Effective federal income tax rates.

Quote from Xygonn : Reminded me of this thread: http://slickdeals.net/f/4128087-S...h-My-Taxes [/url]

Seriously. I thought I was having deja vu there for a moment

Quote from TRNT : I think I am in the same ballpark as you are and it does suck. It does such that I pay a way higher rte than Mitten Rmoney. I am totally against consumption or value added tax. I think that is even more regressive than we have now.

What about when you consider this op-ed?

http://www.cnn.com/2012/09/24/opi...?hpt=hp_c1

We should have a flat rate tax. Then this discussion can end.

Quote from JOHNLAW : We should have a flat rate tax. Then this discussion can end.

No it wouldn't. People would still gripe about the rich.

Quote from andyfico : So you pay WAY more than 20%? Care to share your tax rate? BTW, the OP claims he is in the top 10% of income but ONLY pays 12-14%. Where is your outrage and attacking of the OP? Thank you for revealing that you don't care about what the rich pay but just hate Romney. If you don't hate him for his money, then why do you hate him so much? Is it because of his Mexican heritage perhaps?

where do you get 20% wrt Rmoney. I thought he never paid less than 13%. At any rate I was thinking of 13%.

You are trying too hard.

Quote from JOHNLAW : We should have a flat rate tax. Then this discussion can end.

As in, a flat percentage?

Quote from JOHNLAW : We should have a flat rate tax. Then this discussion can end.

it sure would placate the ignorant.

Quote from TRNT : where do you get 20% wrt Rmoney. I thought he never paid less than 13%. At any rate I was thinking of 13%. You are trying too hard.

Over the past 10 or 20 years he paid an average of 20%. I believe there was a link in the Romney Releases his tax Returns thread. Your avoidance of the questions with a weak deflection is a good indication that I am right.

Quote from thikthird : it sure would placate the ignorant.

Say what you will, a flat tax would STILL be a better alternative than the system we have now where LT capital gains and qualified dividends allow effective tax rates under 15% for multi million and multi billionaires, while the "merely" rich pulling in six- and low seven-figures are paying 25%+ effective tax rates on ordinary income.

Quote from rrc06 : What about when you consider this op-ed? http://www.cnn.com/2012/09/24/opi...?hpt=hp_c1

It was an interesting read.

I have two problems/questions:

1. It claims that if we increase taxes on the Rmoneys, they will simply stop using dividends and start borrowing for their expenses and thereby avoiding paying all taxes altogether. I do not understand. You can borrow one year, maybe two or three but eventually you have to pay back those borrowed money from your investments and be taxed.

2. It says if we tax consumption then we have the ability to tax 30% rate at Rmoney's level of spending. I thought consumption/sales/ value added tax were rather flat, meaning its rate does not depend on your level of spending and therefore cannot be progressive.

The biggest problem I see with consumption tax, is that most of the expenses of people like Rmoneys will not be taxable. They buy the services of a maid, no taxes. And they can import expensive/luxury items from overseas or when they visit other countries and thereby evade paying taxes.

Quote from andyfico : Over the past 10 or 20 years he paid an average of 20%. I believe there was a link in the Romney Releases his tax Returns thread. Your avoidance of the questions with a weak deflection is a good indication that I am right.

What questions have I avoided?

Once again my specific beef is with Rmoney making millions and paying 13% in taxes.

Quote from TRNT : What questions have I avoided?

For starters, how much more than 20% do you pay since apparently Romney has paid an average of 20% over the last 10 or 20 years (can't remember which) and you claim that you pay WAY more than that. Also, why don't you have a problem with the OP being at least in the top 10 percent of income and paying only 12-14%? I guess you just hate Romney for personal reasons. Why is that?

I really cannot fault anyone that takes full advantage of the tax system, without committing fraud of course. Politicians put all the exemptions/deductions in place, so they should either fix it or quit bitching when someone uses in a way they find distasteful.

Quote from andyfico : For starters, how much more than 20% do you pay since apparently Romney has paid an average of 20% over the last 10 or 20 years (can't remember which) and you claim that you pay WAY more than that. Also, why don't you have a problem with the OP being at least in the top 10 percent of income and paying only 12-14%? I guess you just hate Romney for personal reasons. Why is that?

My "way more" referred to 13%. That is the second time I am clarifying that for you.

I know more about the figures wrt to top 2% and likes of Rmoney who has made millions and paid only 13%. The tax paid by Rmoney is way unfair.

I will not opine on the OP who claims to be in top 10% and paying 10-12%. If you make a comment on that, I may or may not comment on your opinion.

Quote from Beartrkkr : I really cannot fault anyone that takes full advantage of the tax system, without committing fraud of course. Politicians put all the exemptions/deductions in place, so they should either fix it or quit bitching when someone uses in a way they find distasteful.

How does this relate to the topic of this thread?