealthiest politicians…at $58million Nancy Pelosi wasn’t on the list – not rich enough! She probably doesn’t know what a loaf of bread costs either, but I suppose she knows what wine costs since she owns a vineyard. There are filthy rich politicians in both parties – get over it! But remove tax evading incentives, and nab them for insider trading deals based on new legislation or awards to new industry (eg Solyndra). Solyndra (Obama) was 10X worse than what Martha Stewart ever did!

Jan 24, 2012 1:26pm EST  --  Report as abuse
oneofthecrowd wrote:

I just took a look at Wikipedia’s 2011 wealthiest politicians…at $58million Nancy Pelosi wasn’t on the list – not rich enough! She probably doesn’t know what a loaf of bread costs either, but I suppose she knows what wine costs since she owns a vineyard. There are filthy rich politicians in both parties – get over it! But remove tax evading incentives, and nab them for insider trading deals based on new legislation or awards to new industry (eg Solyndra). Solyndra (Obama) was 10X worse than what Martha Stewart ever did!

Jan 24, 2012 1:26pm EST  --  Report as abuse
bradjohnson23 wrote:

Does anyone understand that their ‘tax bracket’ is not the same as their ‘effective’ tax rate? A 25% tax bracket means that you pay 25% of each ADDITIONAL dollar earned. You pay significantly less on the first dollars you make. Also, this doesn’t account for deductions and charitable donations.

Anyone who thinks they pay a higher rate than Romney that makes less than 100k a year is an idiot and should probably go back to school anyway.

Jan 24, 2012 1:35pm EST  --  Report as abuse
AlkalineState wrote:

Fred5407 writes: “Just because someone is successful, does not mean that they do not care about the country.”

No one is angry that Romney made lots of money. Good for him. The point is whether or not we should fix an imbalanced system. Do we fix it or let it get worse? The rich pay 15% in tax and working people pay 35%. The wealthiest 1% of Americans have been waging class warfare since the Reagan years. And they are clearly winning. Since the bills still have to get paid at the national level for defense, security, etc…. every % the wealthy eliminate from their tax rate is another % the middle class has to go up. I don’t blame the wealthy for this. I blame the complacent masses who let it keep happening.

Jan 24, 2012 1:38pm EST  --  Report as abuse
justiceserved wrote:

As Reagan said, when bus drivers are paying a higher rate than millionaires something is wrong. Earned wages should be taxed the lowest, unearned income higher, and windfall profits/capital gains the highest. We have become a society of speculators and the Rep. will make it worse, bringing us back to Bush policies that created this mess & bank deregulation that led to the housing collapse! Romney would lead us into a depression as Bush almost did!

Jan 24, 2012 1:42pm EST  --  Report as abuse
ruurt wrote:

Overseas tax shelters, how dare he run for president. Let him MOVE with his family to the Cayman Islands or Switzerland and stay there.

Jan 24, 2012 1:43pm EST  --  Report as abuse
EndHypocrisy wrote:

Okay. So how much tax did Bill Clinton pay on the $60 million he earned in 2010?

Jan 24, 2012 1:43pm EST  --  Report as abuse
indiesrock wrote:

You basic premise that Romney paid 13-15% in taxes is flawed. It depends on whether or not he accumulated his investments as a result of personal income. He may have already been taxed on this money if it originated from earned income such as wages, then taxed again as capital gains from investments.

Jan 24, 2012 1:44pm EST  --  Report as abuse
bradjohnson23 wrote:

This story is misrepresenting the truth.. if you are in the 25% tax bracket, you don’t pay 25% of your income to taxes. If you make $35k a year and have a personal exemptio of $3k and deductible interest of $3k… you’re going to pay somewhere in the neighborhood of a 9% effective tax rate..

Here’s a hint. If you can’t calculate an effective tax rate, go back to school so you can make more money.

Jan 24, 2012 1:44pm EST  --  Report as abuse
DenverDave wrote:

The real issue is where the rest of Romney’s money is. Does he own any corporations who are head-quartered in tax havens like the Cayman Islands? Does he have bank accounts in Switzerland? What properties are in his wives’ names? I think the American people deserve a true accounting.

Jan 24, 2012 1:45pm EST  --  Report as abuse
saavedra wrote:

Wait till he becomes president, it’ll drop to 5% and he’ll eliminate the Estate Tax for good, peons.

Jan 24, 2012 1:46pm EST  --  Report as abuse
Spam-n-eggs wrote:

I believe all the special interest groups, corporate (and other) lobbyists have created a TAX mess. As has been pointed out, the tax code has been an ongoing layer upon layer of complex rules, loopholes, exemptions, etc. You need a PhD in Tax law to understand what’s going on. Why not, as others have suggested, they scrap the whole thing and start over. Single Federal Tax rate (low) for all (no exemptions, no loopholes, no credits…nothing!!! Everyone one pays the same rate…say, for example…15% …regardless of income.
The rich would not have any loopholes to take advantage of, and would also pay their share.
Too radical/unrealistic…I don’t think so. Sometimes the easiest solution is the better solution. My 2 cents (minus 15% of course).

Jan 24, 2012 1:46pm EST  --  Report as abuse
Jessica111 wrote:

This is totally nonsense. Yes his rich now what? Rich people can’t run for president? I remember reading that he didn’t inherit anything and earned everything from scratch. Also he paid his taxes legally according to what IRS required him to. I am sick and tired of all this media trying to make rich people look bad. I am not rich myself but someday want to be. Now if I or anyone of us becomes rich does that mean we should have a worse chance of becoming president? The opposite should be true! People who became rich usually work hard and are successful (something the president should have in my opinion).

Jan 24, 2012 1:46pm EST  --  Report as abuse
a_comment wrote:

“Romney paid less taxes than highest wage-earners”….he also paid less than 1/2 the % that I did…why does everyone talk about tax reform, but no bills are introduced and passed… why should I subsidize his 15% rate for long term capital gain… eliminate the long term capital gains rate and make it ordinary income.

Jan 24, 2012 1:50pm EST  --  Report as abuse
jlpeng wrote:

The above comments reveal clearly one of the human flaws: if you are financially better off than me, I hate you. That is the reason the population votes some crafty politicians into offices; Hitler got a license to kill Jews; V. Lenin led Russians to establish U.S.S.R.which ended in disappointments. This human flaw will perpetuate until it destroy the civilization as we know it. Muslim hatred toward is a manifestation of this human flaw; The class struggle as advocated by communists certainly was based on this human flaw.

Jan 24, 2012 1:52pm EST  --  Report as abuse
CPA1976 wrote:

The progressive tax system has been turned on it’s head by the corrupt government agents and politicians that Romney wants to lead. Go figure. The fact that he pays less than ordinary income earners is a shame. A culture that promotes unbridled individual self-interest of people in government and society has lead to this.

Jan 24, 2012 1:53pm EST  --  Report as abuse
Steven1251 wrote:

Romney paid less than the LOWEST wage earners who paid
15.3% in Social Security and Medicare plus their income tax.

Jan 24, 2012 1:56pm EST  --  Report as abuse
wendywil7 wrote:

Misleading headline. He paid millions, so you can’t say he paid less than high wage earners. I don’t know any wage earners making millions.

Jan 24, 2012 1:57pm EST  --  Report as abuse

From the article: “because the U.S. tax code favors investment income over wage income”.

Interesting. If my employer pays me income, then my employer is allowed to deduct that from its corp taxes. However, if a company pays dividends to me, those are *not* exempted from the corp taxes. So, investment income is taxed twice. Once at the company level and again at the shareholder level. Wage income is taxed once ant the employee level.

If you add the corp tax rate of 30 to 35% to the personal dividend tax rate of 15%, the total investment tax rate is closer to 45%. So, I disagree with the article on this point. Wage income is favored slightly over investment income in a typical corporation with shareholders and employees.

Another problem with the US tax system is the vast number of exceptions. For example, there are pass-through companies, like most gas pipelines and REITs, that are taxed differently, as is the “carried interest” of investment partnerships like private equity and hedge funds.

Jan 24, 2012 1:57pm EST  --  Report as abuse
shellbank wrote:

So what, he’s wealthy we all know that and would like to be in his shoes if we were honest. He also donated over 7 million to charity but no one gives him credit for that. Al Gore’s tax rate isn’t much different I’m sure and when he was running he had donated 250 dollars to charity. Sorry, once again this is all bread and circuses for the masses. Let’s talk about leadership, and the ability to get business moving again and hiring workers, something Obama and his tax rate has failed to do.

Jan 24, 2012 1:58pm EST  --  Report as abuse
IMOFee wrote:

a

Jan 24, 2012 2:00pm EST  --  Report as abuse
frediano wrote:

The guy paid $3 million in taxes, and folks making $40,000 a yr are complaining he didn’t kick in his fair share of the load?

He paid more tax in a year than these folks will in several lifetimes.

It’s a hoot. Suddenly we all pay ‘%’ and not ‘$’.

Try that at a diner. Or Porsche Dealership. Or .. anywhere.

Jan 24, 2012 2:00pm EST  --  Report as abuse
RealityPlease wrote:

If he is a criminal then prosecute for his crime. If not, then why should he pay more taxes than anyone else?

Are you too greedy to pay your fair share, so he has to make up for you?

Jan 24, 2012 2:01pm EST  --  Report as abuse
diomed69 wrote:

I like how you people, the media, and the politicans attack Romney for abiding by a tax code developed by our elected representatives. I know in America we can never have a 0 tax society because a reasonable government needs to be formed to protect the liberties outlined in the constitution. Yet we attack the guy because he manages his money and pays taxes on it in accordance to our laws. We attack the guy because he is achieves.

Some moron claims here that corporations are not people, fine. Then lets create a law defining that and then corporations can be exempt from paying income tax. The moron claiming corporations are not people must never have met individual contractors that file as S-Corp. This moron thinks corporation=conglomerate like berkshire hathaway or dirty Exxon or evil Halliburton. Instead of blaming individuals, maybe as Americans, we should re-evaluate our monstrous tax code and how our tax dollars are being spent and stop blaming the cart pullers.

Jan 24, 2012 2:03pm EST  --  Report as abuse
NYCALIEN wrote:

American people, If you think that a president like Mitt Romney will benefit middle class then I have to say you’re digging your own grave by electing him. I don’t even understand how he can ask for your vote when is a fraud. He hid his money in off shore accounts, didn’t pay taxes on them. Basically he is a fraud. But in case if we elect Romney elected I’m not surprised as we elect Bush for the second time. Vote these people out..Vote these junkies in congress out..we still have our vote.

Jan 24, 2012 2:03pm EST  --  Report as abuse

Let’s actually be clear here-that was “in line with the effective rate paid by most tax payers” IF you do NOT count Social Security taxes-which tack several percentage points onto the average tax payers tax bill. As a “wage earner” before I became self employed my “effective” tax rate including SS taxes was closer to anywhere from 22 to 25 percent-and I was FAR from being in a “top” tax bracket.

Stop playing apologetic numbers games guys.

Jan 24, 2012 2:04pm EST  --  Report as abuse
hydemom wrote:

I don’t want a regular guy, earning a regular income, managing the budget. I want someone who understand what a millions dollars here or there means. Obviously, he can manage large amounts of money and make that money work. Isn’t that what we want from our president/congress, to be able to manage the money flowing through the United States so that is it used more efficiently. I’ve worked in a government office before, the amount of waste is astounding. Someone has to be able to go in there and manage it. I haven’t been on the Romney train (disclosure: I voted for Obama and quite liked Huntsman) but all this shows is that he manages his money well. That’s something the U.S. hasn’t been able to do in quite some time.

Jan 24, 2012 2:05pm EST  --  Report as abuse
dman4520 wrote:

You should be ashamed of your so called “reporting”. You fail to mention the fact what Romney paid when he earned the money; I wager it would be in the highest tax bracket. Why not mention the fact that John Kerry only paid 13.1% when he ran for president in 2003? Regardless of who paid what, again, why leave out the fact that he paid income taxes when he earned the money that he then invested? What if he lost all of the investment? What happens then…oh a right off of $3,000. I cannot believe people are punishing success.

And finally, doggdaddy, you are an idiot.

Jan 24, 2012 2:06pm EST  --  Report as abuse
dsisk wrote:

Firstly, they could get the title correct – says lower taxes, should be lower tax rate. I’m pretty sure he paid more taxes than the highest wage earners.

Second, remember the dividend interest has already been taxed once at the corporate 35% rate.

We need corporate tax reform!! We shouldn’t be taxing corporate income at all; then we could legitimately pay the same tax rates on earned and dividend income. What ever profits corporations don’t pay out is re-invested in the business. If this is invested in the USA it should be tax free.

Jan 24, 2012 2:06pm EST  --  Report as abuse
dman4520 wrote:

Tel me what taxes has he avoided. The article cleverly forgets to mention that he paid income taxes on the wages he earned that then he invested. Hey people, he is being taxed TWICE!!!! Are you so blind to see that? The top 1 percent of income earners in the US pay 40+% of the taxes and that is not enough? Are you kidding me? Get of your rearends and do something other than be jealous of someone who earned a living. We are now attacking people for “not paying their fair share”. Unbelievable. Where where your complaints when John Kerry ran for office in 2003 and only paid 13.1%?

Jan 24, 2012 2:09pm EST  --  Report as abuse
diomed69 wrote:

4ngry4merican, if your paying double the rate in proportion to Romney on $40k a year, you or the guy at HR block is doing something wrong or you are flat out lying. Your effective rate should be about 10% if you are single with the standard deductions. Once you start adding kids, child tax credits, and interest deductions, etc, the government starts paying you!

Jan 24, 2012 2:09pm EST  --  Report as abuse
oneofthecrowd wrote:

I think a better use of our time is to quit nitpicking where Romney, Pelosi, or any other wealthy politician has shrewdly invested but put the onus back on them to make it right and by what time frame. Otherwise the politicians (both sides) will just play us. If we want either a flat tax or to both cap income levels from retirement savings incentives And eliminate Social Security benefits for the filthy rich, then decide and demand it.

Does Romney think he needs tax breaks? If he doesn’t then what has he been doing about it?! (Same goes for rich Nancy Pelosi!)

Jan 24, 2012 2:10pm EST  --  Report as abuse
carl123 wrote:

Mitt Romney does not receive any money from wages. He receives income from money he has already been fully taxed on and then reinvests. He pays all taxes required by the U.S. government. Do any of you commenting pay more taxes than the IRS says you should? If you do you are a dummy. Our government wastes so much of our tax money it should be against the law!!! At our debt level all it is going to take to put us in a depression is for China and other countries to turn down us for more loans. If you see this happen, and it is very possible, your going to see us go into the worst depression in our history and it will take place overnight. BELIEVE THIS CAN HAPPEN!!!

Jan 24, 2012 2:10pm EST  --  Report as abuse
ConradU812 wrote:

I’m sick to death of the whining, pewling complaints of Romney’s tax bracket. He’s STILL paid more in taxes in one year than most people will make in a lifetime.

It’s amazing to find the blind spot in the media’s eye when it comes to the third and fourth generation welfare recipients who’ve never paid in ONE RED CENT TO INCOME TAXES. Yet, they happily continue to feed on the taxpayer’s blood. These are not the disabled, the occasional wodowed mother…I’m talking about the simply lazy MILLIONS leaching off the government dole.

Jan 24, 2012 2:11pm EST  --  Report as abuse

Who cares how much tax Romney paid; if he paid too much it’s the system’s fault, and if he paid too little it is the system’s fault. Either way, Romney just did what everyone else does; he did the best he could with his situation. What concerns me about Romney aren’t his taxes but his constitutional overreach in mandating that every citizen of Massachusetts purchase a product they may not want or need. Obama copied this mandate, and it has proven to be widely unpopular, even among Democrats. Using executive powers in such a way is abusive, and Americans are known to dislike overreach from the government.

Jan 24, 2012 2:13pm EST  --  Report as abuse
MelbaNarberth wrote:

I can’t stand Mitt Romney, but I hate deceptive journalism even worse. He paid MILLIONS in taxes last year, which is far MORE than the highest wage-earners. He paid a smaller percentage of his overall income. The fact that you fail to note the difference hints at an agenda.

Jan 24, 2012 2:15pm EST  --  Report as abuse
zotdoc wrote:

I’m glad to see Romney availed himself of every tax break he could. I’m proud that someone makes as much as he does.I wish I could, and maybe if America doesn’t become France, someday I might. He hasn’t done anything illegal, immoral or unethical as far as anyone knows. Seems like a lot of jealousy on this board. What the tax returns do show is that our tax system is totally broken and we need to go to a totally FLAT TAX where everyone pays the same percentage. That is the only fair way. At his low rate Romney paid more tax in 1 year than I will pay in my lifetime. I hope he does eliminate the estate tax so I can pass on what I worked for to my children, not some politician who will waste it on some stupid program designed to get him re-elected. It doesn’t matter who the gop runs for president, I’d vote for a yellow dog before I voted for Obama or any of the democrats who have brought our great country to its knees with their socialist looser ideas.

Jan 24, 2012 2:19pm EST  --  Report as abuse

Romney paid 15% in tax and 16% of his income in charity. So he clearly believes that the US would be better off with lower government, higher employment, and helping the poor with charity. This is a very valid view. Also, his dividends were taxed twice: first as coporate profit, and secondly as a dividend tax that he pays. So that is the big reason why dividends are taxed lower, and many other nations do this as well. But if you want to beat the “Occupy Wall Street” drum and demonize the rich, then raise their taxes and turn America into Europe. I think that America will be better off with the smaller government model, as long as the demagogues can resist the politics of class envy (not likely though!).

Jan 24, 2012 2:19pm EST  --  Report as abuse

A lot of ignorant people here, including whoever wrote this story. Capital gains tax is different form of taxes and is nothing like what most normal people pay year to year. Most sane, moderate economist (who aren’t on some Democrats payroll) agree that the capital gains tax is a form of double taxation and should be as close to 0 as possible.

Jan 24, 2012 2:20pm EST  --  Report as abuse
johnny41 wrote:

I am salaried employee. Can I also create blind trust? is it for everyone. Romney should be arrested for parking money in Cayman islands. people place money in those islands to evade taxes. is that not so obvious? just because he closed them last year does not mean he did not do anything wrong. God should save america.

Jan 24, 2012 2:20pm EST  --  Report as abuse
jrwilsonsr wrote:

…and every HONEST American secretly says, “Good for you Mitt! Good for you that you were smart enough to hire people smart enough to develop a strategy that allowed you to pay only 15% on Capital Gains; money already taxed once in it’s earning and now sitting in savings!”

As if this is a REAL issue…Really? Seriously?

Jan 24, 2012 2:24pm EST  --  Report as abuse
Blodwin wrote:

It is interesting that the “successful” venture capitalist who no longer has to earn a living would have sent General Motors to the bankruptcy court and yet Obama can now boast that General Motors is the largest producer of cars in the world.

Jan 24, 2012 2:25pm EST  --  Report as abuse
LetsBeThinkin wrote:

C’mon now, not a lot of tinkin going on ITT. Mitt likely paid his 35% on the salaried income and then is paying an additional 15% on the interest income. The same as the rest of us.

The guy doesn’t have a “day job” he makes money off of his investments.

Judging by his returns, he and his managers are to be considered pretty good at evaluating organizational talent to find companies which will out preform the market and earn him a return on his investment.

Now, with the comments that we see here, there’s a lot of people that are bitching about his success. Why?

The guy isn’t sitting on his money, he’s invested in in companies that likely employ some of the people on this board. That’s how our system works. Organizations sell shares of stock to raise money. Money they need to grow and develop. Investors provide that money. This is a GREAT thing.

Mitt is no different than Warren Buffett or George Soros in the fact that he’ll buy low and sell high. Ask those two guys to release their taxes…(we’ll wait)…

He’s also given a SUBSTANTIAL amount of to charity. More than you or I, I’m sure.

For those that are bitching about this guy’s taxes, it’s pretty clear that you DON’T GET IT. He’s successful and you’re hating on him for that. What, you want someone who has never been successful in business, never led an organization, doesn’t give millions voluntarily to charity, doesn’t believe in investing and supporting our free market system…? Well, I guess that’s it then, huh. You’re an Obama guy.

Jan 24, 2012 2:25pm EST  --  Report as abuse
dj19jr wrote:

razz – how about John Kerry? Ted Kennedy?
doggy – did you read the storis about how Pelosi made a huge windfall on her investments last year? Instead of looking at one political party, look at both and see who is “making out better”.
Does anyone here understand that the recent payroll tax extension will increase taxes on people who make more than $110K per year by 2%? This shows you that this administration is not only interested in millionaires or people making over $200K or families that make over $250K. They need to increase the taxes on most people just to get the deficit below $1T. And, of course, the media buried this to help Obama and the Democrats to paint the GOP as extreme. And now, Obama wants another tax increase. On who?

Jan 24, 2012 2:25pm EST  --  Report as abuse
hcppam wrote:

Romney already paid taxes on it when he made it, so he’s paid taxes twice. I would like to see how much Obama and Newt give to charity in % compared to Mitt? We know that Biden gave a whopping $3,600, wait for it, over a 10 year period, that’s less than the average person making under 40 thousand gives in two years. Stop the spin

Jan 24, 2012 2:26pm EST  --  Report as abuse
dXm wrote:

Romneys $$$ wasn’t in offshore/swiss banks to skate on taxes?
So…. his money was just on vacation! Some liked to ski, some liked to surf.

Jan 24, 2012 2:27pm EST  --  Report as abuse
faireladye wrote:

Mitt Romney is catching so much grief about his low tax rate. Clearly he knows how to make money and knows how to keep it by knowing his way around the tax system. If he’s willing to share his knowledge in those two areas and help the average citizen develop the skills to do the same, then heck yes! I’ll vote for him!

What’s so bad about making money? We’re quick to criticize because the nation and the average Joe are in debt and green with envy!

Jan 24, 2012 2:27pm EST  --  Report as abuse
framerfive wrote:

Good for Romney. Now let us lower all taxes for all below Romneys.

Jan 24, 2012 2:28pm EST  --  Report as abuse
moonhill wrote:

I’ve noticed that no one here has mentioned the millions of dollars Romney donated to charities. That tax deduction itself would lower his tax rate. The real problem about the tax rate is not Romney’s fault–it is the fault of congress. Both parties are to blame, however, Democrats have controlled congress a lot longer over the past 25 years than have Republicans. At least Romney pays what he owes, unlike our Treasury secretary, Turbo tax Timmy.

Jan 24, 2012 2:29pm EST  --  Report as abuse
Kinnison wrote:

And Warren Buffett claims he paid no income taxes whatsoever… What’s your point? I am not a Romney fan, but give the man credit. He didn’t cheat on his taxes, he used smart tax lawyers and attorney to pay the least amount of federal income tax he could. Would you want to pay MORE federal income tax than you legally needed to? Do you want a stupid president in the White House? Everyone knows that the income tax codes and the IRS are a morass of sweetheart deals passed by the Congress and unnecessary complications meant to leave loopholes for wealthy people and corporations, but the Congress doesn’t want to give up the ability or the power to legislate those kinds of deals or to social engineer with the tax system. Go to a flat tax, no exemptions, for both personal and corporate income taxes. And give Mitt Romney credit, because his private contributions to charity—seven million dollars—equaled or exceeded his paid income tax. Compare that in both percentage of income and real dollars with Barak Obama or Joe Biden.

Jan 24, 2012 2:30pm EST  --  Report as abuse

A. If his taxes are filed legally, why is it his fault and why should he be criticized that the tax laws in place favor him and those of similar financial profiles? The important question is whether or not he’s following the law. I’ve seen no allegations saying he’s cheating on his taxes at all – just that the laws in place work to his advantage.

B. I see no mention here of charitable contributions, which significantly affect what is owed in taxes. My understanding is that the number is significant, though I can’t be sure. So, why not mention that here?

Seems to be rather skewed reporting. I don’t support Romney, but I do oppose this kind of “journalism.”

Jan 24, 2012 2:33pm EST  --  Report as abuse
tdawgjenkins wrote:

What a non-issue. Sure, Romney waiting made it more of an issue, but what I mean is, who cares? I pay an almost 28% effective rate on my taxes and I don’t resent this man at all for him paying on his capital gains. I may not vote for him, but I don’t resent him. Many of my friends basically have a negative rate because they get paid credits when they file and they get back more than they paid in. Go figure that crap and redistribution of wealth!
People want to insinuate that it is not “fair” that a rich man pays less… HE PAYS THE SAME AS ANY OF US WOULD if we had the same investments. That IS fair. Fair means same. Fair doesn’t mean take from one to give to another. This new rhetoric from Obama and his social engeneering cronies is insane to me.
I am voting for Ron Paul, but I don’t fault Mitt at all for not wanting idiots to comb over his returns. He likely didn’t want people to question his church donations, which I think is actually quite respectable of him to have given so much to an organization that is widely known for humanitarian aid and other good work worldwide. Am I converting because of that fact, no. But I can respect them for that.
This is all part of the smoke and mirrors of modern politics… Gingrich should be ashamed that he hasn’t invested wisely enough to get more capital gains. We should be asking where that windbag and public-official profeteer even gets his money anyway.
Its like all common sense is just out the window in this sideshow that has become media and politics!
Good for you Mitt. If you do win, please help me be able to pay your tax rate because it would mean I was successful enough to do so. And I hope that I didn’t need to rob from anyone like you on my way up. Down with socialism in its many forms and up with capitalism and the free market!

Jan 24, 2012 2:33pm EST  --  Report as abuse
raehl311 wrote:

This article is wrong; the average effective federal tax rate for Americans is much higher than 11.1%, because the 11.1% only includes the federal income tax, and not the 15.3% federal job tax that workers pay on all their wages.

Add in the wage tax only assessed on American jobs and the average tax rate goes up to 16.3%… which means Romney is below the national average on tax rate, even though he’s well into the top 1% in income.

Jan 24, 2012 2:34pm EST  --  Report as abuse

Wow. This is an eye opener. I never would have guessed. Here we have the uberdictum. He’s paying about 15% on income that he earned from investments. The Republicans, especially the conservative Republicans, have always argued that income from investments should have a lower rate because the money that was invested was already taxed. The sun comes up one day and people start to think about that a little, having bought in to that for decades or forever. But wait, some one asks, “What’s the difference? It’s income. They haven’t been taxed on that income, so why the 15%?” There’s no reason. They just decided and it happens to work out in their favor.

Jan 24, 2012 2:34pm EST  --  Report as abuse
ecogabriel1 wrote:

I cannot care less about Mitt Romney.

However, I wonder how some people still believe this millionaire would bring any meaningful solution for the poor or the impoverished middle class

How he would ever understand what it is like living with a minimum wage without benefits? What is like living with the median income and choosing between paying the bills or getting health care?

Jan 24, 2012 2:47pm EST  --  Report as abuse

OK. We pay a higher rate on money we earn by hard labor. Let’s get over it and go out and defeat these people, who think they should pay less money on income they earned by screwing the rest of us. Sorry, there is no reason why income from investments should be taxed at the low rate of 15%. It doesn’t matter that the income used to make the investment had already been taxed. This is new income. Actually, if you look at the possible rate on reinvesting the income from investments, the rate depreciates considerably over time, so in reality they are never paying 15% on their invetment income. Get up early tomorrow morning and think about it.

Jan 24, 2012 2:49pm EST  --  Report as abuse
NobleKin wrote:

At every opportunity the elite supporting Republicons have claimed lowering taxes on the wealthy will stimulate the economy.

At every opportunity, you continue to hear the current crop of Republicons claim they will continue to lower taxes. (Newt wants Capital Gains to be $0)

Yet historically, America, through years of successful growth and prosperity, has had a progressive and much higher tax code than it does today.

Only in the past 30 years have we seen taxes lowered so drastically on those in the upper income brackets.

And what has been the result? Multiple recessions, banking and housing implosions, a rapidly widending wealth gap, and massive deficits at the federal level. Stagnating wages for workers. (but top earners have seen their income grow by 500%)

Reagan and HW Bush tripled the National Debt in 12 years. No tax and spend Republicons claim lowering taxes stimulated the economy. But through that era interest rates were lowered, and government spending was also at an all time high (creating jobs/boosting the economy).

If lowering taxes stimulates the economy to the degree they claim, where are all of the jobs? We currently have the lowest effective tax rates in modern American history, and Republicons want more.

Nevermind we have gone through over ten years of warfare and defense expansions that have expended more dollars than the next 17 nations COMBINED…with no revenue to pay for it.

Republicons, those self proclaimed patriots, from 2002 to 2006 executed to perfection the strategy of Starve the Beast by setting America on a course of insolvency…all with the goal of destroying Social Security and Medicare as we know it. They didn’t ask Americans to help pay for/sacrifice for the war efforts and gave Billionaires like Mitt Romney tax breaks the likes of which had never been seen during an American war period.

When the effective tax rates for folks earning over 1000x’s the average wage earner is 50% less than the effective tax rates of the average wage earner, something is broken.

Mitt and others like him are able to make what they do and develop businesses like they do because we have the infrastructure and laws and democracy in place to support them. They deserve and have an obligation to pay more. Anything less signals the rise of an American Neo-Fascist Plutarchy (which has existed for 30 years).

I like what Reagan said (as referred to in an earlier comment)…

“In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy,” Reagan says in the video. “Do you think the millionaire ought to pay more in taxes than the bus driver or less?” (the crowd of Republican supporters shouted “More!” – how times have changed)

The current crop of Republicons don’t give a damn about bus drivers or any of you peons earning less than a few hundred thousand a year. And they don’t care about an America that supports and defends a middle class or provides social safety nets for the poor and elderly.

They are working to break Social Security, Medicare and all other social safety nets. The America of the Greatest Generation (WWII) is gone. It has been highjacked by Billionaires who hold the leashes of every politician in office today.

You will continue to see the gap widen. The supporters of the NeoFascist Plutarchy will continue to state things like: “Too F&%$ing bad for you if you didn’t make enough money to help your children get an education or ensure a stable retirement or to cover your basic healthcare needs…you obviously didn’t work hard enough at your middle management job at Staples, you f&%$ing liberal losers…just be thankful you had a job.”

Meanwhile, President Newt will have ensured Mitt will pay $zero in taxes in 2013 on his $42,000,000 non-work related Capital Gains, and Interest earnings he is sending to the Cayman Islands. God bless America.

Jan 24, 2012 2:57pm EST  --  Report as abuse
lamprey_65 wrote:

So, how much did he contribute to medicare and social security from all this unearned income (capital gains and dividends)? Zero Percent…but we can’t talk about that – the 1% don’t want to hear it.

Jan 24, 2012 2:59pm EST  --  Report as abuse
merpzm wrote:

Don’t blame Romney for only paying 13.9% tax it is Newt Gingrich’s fault

In 1997 President Clinton signed into effect the Taxpayer Relief Act of 1997, which included the largest capital gains tax cut in U.S. history. Gingrich has been credited with creating the agenda for the reduction in capital gains tax, especially in the “Contract with America”, which set out to balance the budget and implement decreases in estate and capital gains tax. Republicans felt that the compromise reached with Clinton on the budget and tax act was inadequate, however Gingrich has stated that the tax cuts were a significant accomplishment for the Republican Congress in the face of opposition from the Clinton administration.

Jan 24, 2012 3:03pm EST  --  Report as abuse
Bucky_2 wrote:

Romney Got $10 Million Federal Bailout At Bain

Mitt Romney received a $10 million bailout from the Federal Deposit Insurance Corp. in 1991, an event that runs contrary to the multimillionaire’s current anti-bailout position.

Documents obtained by the Boston Globe show that the FDIC negotiated a $10 million forgiveness with Bain & Co. while Romney was chairman and CEO in 1993.

The negotiations were part of a deal designed to reduce the debt load at the company, which was near bankruptcy. The FDIC had been forced to seize Bank of New England, who was a creditor of Bain’s.

In 2008, in a New York Times op-ed titled “Let Detroit Go Bankrupt,” Romney argued that “Detroit needs a turnaround, not a check.”

In May of 2011, Chrysler succesfully paid the U.S. Treasury back $5.1 billion from its federal bailout, while a study found that 1.14 million jobs were saved by the bailout of the auto industry.

http://www.nationalconfidential.com/20120110/romney-got-10-million-federal-bailout-at-bain/

Mitt Romney company profited as steel mill it owned closed, government bailed out pension plan

“What’s more, a federal government insurance agency had to pony up $44-million to bail out the company’s underfunded pension plan.”

http://news.nationalpost.com/2012/01/06/romney-company-profited-as-steel-mill-it-owned-closed-government-bailed-out-pension-plan/

Not only does Romney NOT pay any taxes… he also costs the government money.

Jan 24, 2012 3:05pm EST  --  Report as abuse
Onerioi wrote:

“fromthecenter wrote: And yet, the republican answer to everything is still… .CUT TAXES. Give me a freakin break.” Actually most Republicans like to spend, on corporate welfare, and wars. They like to build bombs, golf courses and yachts instead of spending on education and infrastructure.

Jan 24, 2012 3:11pm EST  --  Report as abuse
Troisquatre wrote:

Republican Congressmen voted for the Bush Tax Cuts for the “Super Rich” Romney didn’t do that, he benefited by it. Santorum and Gingrich voted for those Tax Cuts. They are the Washington insiders. I don’t know about the Cayman Island, Swiss Banks or Bain Capital. However, Warren Buffett didn’t vote for those Tax Cuts either.

Jan 24, 2012 3:11pm EST  --  Report as abuse
Pocfavorite wrote:

What a crap article Holland and Dixon. Comparing the interest rate of income from investments and the interest rate on wages is despicable. What is the average interest rate paid on investment income? I’ll tell you. 11% Therefor, Romney pays MORE in taxes than the average American.

You people disgust me.

Jan 24, 2012 3:13pm EST  --  Report as abuse
Onerioi wrote:

@NobleKin who wrote “Meanwhile, President Newt will have ensured Mitt will pay $zero in taxes in 2013 on his $42,000,000 non-work related Capital Gains, and Interest earnings he is sending to the Cayman Islands. God bless America.” SHAME on you for lambasting these good men who are the job-creators of America.

Jan 24, 2012 3:16pm EST  --  Report as abuse
dirtdauber wrote:

Doggydaddy-It is not Romney’s fault that he can take advantage of his investments. It is the legislators that have made this possible, one of whom was “B”. Your disgust is appropriate but directed at the wrong people. This can be your year as well as mine to help put this country in the right direction.

Jan 24, 2012 3:18pm EST  --  Report as abuse
marndt wrote:

The Church of Latter Day Saints is quite happy!

Jan 24, 2012 3:18pm EST  --  Report as abuse
marndt wrote:

The Church of Latter Day Saints is quite happy!

Jan 24, 2012 3:18pm EST  --  Report as abuse
moonhill wrote:

Did Romney write the tax laws or just take advantage of them? How much has Nancy Pelosi made off of her insider trading? It seems to me that politicans on both sides of the aisle benefit from the tax laws they write. Remember, congress has been controlled by the democrats far more than the republicans over the years.

Jan 24, 2012 3:18pm EST  --  Report as abuse
mac12sam12 wrote:

romney also gave 7million to charity. a republican will give you the shirt off his back,a democrat will give you the shirt off somebody else’s.

Jan 24, 2012 3:19pm EST  --  Report as abuse
sdguero wrote:

When Hillary Clinton’s financials came out in the 2008 primaries, it was shown that she and Bill were paying ~10.5% on $110+ million in income and very little stink was made in the media.

I think it is interesting that Reuters seems a lot more accusatory in this story than what I read about the Clinton taxes back in 2008 (and they paid a significantly lower tax rate on a lot more income than this). For the record, I’m not voting for Romney, and didn’t vote for Clinton. But I think the way Reuters is reporting this is interesting compared to the Clinton story 3 years ago.

Jan 24, 2012 3:28pm EST  --  Report as abuse
JamVee wrote:

What are the “Questions” mentioned in the headline? He pays what the law calls for. Who, in their right mind, would expect anything different? Do people expect him to pay more than the law requires? Well then, again, what are those “questions”?

Jan 24, 2012 3:30pm EST  --  Report as abuse
NewsDebbie wrote:

While Romney’s actions are legal they are not ethical, moral, or Christian. He has too many areas that are just too deceptive as in blind trusts, off shore accounts, and his actions at Bain. If Romney is the GOP nominee I will NOT vote for him as I don’t trust him.

Jan 24, 2012 3:30pm EST  --  Report as abuse
Grtcrnhleo wrote:

This report says Romney paid $6.2 million in taxes last year, an effective tax rate of 13.9 percent in 2010, and expects to pay a 15.4 percent for 2011, higher than the “the average tax rate .. 11 percent” while, “about 46 percent of Americans will pay no federal individual income taxes.”

Everyone who paid more than $6.2 million in taxes last year (or any year) should be allowed to complain as loudly as they like about how unfair that is and how he isn’t paying his “fair share” by taking advantage of the tax laws. I’ll listen to those complaints and ignore all the others, especially by those who pay little or no taxes.

Is this a new era where we should only consider candidates with modest net worth and tax returns that resemble our own? Do we even know anyone like that who is electable?

Jan 24, 2012 3:30pm EST  --  Report as abuse
spkeegs wrote:

Article claims no change to tax system; unreal, one of the largest tax cuts for the wealthiest folks occured over the last 6 years, capital gains cut by 30%, dividends by 45% and estate taxes all but eliminated. Meanwhile, fees (which are taxes) on regular items like hunting and fishing permits, the taxes on gasoline are all up. That is why I get frustrated when guys like Romney claim regular people pay little tax, add up the fees (which are taxes), property/school taxes, and sales tax and guess what happens, the percentage of income paid quickly skews in favor of super wealthy. Its BS, they formed the tax system which by the way was originally only funded by the super wealthy to fund WWI; the idea that everyone pays is recent and created a super large IRS, so thanks idiots.

Jan 24, 2012 3:33pm EST  --  Report as abuse
Shaun3180 wrote:

“Romney, whose estimated net worth is $190 million to $250 million, is among the wealthiest Americans ever to seek the presidency.”

“among the wealthiest” does not equal “wealthiest”, so I’m not sure exactly what is silly about that quote, razzmatazz. Besides, when your net worth is $190 mil +, does it really matter? The guy’s wealthy. :)

Jan 24, 2012 3:34pm EST  --  Report as abuse
Innocentious wrote:

I am so tired of the biased way the Media covers this.

Look, since we are talking Federal Income tax ( NOT PAYROLL INCOME TAX) since we supposedly ‘get back’ the payroll income tax the only people who have a higher FEDERAL effective income tax are people who make more than $250,000 per year. Which is under 3% of households.

Are people really that stupid as to hear 35% and think that is the same as an effective tax rate? Look people who made $20,000 in 2009 had an effective Federal Income tax rate of $300… That is about 2% of their income.

Seriously media PLEASE report truth not this baloney being handed to us by the Democrats and the White House.

Jan 24, 2012 3:34pm EST  --  Report as abuse
mintkeith wrote:

it is outrageous how they steal and no one seems to care.

Jan 24, 2012 3:35pm EST  --  Report as abuse
zmijasu wrote:

indiesrock wrote:
“You basic premise that Romney paid 13-15% in taxes is flawed. It depends on whether or not he accumulated his investments as a result of personal income. He may have already been taxed on this money if it originated from earned income such as wages, then taxed again as capital gains from investments.”

Your statement is also flawed, even if he accumulated his investments as personal income, and paid 30%, so what? If he invests that money, he only pays 15 of “capital gains”, not the amount he invested. So if he in vested 50MM, and made a nice 10% profit for the year, that’s 5MM in profits, so he only paid 15% or 5MM, which would be 750,000.

The point is that at some point the risk of investing becomes meaningless, He has net worth of say 200MM, if he invests 50MM, and looses some, he will not be poorer.

An average fellow, say has 100,000 of savings. If he invests that, and gains 10% for the year, he made a “whopping” 8,500 in profits :-/, but if he looses it, then he just lost his life savings. Average person can’t afford to invest significant amount of money to have a decent return. The risk is much greater.

Nobody asked him to invest his money and take the risk, he should pay higher % in tax. We have to work daily job to live and still make just enough to get by.

If he paid 12,000 in capital gain tax, would he really be any poorer? Romney is a joke.

Jan 24, 2012 3:38pm EST  --  Report as abuse
commenter1223 wrote:

Who cares? Did he pay what the law required? I think the answer is yes. That’s all that matters. It’s certainly better than Geithner and Daschle and a bunch of other Obama administration officials, or wanna be officials.

Jan 24, 2012 3:38pm EST  --  Report as abuse
AlkalineState wrote:

hydemom boasts: “Obviously, he can manage large amounts of money and make that money work.”

Then why has he outspent the other candidates 100 to 1, but has the fewest delegates so far? Lost Iowa, lost North Carolina to people who spent one penny for every one of his dollars. And he’s good with money? I think he was just another lucky rich kid who was born on third and thought he hit a triple. Dodged the war. All 5 of his boys have dodged their wars, and we can keep doing this forever if it makes you feel like a smart person is somehow in control of this scam.

Jan 24, 2012 3:40pm EST  --  Report as abuse

Geez, everyone seems so upset with Romney, but all the politicians make insane amounts of money (Pelosi – 35 million, Reid – 6 million, Obama 10.5 million) They had the chance to change the tax code when the the Dems controlled the house, senate, and the White House. Did they do it? Nope. They talk a big game until it comes to their own money, then they are nowhere to be found. The inmates are running the prison when it comes to our broken government.

Jan 24, 2012 3:41pm EST  --  Report as abuse
ETM3 wrote:

There is a difference between person’s tax rate and his effective tax rate. In the U.S. we have very progressive tax tables, meaning that the more you make the higher your percentage will be. The issue here is that people are focusing the effective tax rates for ‘the rich’. We have a large and complicated tax system designed to reward people for doing things we favor and punish things we dislike. We can’t blame people for following the law and doing the things the lawmakers have incentivized them to do. They are not really paying less, they are spending their money in the areas the government has incentivized them to spend it on and taking their tax break for doing so. Do we want ‘the rich’ to pay higher taxes at the expense of them investing less in business capital, investing less in construction, spending less on employees, donating less to charities…. This article resorts to simplistic class warfare rather than trying to understand how the world works.

Jan 24, 2012 4:07pm EST  --  Report as abuse
LynCe wrote:

It was reported in the financial press that Romney is a business partner in offshore companies (aka private equity). Romney has accounts and is a partner in business entities in Bermuda, the Caymans and Europe (Channel Islands?). Romney’s ties to offshore accounts need more disclosure. Also, it’s clear that Newt Gingrich’s “small business” was a DC consultancy aka lobbying firm; that too needs more transparency and disclosure for conflict of interest reasons, since Gingrich has logged decades of well-documented hypocrisy. This is not “the politics of envy” as Romney so cynically described it, but the reality of the times we are in — how obtuse and arrogant of Romney & Co. not to get that.

Jan 24, 2012 4:09pm EST  --  Report as abuse
LynCe wrote:

Romney and Gingrich’s disclosures (thinly-veiled tax shelters and offshore “partnerships,” and DC lobbying) are beginning to make Obama look like an Eagle Scout.

Jan 24, 2012 4:15pm EST  --  Report as abuse
cp61 wrote:

well now we know why Romney was reluctant to show his tax returns;
The Mormons now know he’s not giving 10% of his income

Jan 24, 2012 4:16pm EST  --  Report as abuse
RoyalSecret wrote:

Easy answer: Everyone pay the same tax rate! EVERYONE! We are all created equal, lets pay equal percentages. If you somehow qualify to not pay taxes at all (poverty) you should not be getting any kind of a “refund”. How is it a refund if you didn’t pay to start with? I admire success but don’t feel that someone who makes much more than me should pay a higher % of their income. Think, people! It’s not that hard. Most of the complaints are based on jealous bitterness.

Jan 24, 2012 4:18pm EST  --  Report as abuse
djras wrote:

Mitt paid about 14% on $20+ million each for 2010 and 2011. I paid $6,000 in fed taxes and another $6,000 in social security & medicare on about $56,000 Taxable Income with an effective federal tax of 21%. The wealthy’s pay SS and Medicare only on a TINY fraction of their income (capped in the low 6 figures of income). Those that say I am not paying more than Mitt (percentage wise) even though I made less than $100k are very misled. That they want to ELIMINATE the capital gain tax would make his burden near ZERO. The theory is that the wealthy create the jobs. How many jobs has Mitt created out of his wealth in the last year? He probably already had the maids, groundskeepers and personal assistants that do everything to make his life run (shop, cook, clean, etc). His investments were not going to start new businesses, fund R&D for the advancement of US made products. They were invested in offshore accounts and stock market accounts. Purchasing stock in a company does NOTHING for the company or its workers. These shares are just traded between wealthy people who are trying to get more wealthy (buy low – sell high) and/or buy stock that pays dividends (you earn money from their profitable work). After the initial stock offering NO money goes to the company for any stock transactions.

Jan 24, 2012 4:21pm EST  --  Report as abuse
racam wrote:

Romney is probably not much worse than the rest of the Congressional scum when it comes to raping the American workers. However, most of the others will not flount it by running for President. I personally think it is a shame for someone to even say that he understands the plight of the poor working people in the United States. He is so far removed that he has no idea how the working class struggles to make ends meet. Most people live from paycheck to paycheck and hope that is good enough. Romney pays more in taxes, even at 15%, than 85% of people will make in their lifetime.

Jan 24, 2012 4:27pm EST  --  Report as abuse
NobleKin wrote:

@Onerioi

The Mafia is a non tax paying job creator too, should we not speak ill of them either?

Folks like you just don’t get it. You get in line like lemmings and walk right off the cliff.

The spending of the past decade coupled with the lack of revenue to pay for it has America on the edge of default, and you are worried about shaming me for calling attention to the reality of our day?

The shame is yours for defending it.

Jan 24, 2012 4:34pm EST  --  Report as abuse
enverpasha55 wrote:

How again is it Romney’s fault that the capital gains tax is so low? Oh right, it isnt. If i can avoid paying taxes legally and ethically, I would rather keep my money. As would ALL of you. Blame certain aspects of his past, but do not blame him for opting to give Uncle Chump more of HIS money.

Jan 24, 2012 4:48pm EST  --  Report as abuse
cp61 wrote:

LynCe wrote:

Romney and Gingrich’s disclosures (thinly-veiled tax shelters and offshore “partnerships,” and DC lobbying) are beginning to make Obama look like an Eagle Scout.

Tony Rezko?

Jan 24, 2012 4:57pm EST  --  Report as abuse
UnPartisan wrote:

I bet the Kerrys, Clintons, Rockefellers, Gates, Buffets, Soros, and Kennedys all laghed at this poor Republican.

Jan 24, 2012 5:18pm EST  --  Report as abuse
AlkalineState wrote:

Romney tax plan: Eliminate capital gains tax. Raise income tax for working people to 45% (in order to keep the defense contracts flowing). If questioned, change subject to abortion and guns.

Jan 24, 2012 5:20pm EST  --  Report as abuse
NobleKin wrote:

@enverpasha55

Folks like you are also the first to want to drop bombs on and invade countries you’ve been told not to like.

You don’t care about the costs, or that those who typically pay the highest price (with their lives) come from poor or lower middle class families. (how’s that for a higher tax?)

The problem is when you get your wars and you spend America’s dollars on those wars without raising revenue to pay for them, you get this thing called a deficit and a growing National Debt.

Then people like you want to blame ‘entitlement’ programs as the problem (as if millions of Americans didn’t pay into the programs with their hard earned money to receive the benefits)…instead of acknowledging America’s history of taxation during times of war when revenue generating exercises were warranted.

Instead you choose to ignore the fact that job producers like Mitt’s father paid at a rate of 38% and remained a very wealthy, very successful business man and politician at a time when many were becoming millionaires in America without the modern contempt for taxes.

So go ahead and rah-rah the rich and defend their right to pay at effective rates 50% less than the average wage earner. As the chasm widens and America’s middle class evaporates, and there are too few families with ‘disposable’ income left for consumer goods or services and the economy comes to a screetching halt, perhaps then you will understand. But before then, examine the history of taxation in America and understand how we got where we are today. You might change your Republicon mind.

Jan 24, 2012 5:59pm EST  --  Report as abuse
John_L wrote:

Inheritance Tax: This is the idea that you cannot give your money to whom you want without also giving up to 40% of it to the government. Those of you who are in the lower income brackets might want to wake up and realize that this money has ALREADY BEEN TAXED! It was taxed when it was first earned. Now, it will be taxed again when you give it to your family.

If you are in a low income tax bracket, and have the prospect of receiving an inheritance, you should beg and pray that the government eliminates this “death tax”, or else they will take up to 40% of what is given to you.

Looks like the government just became your legal brother, not just “big brother”.

Jan 24, 2012 6:05pm EST  --  Report as abuse
mjp1958 wrote:

Hmmm. What was Mr. Romney doing stashing millions away in bank accounts in Switzerland, the Cayman Islands and Bermuda? Oh, I’m sure it was all very legal, and created jobs for those poor, poor countries. Sure.

Jan 24, 2012 6:27pm EST  --  Report as abuse
lawdoc wrote:

Romney is who he is. He is the beneficiary of predatory capitalism gone wild. How does a guy that makes $57,000 a day in interest on the profits he made raiding companies relate to the average American family? How can he begin to understand what it is like to be homeless and jobless? How can he understand what it is like to try to educate your children when tuitions are $50,000/year apiece and the average family makes $50,000/year? How can he understand what it is like for elderly in failing health to get by on $25,000/year when he has $100 million in his IRA alone? HE CAN”T. So Gingrich and he can exchange barbs all they want. Obama can ask us to sacrifice while he looks for his $20 million summer house. None of them understand what the American family is going through.

Jan 24, 2012 6:33pm EST  --  Report as abuse
AlkalineState wrote:

Anyone who thinks America should be run like a business should ask themselves what good states are in a business structure. Walmart doesn’t have states. They have headquarters and they have stores. Same with Apple, Target, McDonald’s. Manager makes the sales, sends ALL of the money back to headquarters. Not a percentage. So…. run it like that?

Jan 24, 2012 6:37pm EST  --  Report as abuse
mrmoderation wrote:

Remember that Romney already paid income taxes on all that money when he earned it, probably at marginal rates of 40 percent. So now that he is earning dividends on his after tax savings, he is in effect paying taxes twice on his income.

Jan 24, 2012 7:16pm EST  --  Report as abuse
AlkalineState wrote:

mrmoderation writes: “Remember that Romney already paid income taxes on all that money when he earned it, probably at marginal rates of 40 percent. So now that he is earning dividends on his after tax savings, he is in effect paying taxes twice on his income.”

Incorrect. It was taxed one time at 15%. That’s what capital gains tax is. Romney does not even dispute that fact. I don’t blame Romney for this tax situation. He’s paying the tax he owes. But anyone who thinks the system does not need some re-tweaking has got to be delusional. Working people pay 30-35% in tax.

Jan 24, 2012 7:49pm EST  --  Report as abuse
1redfox wrote:

Riches are getting richer, and poor and getting poor, and the middle is getting squeezed and evaporating. This is America today.

Jan 24, 2012 8:24pm EST  --  Report as abuse
1redfox wrote:

Dollar wise, Romney paid big amount – in millions, rate wise, Romney enjoyed low tax rate, thanks to Bush’s tax policy and IRS loopholes. Rich people make their money in sleep by the way of dividends and capital gains, poor man makes his money working long hours.

Jan 24, 2012 9:37pm EST  --  Report as abuse
stevenlemon wrote:

According to Barack Obama, not extending the “Bush” tax cuts this year would have caused EVERY AMERICAN to have his taxes raised. So, how is THAT just “tax cuts for the rich”.

And it is true, Romney and millions of others like him can earn millions of dollars while sleeping “by the way of dividends and capital gains”, but they can also LOSE millions the same way. I just thank God that more of them gain than lose, otherwise I would have to pay CASH for my car, house, computer, gold chains and you would have to pay cash for that Yugo you drive.I also wish for the day when I could be as successful at earning money as Mitt Romney.Then I could move further away form where yo live in ENVYTOWN, USA

Jan 28, 2012 3:01pm EST  --  Report as abuse
stevenlemon wrote:

@AlkalineState Whether or not Romney disputes it is irrelevant. You first must earn income before you can invest it and when you do, you pay the standard tax rate (up to 40%)FIRST. Out of what you have left after the Fed has ripped off it’s chunk, you may INVEST all or part of the rest and if you earn profits on that investment, you pay a FLAT (for all Americans) rate of FIFTEEN PERCENT.

If a little education is a dangerous thing, you are completely harmless.

Jan 28, 2012 3:09pm EST  --  Report as abuse
5tudentT wrote:

The ‘already taxed’ arguments are hot air, and here’s why:

The company that employs me makes money, which is taxed, and they pay me with the leavings. My pay gets taxed, and with the leavings I buy something and pay more tax. Now it’s part of a businesses income again, and gets taxed again. Dear god in heaven, where does it end? Soon there will be no money at all and then where will we be?

If you’ve got half a brain, you can figure out why this is nonsense.

Jan 30, 2012 12:53pm EST  --  Report as abuse
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