Earned $21.7 million??? I thought Mitt was just an unemployed guy who lived on
the streets of real America.
Good for him! When my video/pizza slice chain idea really catches hold, I'll be
looking for loopholes too and getting my rate down to thirteen percent. And that
will really help when I pass my riches down to my family. Look out 1%, there's a
new boy in town! I'm coming hard and fast and Mitt is my inspiration!
$1.5 million out of $21 million is not a full tithe. And the shoe drops.
Let the Class Warfare begin... never thought it'd be the republicans to start
it... but anything to keep fine upstanding Mormon candidates from running for
At least he paid his taxes :) Goes to show he doesn't try to cheat on them.
$3 million in federal income taxes in 2010! Gee, that's just about 2% of the
amount of money Obama wasted on Solindra Solar alone! Money well wasted by
Obama, again. Come on all you greedy rich people out there, pay your
"fair" share so your govenment can squander it all and more! But
remember, no matter how much money you pay, it will NEVER be nearly enough and
you will still be greedy, rich people destroying America because you are not
paying YOUR fair share! You must do with less, but the government, can not, will
not do with less, lest grandma has to eat dog food or children starve!
" I don't think you want someone as the candidate for president who pays
more taxes than he owes."---No, but I do want a
president who recognizes that a millionaire paying 15% when the rest of the
country pays in the 30% range is an inequity that shouldn't exist.
I can already predict where those on the right and left will line up on this.Both sides have valid arguments.But, we continue to debate
the details without actually looking at the big picture.The wealth
in this country has been steadily rising to the top. Pretty hard to dispute
that. So, I believe that we should ask ourselves -Why is it
happening?Any reason to believe that it will not continue?Is this
good for our country?What if anything should be done?Until we
answer the first 3, there is no reason to attempt to answer the fourth.
Kasie,Is there REALLY nothing else to write about? I could care less
how much someone got paid in income tax. How about an article that addresses
what each candidate stands for and how they plan to beat Obama? That has more
relevance to everyone.
Look like Gingrich needs to take some lessons from Romney about how to lower
your tax rate. I'll be laughing if Gingrich says, "See, I pay more
taxes!" Brilliant comment froma pseudo conservative. The other
document that eveyone needs to release is how much they donate as charitable
donations. You don't need to donate to the Mormon church just to get that tax
@AFVet | 3:34 a.m. Jan. 24, 2012 Mitt is retired. Who is smart
enough to save and invest his money in IRA, 401K and other accounts. So money
he paid taxes on while he earned it, he gets to pay taxes again when he
withdraws it except the IRA account (which anyone can open an account and get
the same benfit).Is there a politician that really lives like the
average american? You have to be wealthy to run for office. That is the way the
system is set up. If you can't generate money, then you can't run for office.
That people are hyperventalating over how much Romney legally paid in taxes is
the most ludicroous, desperate argument ever. They are getting mad at a man who
is obeying the law. Why didn't the Democrats get angry at Obama when
he appointed cabinet members (yes more than one) who evaded their taxes? This
is the most polorizing double standard I have ever seen.
So many jealous people out there.Mitts a real man.
Here we go with the silly, class envy rhetoric.You got too much and
don't deserve it! Just how much is too much? I don't know, but it's
more than I got so you owe me! Why are you owed the prosperity of
another? Because I'm entitled to what you got because I don't got it, so start
paying your fair share!I love this new country! When do I get mine?
Congratulations, he's rich. Let's move on to something important.
1.5 million paid to the LDS church? That ain't 10%. Is Mitt a full tithe
From an article in MoneyCNN:Romney and his wife Ann hold about 100
stocks, including Dell, Disney and Target, as well as foreign issues including
the Bank of Yokohama and China Mobile, in two blind trusts. About 43
percent of the Romney portfolio is tied up in private equity investments through
Bain Capital Management. About $38 million is in Federal Home Loan Bank bonds
that have maturities stretching out to 2016. Last year Romney's
adviser sold dozens of stocks, some of which he believed would be politically
sensitive.Among them: gaming companies such as Bally and Harrah's, and
companies that do business with Iran, including European oil producers Eni SpA
and Total. The sales explain Romney's ultrahigh 2006 income. Other
data:Romney's blind trust: $86.3 millionAnn's blind trust: $36.4
millionMitt's IRA: $42.9 millionAnn's IRA $40,000Cash $18.7
millionHomes: $18.7 million
Nothing to see here...move on.
I can't believe some people resent someone being successful. Who makes the jobs
for us? If everyone was average we wouldn't have so many jobs. I bet certain
people are laughing that there is class warfare going on. Mitt Romney is a
really good person. I still don't know who I am voting for. I know it will not
be someone who cheats on wife after wife. Marriage is a sacred institution. It
is the most important vows you will make. If you will cheat on your spouse you
will do anything. Then at the same time blasting President Clinton for doing the
exact same thing.I saw on the internet where someone posted pictures of
Mitt Romney helping people in California after a fire. His son lived there and
he put on his gloves and helped cut down a burned tree so it wouldn't fall on
someone's home. No press was there. The only reason it got on the internet is
someone who was there took pictures and posted it. This is a real person who
will stop what he is doing to help others. Aren't we all just real people?
re:ranchhand...if you are paying 30% in taxes you need to stop using turbo tax
and get some professional help.
That is roughly $2,997,000 more than I paid, and I am happy that he is so
successful. That is 3 million more than 50% of Americans. Bless him.
He is honest in paying his taxes. He is successful with his investments. He
thrives in and encourages capitalism with its ups and downs. He actually cuts
jobs when needed and promotes excellence and growth through competition. His
financial success further solidifies my confidence in him...a man who is married
to one woman (and didn't jump ship when she was diagnosed with MS, and he hasn't
cheated on his wife EVER), has a strong family, and has the strength of
character and organization to completely outshine Barack Obama!
I wonder how Timothy Geitner feels about Romney paying his taxes? By paying his
taxes Romney is instantly disqualified for any cabinet position for Obama.
Hit the wrong button too soon. Final point - none of us can compare to Romney in
the amount of taxes he has paid over a lifetime, and there is nothing to be
drawn from reviewing his income tax returns.
Inequality is one man paying $3 million and thousands of others paying 0 income
tax.FACT: Half of all US residents pay ZERO income tax.Why?Don't these people drive on the roads?Don't these
people send their kids to school?Don't these people rely on police,
fire department?His tax rate is irrelevant.He's paying
$3 million in one year!Mitt is doing more than his partIt's time for the rest of the country to start doing theirs.For
those who think the rate is more relevant than the amount.......When
I go to the grocery store, why doesn't the cashier ring up my total
and the total of everyone elsein the store and then total all of our
purchases and thendetermine we owe according to how much we make?How come the rich guy in the grocery store next to me doesn't have to
pay for most of my grocieries in addition to his?We
should each pay for what we USE.Mitt ia paying for many of the
"99%" people who would rather sit around doing nothing all
day long complaining they aren't rich like him.Mitt is doing more
than his share.
Mitt gave $1.5 MILLION to charitable organizations OTHER than the Mormons?How much has barack given?
Move over third world communism you are in our way, with the socially
progressive media, Mr. Soros et al, leading the charge. Where is Paul Revere
when you need him? Gasoline/diesel is creeping up over three/four
dollars....again, energy/grocery prices are inflated to obscene levels,
[unemployed] people are losing their homes, the greatest generation is having to
go back to work to continue supporting the 20/30 year old 'me' generation. 100's
of thousands of jobs in America evaporated, 100's of billions of
non-defense/military, keystone pipeline energy dollars once again earmarked for
overseas (where's Mr. Ron Paul when you need him).Absurdly all the
present progressive media and this administration and Pres/dictator Hu Jintao
wants us to be focused on is Mr. Mitt Romney's income tax returns? Go Mr. Santorum and Gingrich and all the other 'anyone but Romney' socialcon
progressives. You all are doing one heck of a job perpetuating the same old
anti/capitalism propaganda the mind-numbing part of it is, you don't even know
it or, perhaps, maybe you do? People need a job; People do not want
to lose their home. People want to pay their bills.
To the 50% of American paying ZERO income tax:Stop crying - Mitt is
paying for the resources YOU USE.You should be thanking him.
Grundle: Great comment!!!I know I will sleep better tonight knowing
how much Mitt paid in taxes etc.This whole debacle brings to mind
something about inquiring minds wanting to know.....
Congratulations to Mitt for his HARD WORK and EARNING his wealth.And
THANK YOU for paying so much in taxes since half of the nation refuses to pay
any taxes.We would be in trouble without people like you Mitt!
Oh Mitt, hey Mitt, when can we look forward to another one of your many
"1" day visits called fund raising, so that we can add to your greedy
Joe blow.What do we consider wealth?Whats considered a high paying
The rest doesn't pay 30%. Even if you pay 38% on earned income since the first
chunk is excluded your real % like him is likely 15% too. If you
make 94,000 as a family you pay 15,869 in federal taxes. You are at around 15%.
Making that much and donating you will take thousands off your tax bill and
actually pay less percentage. If you have mortgage interest and lots of kids
even less a percentage.
Half of americans don't pay income taxes because of a combination of a 2
things:-low income-Child tax creditsThe 50% and 1% that
pay less or no taxes was brought to you by Bush Tax Cut plan. So
it's not Mitts fault he pays less taxes than some. As usual, it's Bush's fault.
Heaven forbid that we elect someone sucessful to run our country. I'd much
rather have someone from the other party with little business sense or someone
else without any moral backbone.
"I have a dream"Here colorblind, religious freedom America
has an [historic] opportunity to elect its first LDS (Mormon) pres. who knows
how to budget using only 10%, who went above and beyond what God requires by
paying 15% income taxes which still translates into more than 100's of people
combined. Mr. Romney has and is well and faithfully fulfilling the measure of
his creation by being extremely successful in living the American dream.Pres. Ronald Reagan had several LDS members in his administration, so if
having LDS members was good enough for Pres. Reagan it darn well be good enough
America because America has got to learn how to live within its means and quit
producing individuals who are not fulfilling the measure of their creation by
expecting the govt to provide for them in perpetuity.
Nobody is accusing Romney of illegality. His tax returns merely highlight the
current debate regarding income inequality and the budget deficit. Republicans
don't see increasing inequality as a problem, and don't want to cut tax
subsidies for big oil or big agriculture, or raise taxes. But they are okay
with cutting heating subsidies for the poor during the winter.Romney's economic plan will further reduce taxes, particularly for the
wealthy. The Tax Policy Center estimated Romney's plan would reduce revenue in
2015 by 16% or $600 billion.
"I pay all the taxes that are legally required and not a dollar more. I
don't think you want someone as the candidate for president who pays more taxes
than he owes."Why the heck not? I don't deduct my charitable
contributions as I don't believe that REAL charity includes a deduction. I'd
have more respect for a wealthy man who did NOT take the deductions.
Re: ChrisBEverybody pays tax in the U.S. Anybody who drives a car pays
excise taxes for roads. Anybody who buys food pays sales tax. Anybody who
works pays Medicare, SS, disability and unemployment taxes. Those who earn the
least pay the most in taxes as a percentage of income. They are also the most
charitable as a percentage of income. Those who benefit the most from govt
social programs are the elderly, the disabled and children.
He that is paying more than $3,000,000.00 in taxes among you, let him first cast
a stone at Mitt.
In the next debate, I'd turn to Gingrich and the rest and ask, "I gave
$3,000,000 to charity, to help others...How much did YOU give?" (Don't forget that LDS tithing and contributions also help non-Mormons, such
as hurricane victims, etc.)
Mitt just gave the "1%" a face.He just showed everyone
exactly who the Republican economic policy will always continue to favor.He just showed everyone who benefits from the Republican tax plans of
lower taxes for millionaires and corporations.He just showed
everyone what kind of Americans get to shelter millions of dollars in Swiss bank
accounts to prevent paying taxes on those millions.He just showed
everyone why this country will soon have 2 classes: Rich and Poor. Because rich
politicians, and well-funded lobbyists, have seen to it that every advantage
available is provided to the 1%.He just showed everyone why this
upcoming election is so important. Either stand up with the President in seeing
a better America for everyone, not just the ubber rich. Or stand with the
Republicans, who seek to put back in place every policy that led us into the
Depression at the end of their reign of power under W.
Dear Mitt:Could we please get you to help manage our country like
you have your company, its investments, and your personal investments?Thanks,Civil
This is a huge travesty and crime! A man paid $3,000,000 of his property for a
tax that in all likelihood was not imposed upon him or for which he was not
otherwise made liable.WHO IS THE INCOME TAX IMPOSED UPON & WHO
IS OTHERWISE MADE LIABLE?Subtitle A, Income Tax found at 26 United
States Code and ALL state and local income tax codes are the same tax and are
imposed upon ONLY the following classes or categories of person:A)
Non-resident aliens deriving US domestic source income.B) Foreign
corporations deriving US domestic source income.C) US citizens
(exercising the function of a public office) residing abroad deriving foreign
source income.The withholding agent for A) or B) above is made
liable for the tax before the US source income is sent to the foreign owner.There is nothing in tax law that would allow Subtitle A, Income Tax to
apply to any other class of person. See income tax truth dot com for more info.
Re: Vince | 8:09 a.m. Jan. 24, 2012 Those most concerned about how
much money Romney paid in taxes are the liberals who think Uncle Sam owes them a
living.Show me one single liberal, besides Timothy Geithner of
course, who pays one single dollar more than they have to.
The media likes to attack that he is only paying a rate of 15% or less on his
income but what they fail to explain fully is that he paid a much higher rate
when he actually earned the money that makes up his investments. Because of
capital gains taxes (which Romney is paying) investors are eventually taxed
twice on their income.
ClarkKentYour viewpoint may be admirable in that you have a high
standard for yourself, but it would be inappropriate (and kinda arrogant)to hold
others to your standard. It is as iff you are saying I am doing it right ane
all ya'all are doing it wrong. If there is a standard and a person meets it you
should not, IMHO suggest they are doing it wrong if they are not doing it your
way.I would agree with you if there were no set standard and it was
every man do what you think is right. But taxes are not such a situation.
@WastintimeAs a group, the rich give less. (Romney, however,
donated $3m) Which "rich" people give less? According to 20/20:
Liberals"It turns out that this idea that liberals give
moreâ¦is a myth. Of the top 25 states where people give an above
average percent of their income, 24 were red states in the last presidential
election."Arthur Brooks, the author of "Who Really
Cares," says "when you look at the data, it turns out conservatives
give about 30 percent more." He adds, "And incidentally,
conservative-headed families make slightly less money.""the differences in giving goes beyond money, pointing out that
conservatives are 18 percent more likely to donate blood. He says this
difference is not about politics, but about the different way conservatives and
liberals view government."You find that people who believe it's
the government's job to make incomes more equal, are far less likely to give
their money away," Brooks says. In fact, people who disagree with the
statement, "The government has a basic responsibility to take care of the
people who can't take care of themselves," are 27 percent more likely to
give to charity."BTW, from whom do liberals expect the
government to get blood?
@ChrisB"How much has barack given?"$250,000 in
2010, or 14% of his income. Or, the same percentage of income that Mitt gave to
charities/church.Made $1.8 million in 2010, paid $417,000 in federal
taxes. Or, 23% of his income.Both fell in the 35% tax bracket.
Mitt made $20,000,000 more than Barrack, yet paid almost a 10% lower effective
tax rate.Your American tax system hard at work.
@Rifleman"Those most concerned about how much money Romney paid
in taxes are the liberals who think Uncle Sam owes them a living."False. It is also apparently very important to Newt Gingrich, and
the rest of the Republican presidential field. After all, even though Fox News
won't admit this, THEY brought it up. Obama and Liberals didn't have to,
Republicans did.Also it appears to mean quite a bit to voters in
South Carolina, where Romney was trounced, Florida, where he is trailing after
being the only candidate to spend money in the state, and voters everyone, where
he's now tied with Newt nationwide.But you go ahead and think this
only means something to Liberals! Whatever makes you feel better.
I have a simple question to all those who think Romney (and all other rich
conservatives) should be forced to pay more taxes (e.g. a million more, ten
million more, all of his income plus some..) in the name of
"fairness".How will it help the economy to take that money
away from Mitt and others and turn around and give it to Barney Frank, Charles
Rangel, and other politicians and bureaucrats who will simply dole it out to
their friends?Sure Mitt might blow some of his money on a new car, a
yacht, or a lavish family vacation, but how does it help me if someone else gets
to spend it instead of him?Somehow I think Mitt will spend his own
money wiser (and in ways that will actually boost the economy) than some crony
capitalist who had the money handed to him by his Washington friend.I'm not sure, but I doubt Mitt would have put all his money into Solyndra.
Mitt could find a cure for cancer, and walk on water, and give all his money to
the tax man. But...A large majority of the American voters just do
not "feel good" about him.A large number of Citizens are
promoting, and voting for the guy with "Here Comes Trouble" carved on
his forehead. Gingrich is the guy known world wide for causing havoc in his
personal life, as Speaker of the House, and in the Republican party. Newt
is tied in some polls with Romney, and ahead of him in other polls.DN
commenters tell us Romney can do no wrong, his values will save the country,
etc. Other periodicals throughout this country do not share the Romney
enthusiasm of DN commenters Why won't the majority of the elite
Republican Party leaders and it's voters fall in line behind Romney? Why do
they want a nominee other than Mitt Romney?Help the rest of us understand
When complaining that x% of people don't pay federal income tax, remember that
they still pay a huge percentage of their income in taxes:1- The
working poor pay 15.3% of their income in payroll (i.e. Social Security) taxes.
Romney paid something on the order of 0.1% in payroll taxes.2- The
working poor pay about 18-cents per gallon in gas tax. Their taxes here are
generally a higher percentage of their income than the gas tax Romney pays.3- The working poor pay 5% to 10% of their income in Sales Tax. Romney
pays less in sales tax because he makes so much money he can't spend it all, and
spends a lot overseas.4- The working poor pay a high percentage of
their income in property taxes, either directly or indirectly.That
is why Warren Buffet doesn't think it's fair for people like him and Romney who
"push money around" for a living pay 15%, while people who break their
backs actually working for their money pay about 30%.
re: williaryBased upon your post, it's worth mentioning that Barack
Obama only started making substantial donations to charity when he became a
public figure.From 2000 through 2004, before being elected to the
United States Senate, Obama gave less than 2% of his earnings to charity even
though he made $250,000 a year.In the two previous years, Obama gave
less than 1% of his income to charity. Since becoming a national figure, that
amount has now conveniently jumped.Like Romney, Obama did donate to
his church. Some of his largest donations went to the Trinity United Church of
Christ. The pastor there is the Rev. Jeremiah A. Wright Jr.
So let me get this straight....You guys are hating on Romney because
he pays 15% taxes while the rest pays about 30% taxes (except for the 50% that
pay much less than 15%). Guess what? He paid 3 million in taxes and donated 3
million to charity. That means he lost 6 million. Had he not paid the 15% but
rather paid the 30% like you want him to, that is double the amount. In other
words, 6 million. That's the same amount that he's already spending! You
vilify him for donating so much money!He has money so he must be
evil, right? Is that the message you're trying to send? Or is he evil because
he gets tax deductions because of the charity? I don't understand your hatred
It's so odd to see two categories of comments here. One who says, "Good For
Him!, he's honest and sticking to the tax laws and honest, I can't wait to make
that much so I can take advantage of those laws too!" Then there is the
dangerous variety of comments. These "Other" comments are VERY
DANGEROUS because they follow Gingrich and even worse Obama's decry for
"The Rich Don't Pay Enough, they need to be punished for success! They
don't pay their fair share! We need to change the tax laws to get these types of
people to PAY MORE!" Listen to yourselves? In essence you are saying,
"We aren't rich so punish those who are successful, it's not fair at all,
we aren't as lucky so lets get those who are more fortunate!" This is
exactly what happened in the French Revolution, it's what happened to bring
Communism and Facism into existance, and here you are, "OBAMA TAKE FROM THE
RICH AND GIVE IT TO US!" Are you kidding me? Lennin make it right! Hitler
make it right! Fidel make it right! Listen to yourselves! I tell you we are on
the same path with that attitude!
Correct me if I'm wrong, but if Mitt payed $3 Million in taxes and that was 15%
of his income, then payed another $3 Million, wouldn't that be similar to Newt's
30%? I don't know what Newt gave to charities, but in my perspective, Romney
payed 30% taxes and cut out the bureaucratic middleman. Tell me what
you think, but if I had that much money, I'd like to be trusted enough to be
able to choose how it is used in the country rather than blindly handing over
all of it and hoping it's spent wisely by politicians.
'At the same time, Romney gave nearly $3 million to charity about half of that
amount to the Mormon Church which helped lower his effective tax rate...' -
article Two things. Majority of Americans pay 30% in
taxes. We don't go looking for tax loopholes to get that down to 14%, like Mitt
Romney. 2) The Mormon church owns the Deseret News. Who
is giving Mitt Romney loads of media coverage...while he runs for President of
the United States.
Did Mitt write the tax laws? I pay what the government tells me to pay and not 1
cent more. Mitt did nothing illegal. If you think most of the country pays more
than 15% tax you are mistaken.
Re:RationalBrooks study is flawed as he did not consider
cost-of-living.When Boston University researchers examined which states
were the most charitable, factoring in cost-of-living, several "blue
states" were among the top 10. Furthermore, in BU's study, Utah was # 1
but not in Brook's study.
*'Stumping, Mitt Romney pegged as both charming and awkward on campaign trail' -
By Jamshid Ghazi Askar - DSNews - 07/17/11 '"I should tell my
story I'm also unemployed," Romney said according to the New York
Times. While... **Taking heat over his $10,000 bet, Mitt
Romney responds with the story from his LDS mission By Jamshid Ghazi Askar
Published by DSnews - 12/12/2011 Poor GUY! Sarcasm.
Re: williary | 9:36 a.m. Jan. 24, 2012 "Mitt made $20,000,000 more
than Barrack, yet paid almost a 10% lower effective tax rate"Are you complaining about tax code? Are you suggesting that perhaps Romney
cheated on his taxes? The dirty little secret is that the leaders of our
country have screwed up the tax code so badly it is beyond repair. You can bet
your very last dollar that Romney's taxes were reviewed by the IRS under a
microscope. Unlike US Treasury Secretary Timothy F. Geithner Mitt Romney
doesn't have a reputation for cheating on his taxes.
I would rather have a president going in to the oval office after making his
millions, than have one enter as a member of the middle class and leave a
Well, clearly, he is out of touch with America. He's in the 1% and therefore
couldn't make for a good president. We can't have people who are TOO successful
running this country or people who are TOO honest. Pfff! He actually PAYS
taxes?? Even the Treasury Secretary doesn't pay taxes. Mitt is so out of touch!
'Are you suggesting that perhaps Romney cheated on his taxes?' - Rifleman |
10:30 a.m. Jan. 24, 2012 I'm not 'suggesting' it. I'm
SAYING it. **Romney paid $3M in federal income tax in 2010 By
Stephen Braun AP Published by DSNews 01/24/12 At the same time,
Romney gave nearly $3 million to charity about half of that amount to the
Mormon Church which helped lower his effective tax rate to a modest 14
percent... A leader... dosen't go LOOKING to lower his
tax rate. A leader... dosen't NEED to donate to charity,
to get news coverage. And most important... **'Firm
dissolves after giving pro-Romney PAC $1 million' - By Ken Thomas - AP -
Published by DSNews - 08/04/11 Romney didn't EARN this money. He
FIRED people from Bain to make it! **'Mitt Romney as job creator
clashes with Bain record of job cuts' - By Lisa Lerer, Bloomberg News -
Published by DSNews - 07/20/11 A leader, dosen't hide his income
level... while trying to run for President of the United States! **'Romney campaign battles Dems, Press over issue of transparency' - By
Barrett Haake - NBC News - 11/17/11 '...Romney staff wiped
@CougarKeith | 10:22 a.m. Jan. 24, 2012 I don't begrudge Romney for
being successful. I'm just suggesting we keep our eyes open about what's really
going on here. When you look at all taxes and not just income tax, Romney pays a
smaller percentage of his total income in taxes than working people do.There is nothing wrong with Romney paying what the law say he owes. The
problem is that he is running for president and wants to lower the tax rates
that the rich pay, and balance the budget by cutting the working class's Social
Security benefits and Medicare benefits.Warren Buffett said,
"There's class warfare, but it's my class, the rich class, that's making
war, and we're winning." When I look at what he wants to do as president,
I can't help but think that Romney is waging class warfare, and that he is on
the winning side.
Mitt finessed the whole lot of his detractors. He played coy and made them
really want to see his returns. Now that they have seen them they find a man of
impeccable control, who pays his dues.
Honestly, did we learn anything from the release of these tax returns that we
did not already know? As a business man, Mitt did smart things with his money
that were all well within the law. I want to see someone from the Republican
party that knows how finance works and can make things happen for the economy.
As I watched last night's debate, I could see the frustration in Romney as he
was explaning finance and taxes to people that have no idea as to what he is
talking about. Yes, this is most of the Republican party that I have seen at
Pagan,Is it really a loophole when paying $3 Million to charities in
order to cut your taxes by $3 Million? That's a bit of a stretch. The government
wants people to be proactive in building our country. They would rather have us
donate to charities that help the poor, letting both the giver and receiver feel
good about it, than increase taxes and force us to help the poor and needy
grudgingly.And as for the claim that he's buying coverage is a
little misleading too (although I agree it's a little heavy on the Mitt side).
Huntsman and Huntsman Sr pay way more in tithing than Mitt and he didn't get the
same coverage. He has local ties, he's a member of a church centered in Salt
Lake City, and he's doing well in the GOP race. That's why they write about him.
Clark Kent - why don't you legaly deduct your charitable donation on your income
tax return? Perhaps you had very little donation to charity - or none at all?
If you deducted your charitable contributions you'd have more to give the
following year. It's just foolish not to. Or better yet make a special payment
to lowering the national debt.
"Majority of Americans pay 30% in taxes. We don't go looking for tax
loopholes to get that down to 14%, like Mitt Romney."What Pagan
doesn't understand is that Romney would have paid 6 million either way. He
doesn't realize that in order to "take advantage of the loopholes", he
had to spend a lot more. How evil of him to donate to charity! I wish more
people were that evil. If I were a multi-millionaire I would be evil and donate
For those of us who have lived in a variety of countries and served in the
military in others around the world, this small talk about a person being able
to earn money and provide for his family and in this case to tens of thousands
that don't earn income to put in to the income tax system is amazing. This President didn't appoint a Secretary of Treasury who knew how to pay all
his required income tax. Instead Obama is complains about a man who has helped
provide tens of thousands jobs and income so they can pay income tax that to our
government for the all citizens. President Obama is trying to make this
election about class warfare as is happening in a variety of countries around
the world.This country is a light to the world based on integrity
and character of our citizens. Without those and other qualities from our
founding fathers and leaders from George Washington and other great Presidents
and Congressional and Court leaders, we are blessed. Good people
make money and that is the pursuit of happiness. Give us those yearning to
breathe free and abide by integrity and character to make money
Wow. Good for you Mitt. If you can be this successful in business, just think
how great a President he would make for our country. I firmly believe he is the
best choice for turning our country around economically. Go Mitt. I believe in
the American Dream and you did it.
All I care about in a candidate and a public servant is that they followed the
law.If Romney's taxes seem wrong to you, blame the Congress who
wrote the tax code.
Freedom of the press allows free and open discussion and is really based on the
standard of honesty. Since the press and now political groups are not telling
the truth with as much mass media available, people are becoming desensitized.
In modern times, the Vietnam war was a time when people sat in front of the TV
at dinner and saw the news, for those that had televisions. Some of that press
was showing what they wanted to show or skew the news. Since last summer, the
variety of debates in multiple instances have asked similar questions in a
variety of ways to be able to do a sound bite to show bad a candidate is. Rick
Perry made his own mistake but the press is unforgiving and destroys the ability
of a person to make a comeback. However, if they are pushing for a
certain candidate, they will bend over backwards to make that candidate not look
as bad or comment to make him sound good. Some are even wolves in sheep's
clothing and I am not sure that the press is not bending over backwards to push
Newt so President Obama will have an easy go in November
I have no problem with Mitt making money. But he is given advantages that the
middle class lacks, and he just doesn't get it from our perspective.
pagan.You seem someone critical of Romney for following the tax law?
Tax law is established and Romney followed it. I don't think that there is
anything sinister about that?You have access to and follow the same
tax law that Romney does?Haters call it "tax loopholes"
and the educated and understanding call it "tax planning."It is easy to hate from the bottom up. When you see someone succeed the way
that you wish you could have? Someone who made better decisions and wiser
investments of time and resouces than you did or could have? Of course we want
to tear them down, because they are living the life that we wish we could
have.How do we cope with their success and our mediocrity? We
convince ourselves that somehow they cheated. That they took advantage of
others.We try to make ourselves feel better about our situation by
justifying the demise of others.Puhleeeeze.
I don't want to pay any more taxes that I have to or should...Why
would Romney want to or have to?
If I were getting heart surgery I would hire the most qualified and experienced
doctor. I would hope he was wildly rich proving he had completed many
successful operations over a lifetime of trials and errors. So sad
that people tear down Mitt Romney - "he doesn't connect with me, he's the
1%" is their complaint. As if the person who can best fix the problem of a
broken economy is the guy next door with a beer in his hand. I hope they
understand that they are putting their faith in the brand new, bad track record
slacker cardiologist to further damage what already isn't working.Way to go America. Now watch the operation be a fantastic failure. Next time
go with the guy who knows what he is doing and has the $$ to prove it.
If you don't know the difference between tax brackets and total percentage of
taxes paid, you shouldn't comment on here. That is about half the
posts.If you don't understand the difference between capital gains
taxes and ordinary income taxes you shouldn't post here.Again, half
the posts.If you don't know that municipal bonds are exempt from
State and Federal taxes you shouldn't post here.No one, and I mean,
NO ONE pays a total tax equal to their tax bracket because of exemptions,
deductions, etc., it is mathematically impossible.Tax benefits are
given as an incentive to invest in the areas our government feels best benefit
the economy and our country. A lower total tax bill doesn't mean make a person
dishonest or mean they are not providing benefit for the country and other
people. If you don't understand that, then you shouldn't post here.Use your time to learn, then comment. Thanks.
When did successful people become the enemy?We all want success for
ourselves but loathe others when they experience it?
I guess I don't want Mitt to take over the economy. He paid 3 million dollars
in charity to save 1% in his tax rate and take his tax rate from 15 to 14 %.
That is not very smart. He is not good with money.
Re: Pagan | 10:47 a.m. Jan. 24, 2012 "I'm not 'suggesting' it. I'm
SAYING it."You need to get the IRS on the phone ASAP and tell
them why Romney owes them money. How foolish of me to question you knowledge on
tax law. Perhaps Romney should hire a man such as yourself and fire his tax
attorney(s).Liberals think the successful owe the rest of us cradle
to grave support. Conservatives think we should take personal responsibility
for our successes .... and failures.
I'm loving that we vilify Mitt Romney and demand he show his tax returns...All while the Kardashians are making millions and garnering the love of
the American people...Mitt Romney = Smart educated driven motivated
faithful innovative entreprenuerKardashians = .... um.... do
they.... do anything.... at all??How can I respect the opinion of
the American people or media? How?
@ RanchHandI am all for Millionaires paying more than the rest of us.(they
have benefited more and can afford to put more toward to common good). However,
arguments like the following are just not accurate."No, but I
do want a president who recognizes that a millionaire paying 15% when the rest
of the country pays in the 30% range is an inequity that shouldn't
exist."The "rest" of the country pays on average
about 11%. Indeed, there is an inequity. It does not "penalize" the
rich for being rich. It asks them to pay more because they can.
Even I pay more than 13.9% in taxes. Yet Romney thinks the rich are overburdened
with taxation (his plan, and Gingrich's, cuts their taxes) while the poor aren't
paying their fair share (their plans increase taxes on the poor). I don't care
that Romney is rich... but for him to argue tax policy as he does when he pays
less than I do in taxes... is an issue.
So lets see if we lower the capital gains tax to zero like all the republicans
want, then Mitt pays ZERO. Lets also understand the 35% tax
bracket, only an idiot pays that much. These guys have access to multiple tax
breaks to get them to the teens or lower. If we want to close loopholes and
lower the tax bracket for the rich fine, but the rich want to lower the tax
bracket and leave the loopholes.
Rifleman,"Liberals think the successful owe the rest of us
cradle to grave support. Conservatives think we should take personal
responsibility for our successes .... and failures." If conservatives take
personal responsibility then why in Utah do conservatives not vote to have those
who are putting the strain on the education budget (big families) pay more in
income taxes, all of which go to education, instead of cutting their taxes down
to nothing? Why did conservatives under George Bush bailout Wall Street?
Shouldn't the Wall Street have taken responsibility? Why do conservatives fight
to keep giving oil companies tax subsidies? Shouldn't they take responsibility.
Sounds like Republicans also believe in the cradle grave support, they are just
selective in who they support.
Where's the other billions in off shore tax safe havens and what about all your
gold and silver Mitt?.Last night Florida voters got a taste of what
they can expect to see in Florida between now and the end of the month.
Throughout this entire nomination process, Speaker Gingrich has shaped the
debate by skillfully moving the conversation from internal attacks to focusing
on bold conservative ideas, the failures of President Obama, and the promise of
American prosperity. In a desperate attempt to salvage his Presidential
aspirations, Mitt Romney is prepared to say anything to save his collapsing
campaign. It didn't work for Romney in 2008 and it isn't going to work in 2012!
The American people are sick and tired of staged, consultant, and
focused group politics and deserve a substantive debate about the very real
challenges we face. The challenges we face present a historic opportunity to
return to the conservative values that built the America we love. This election
is about providing our children and grandchildren the opportunity to grow up
with the blessings of liberty and providing them with the environment to
prosper. It's time for all the truths here Mr
Mitts taxes are not anyone's business. People saying he's out of touch because
he worked hard over a lifetime and earned it? Not hardly. He didn't have it
handed to him like so many others. He earned it. He worked for it. Why is it
such a sin that he enjoys it? I'd tell Gingrich to stuff it it I was Mitt.
Gingrich accuses Mitt of lying but doesn't say what he's lying about. If I was
Mitt, my answer to Gingrich would be, "I went out in the private sector, I
worked hard, I started a very successful business and made a lot of money and
helped other people make a lot of money, legally. All you did MR. Gingrich is
make your money off of the government."
Re: Fred44 | 12:17 p.m. Jan. 24, 2012 "why in Utah do conservatives
not vote to have those who are putting the strain on the education budget (big
families) pay more in income taxes"Conservatives understand
that children who are educated can contribute more to society as successful
adults. We consider money spent on education as an investment in our future.Conservatives think the answer is in a flat tax paid at the checkout
counter on everything from bread and milk to cars and boats. It would eliminate
the need for the IRS tax accountants, and EVERYBODY would pay their fair share.
So if Republicans want Mitt because he would turn around the economy, does that
mean these same Republicans want the government involved, or do they want
government "out of the way"? Which is it? You can't have it both
This will be Mitt's his downfall. Newt knows what he is doing.
As I think of the 40 percent or more that don't pay any taxes due to the tax
laws and integrity of those people that evade taxes all together, the President
should be thanking Governor Romney for supporting the system that others rely
on. With a Secretary of the Treasury that we have that doesn't know how to pay
taxes and should have subscribed to "Taxes for Dumbies, the President needs
to look at his cronies to see that many of them are in the so called "one
percent" that he is complaining about. You don't build up a campaign fund
from the workers of America alone, you have big supporters with PACs that are
providing for campaign ads that are running now. The State of the Union Speech
tonight in reality will be the State of the Election process with some common
items to make it appear as an official speech to meet the requirements, such as
the trips to Florida last week during this pivitol election and some adverse
campaign ads against Romney. It is a good thing we have people in government
with principles but is better to have a man from the private sector as
It does seem odd that Romney's donations to The Church of Jesus Christ of
Latter-day Saints is significantly below the rate of a full tithe. However I am
not sure that is really what is going on. It may relate to the way that Romney
does the accounting on his tithing. For example he may have paid his tithing
forward in a way that not all of what gets reported as income would be
considered income for tithing purposes.
@RiflemanCleary. Nobody is labeling Mitt a tax cheat. He's
obviously done what all of the 1% do. Hired the best tax accountants money can
buy, so they can dwindle his tax rate as low as possible. And like it or not,
some of that dwindling occurred by sheltering millions in overseas accounts.
Legal, yes. Part of the problem, absolutely.And can we stop the
Geithner comparisons. Which of them is running for President? Mitt.I don't care how rich Romney is. What bothers me, and millions of other
Americans, is that the entire economic system in American has been setup by rich
politicians and lobbyists to give every advantage imaginable to people like
Mitt. So many people like Mitt contribute nothing to society. They travel the
world while their accountants and investment managers see to it that their huge
pile of cash gets bigger. Money gets you a lot of things in life.
Including the resources to pay lower taxes than you should be, and all the
political influence you can afford to ensure those loopholes don't close up.
Rifleman,"We consider money spent on education as an investment
in our future." Really come on every good "conservative" across
the country is trying to cut the money they "invest" in education. You
still didn't explain why the parents of these children shouldn't
"invest" in their education instead of asking everyone else to
"invest" in their child's education. If conservatives believe in
"investing" in education they should have supported the presidents
stimulus package since much of it went to schools. I guess
subsidies for oil companies and Wall Street are "investments" remember
"corporations are people too". I guess one man's
"investment" is another man's handout.
Interesting, I'm just reading in my tax book what a federal judge said about
minimizing your tax burden. "Over and over again courts have said that
there is nothing sinsister in so arranging one's affairs as to keep taxes as low
as possible. Everybody does so, rich or poor; and ALL od right, for nobody owes
any public duty to pay more than the law demands; taxes are enforced exactions,
not voluntary contributions. To demand more in the name of morals is mere
cant." I take every last deduction and exemption that I am allowed
under tax code. I do not expect any person in America, including the rich to do
differently. Taxes are not charity and if the tax code has stated that certain
forms of income are exempt from taxes, then a person is fully within their
rights and obligations to not pay taxes on it. I also agree with
Deep In Thought that Romneys wealth simply tells me he knows how to manage his
business and personal affairs. Therefore, it is no stretch to assume he could
manage the country's affairs, not a gaurantee he can, but it helps.
What has happened over the years is the Code of Federal Regulations have grown
at a rapid rate. The rules are supposed to be funded but due to the funding
process a lot of the rules are on the books, over the years and not funded.
However, with changes in the Executive functions and cronies as the SES
personnel in the various agencies, the political appointees, some that know the
system well, are able to get around the funding rules. That requires more
people to be employed or shifted along with positions to enforce the rules that
were not funded, originally. You don't get better government, that way, you get
more government that is somewhat under the table but still approved. States and
local governments have unfunded but are acted on by the federal agencies as if
they are funded and require blood from a turnip. That requires states and local
governments to spend resources (time and money) from people who are already
stretched to do what they are forced to do.The President hasn't
really got a budget through on his own for 3 years and keeps on living on
borrowed money and time. Not a way to govern.
Hey he should pay less in taxes in order that Bain Capital can trash more jobs!!
Re:CA LDSaintYour are factually incorrect. Romney benefits
from a tax rule called Carried Interest.Private equity firms generally
earn money two ways: management fees and carried interest. PE firms
typically charge their investors a 2% annual fee for funds under management, and
then claim 20% of the profits (aka carried interest) when the investment is sold
(the infamous 2 and 20 rule). In addition, because it qualifies as a
capital gain, carried interest is exempt from the 2.9 percent self-employment
tax that funds Medicare, meaning that beneficiaries actually receive a 22.9% tax
breakThe private-equity industry argues unconvincingly that the
capital-gains rate is appropriate for managers such as Romney because they put
their own money at risk. Opponents of the carried-interest tax break point out,
correctly, that private- equity managers are eligible for that low rate on
profit just for managing other peoples money, regardless of whether they
themselves have any skin in the game. Its worth noting that workers in other
financial sectors -- investment bankers and portfolio managers -- pay ordinary
rates on their income, even though they perform essentially the same
service for their clients.
Times article on the matter suggests that for 2010 and 2011 Romney made about
$40 million, and paid $4.1 million in tithing. This would suggest he paid a
full tithe.Gingrich on the other hand only paid 0.3% of his income
to his Church. It gets lower if you calculate in the fact that Mrs. Gingrich is
a member of their parishes professional choir, so she makes in income about half
of what they pay to the Church. If I understood the Time article
and other things I have read correctly, Mitt's tithing is not counting the
donations from his Tyler Charitable Trust to the LDS Church. It may also be
that the Time article is confused.
Mitt Romney's financial/political advisors need to be fired. How
could opening a Swiss bank account be a good idea if you're running for POTUS?
It being known to be a common method of tax evasion? It just oozes an imagery
of dishonesty (perpetuated by hollywood movies; it's probably perfectly
legal).On one hand he makes some great charitable contributions,
then in the other he is contemplating a common way to hide earnings.
'When did successful people become the enemy?' - CottageCheese | 11:43 a.m. Jan.
24, 2012 **'Study: Rich get a lot richer, outpace middle class' -
By Andrew Taylor - AP - 10/26/11 "It finds that after-tax
income for the top 1 percent of U.S. households almost tripled, up 275 percent,
from 1979 to 2007." - Article When the growth of wealth for the
1% EXPLODED... at the expense of American jobs: **GOP
rivals turn Romneys jobs record against him By Kasie Hunt AP Published by
DSnews 01/09/2012 "A separate AP analysis found that at least
4,000 workers lost their jobs at 45 companies bought by Bain.." -
article And when the GOP supported even MORE (Bush) tax cuts for the
wealthy: **'Hatch, Republicans challenge tax cut expiration' - By
Becky Bruce - Deseret News - 12/01/10 "WASHINGTON, D.C.
Republicans in the U.S. Senate are drawing a line in the virtual sand, vowing to
keep all legislation off the Senate floor unless Congress extends the Bush-era
tax cuts..." Instead of for the American people.
**Mitt Romney: Corporations are people...my friend - By Phillip Elliot - AP -
Published by DSNews 08/11/11 Are YOU, a corporation?
For the those trying to judge Govenor Romney's tithing: National news quote
"$2.98 million he made in charitable donations. At least $1.5 million of
his charitable donations went to the Mormon Church" At least 1.5 million,
at least half. And it is he his bishop and the Lord who know his full tithing
status it is not given to anyone else to judge. My guess is those who are
judging probably give very little to any kind of charity - Ironic isn't it.Yes, the Gingrich hypocrisy is astounding - read January 24 USA today
article Gingrich's Taxes Raise Red Flag - it talks about the gray areas he is in
and skirting paying for medicare taxes.In other news: IRS data
show that Senate and House staffers owe $10.6 million in unpaid taxes in 2010,
while delinquent tax payments from 98,000 civilian federal employees total more
than $1 billion. At least Mitt pays and pays honestly.I
thought I might be able to vote for Newt, now I just don't know.
Nice comparison posted today between Romney, Gingrich and Pres. Obama in terms
of percent of income (2010) given to charity- Romney 14%, Gingrich 3% and Pres.
Obama 14%- looks like one of them does not fit the mold very well
The amount of ignorance people show on venture capitalist companies is
astounding. Why would a venture company pay millions of $$ to buy another
struggling company just so it can fire people for the fun of it and then force
it into bankruptcy? As if they are a bunch of masochistic jerks with nothing
better to do.They are trying to restructure it, cut the fat, and
make it profitable again so they can sell it and make a profit. Then hopefully
the company will grow and will be able to hire more people under a better
business model. It doesn't always work, but when you are working with high
risk, struggling companies, no one would expect it to work EVERY time. I would
consider the USA high risk and struggling at the moment...
Romney donated 3 million to charity Joe biden 365 dollars on his tax return a
few years ago Obama Gore and Kerry 1% or less George Bush always about 10% as
well. Back to and including Bill Clinton we know what an embarassment leading
democrats are in personally helping the poor. They are the ultimate hypocrits
and truly don't care about the poor at least enough to personally make a
difference with their checkbook.
@RanchHand: "...recognizes that a millionaire paying 15% when the rest of
the country pays in the 30% range is an inequity that shouldn't exist."80% of the country pays an effective income tax rate less than Mitt
Romney's. In other words, even paying 14-15%, Mitt Romney pays a higher tax rate
than all but 20% of Americans. He paid much more in taxes in the past. He only
pays 14-15% because most of his money comes from investments (except for the
$500,000 in speaker's fees, which are taxed at about 35% plus other
John Pack Lambert of Michigan | 12:42 p.m. Jan. 24, 2012 Ypsilanti, MI It does seem odd that Romney's donations to The Church of Jesus Christ of
Latter-day Saints is significantly below the rate of a full tithe. However I am
not sure that is really what is going on. It may relate to the way that Romney
does the accounting on his tithing.================ Ah
yes....the key word is "EARN".Mitt Romney doesn't
"EARN" anything.He simply "OWNS" assests -- and then
"Idlely" sits back collects money for doing nothing!It's
runs completely contray to; the "Law of the Harvest""the Sweat of Thy Brow"and Conservaitve love to beat up
the the poor for being lazy -- but the very same principle applies to the
filthy rich who have the easy life and pay someone else to do things for
them.BTW - being rich doesn't automatically mean a hard worker.My Grandparents were poor, and I've never seen anyone work harder than they
did.Meanwhile, I've never seen rich people work or sweat. In fact, most of
the laziest people I know are filthy rich.Not saying that Romney is,
just making an observation of the facts.
I'm sure Romney is a nice guy. He pays the appropriate amount of taxes
according to the current tax code. He is not lying or cheating on his taxes.HOWEVER.The tax code obviously has statutes that someone working
just as hard and making substantially less than Romney pays a higher tax rate.
Even the charitable deduction rule benefits those with higher income than those
with lower income who don't itemize.There are other ways wealthy people
can lower their tax liability-- like gifting money to relatives.Republicans and Republican candidates believe the tax system Romney uses is
fine. Their economic proposals even further reduce taxes on upper levels of
income. They also want to raise taxes on the 47% who currently don't pay
income tax. (53% of non taxpayers make less than $17,000 most make less than
$33,000). Ironically, Bush added a child credit, increasing the number of non
payers.Democrats believe taxes should be raised on upper levels of
income such as increasing the capital gains rate and/or a financial transaction
tax. Balancing the budget should not happen at the expense of those with the
least.The choice is clear.
Re: Weber State GraduateBy criticizing Obama for contributing to a
Church who's pastor is Rev. Wright, does that mean that you would support an LDS
member refusing to pay tithing because he/she believed the Bishop was
dishonorable? Charity is charity and it shouldn't be restricted
because you don't like the sermons given at church. Last time I checked, Rev.
Wright wasn't lecturing those standing in line at the soup kitchen.
The question is not what he paid or owes in taxes, but would he change the tax
code if he became president to reflect fairness. And if increasing taxes on
CEOs, would that inhibit job growth?
@williary: 'How much has barack given?" $250,000 in 2010, or 14% of his
income. Or, the same percentage of income that Mitt gave to
charities/church."That's true, Pres. Obama does give a lot now
but go back and look at his giving before he ran for the presidency, it was very
low (like in Gingrich's range but even lower). Mitt Romney has not increased his
charitable giving just because he is running for president (some of his past tax
info and charitable giving is available - the issue came up in 2008). I'm glad
Pres. Obama gives more now but it's important to not ignore past behavior.
Re: Rocket ScienceActually, I am a full-tithe payer and I routinely
contribute to other charities, both in my personal time and in monetary
contributions. I am not criticizing Mr. Romney, but rather those who continue
to support him because of his religious commitment. According to
his tax returns, he didn't pay a full tithe. If he has a reason for that, fine.
If he doesn't, fine. It has no bearing on my vote. However, those who would
criticize Mr. Huntsman for not being a "true" Mormon but were eager to
tout Mr. Romney's faith as evidence to vote for him seem awfully hypocritical
right now. Which is better: a baptized Mormon who admits his faith
in the Church is "hard to define" or a man who is a baptized Mormon
and stands by it...as long as he doesn't have to mention it during a national
campaign...or when he's collecting donations from wealthy Utahns? To me,
neither is better and neither is a worse candidate for POTUS as a result of
these facts, hence my point that you shouldn't vote for someone because of
his/her religious commitment. It is the easiest thing to fake.
Re: SelwayStating inaccuracies as facts doesn't make it so.
"Mitt Romney gave millions to charity. Joe Biden gave $369." -Daily
@VST"Well now let's see. He paid a 39.6% for the original earnings he
made from Bain Capital back in the 1990s before he left to straighten out the
Olympics fiasco and before the maximum rate was lowered to 35%. Now he gets to
pay an additional 15% for the Capital Gains earned on the reinvestment of much
of those original earnings."That's not accurate. The 15% is
only applied to the profits from the investments. So say he invests a million
(that part we will assume was taxed 39.6%) and after a few years he pulls out
his entire amount and there's two million. He's only taxed the 15% on the second
million. The first million, subjected to the 39.6% from before, is not subject
to the capital gains tax.Think of it this way, you have a savings
account. You "invested" say... 10k in that. You then make 10 bucks in
interest because interest rates are ridiculously low. On your taxes you have to
report that 10 bucks and that is subject to capital gains taxes. Your 10k
investment is not subject to the 15% capital gains tax.
@John Pack Lambert"Gingrich on the other hand only paid 0.3% of his
income to his Church. "Not exactly an equivalent comparison
opportunity since the LDS church does stress the 10% thing as requirements for
things like getting into the temple. The Catholic church has no such percentage
requirement. I have no idea what Romney would do if tithing were more optional
in the LDS church. We just know that Romney is giving roughly the amount to his
church that he is required to if he wants to be a temple recommend holder.
LDS Church, Humanitarian assistance rendered (1985-2010) $1.3 billion or $52
million/yr. Wonder what percent of charitable contributions
collected by the Church that represents?
Re: Claudio:"...does that mean that you would support an LDS
member refusing to pay tithing because he/she believed the Bishop was
dishonorable?"I could care less if an LDS member pays tithing
or not, nor do I care if Romney donates his money to the LDS church, the
Catholic Church, or any church for that matter."Charity is
charity and it shouldn't be restricted because you don't like the sermons given
at church."Agreed...the President of the United States, who is
sworn to uphold and protect the Constitution, has every right to contribute to
the Rev. Jeremiah Wright's church. Charity is charity and it shouldn't be
restricted because of the anti-American sermons given at his church.
Still haven't seen how this disqualifies Romney to be President. He is
obviously more generous than Barack Obama or Joe Biden. Obama is a 'do as I
say, not as I do' kind of guy.
For everyone talking about "tax loop" to get to 15%. Mitt earns his
money through investing, not through earning a paycheck. There is no tax loop,
he just plain and simple is not taxed at the same rate as the rest of the
country that earns a living at a job where you get a paycheck. If you still
don't understand this google "warren buffet and taxes" And Warren
Buffet will try to help you understand why he thinks this isn't how we should be
taxing him and all the other uber rich millionaire and billionaires that make
their money investing.But until the tax laws are changed Mitt has
done nothing wrong, he didn't do any "looping" he just followed the
tax code and beyond writing out a check for extra money..he paid exactly how
much he was supposed to.P.S. Mitt has never been in congress, or a
Senator, to changes
Romney is not in touch with the common folk? Ok, but who is? Newt Gingritch?
Obama? Which of our political leaders are really in touch with the people?
Better yet, what do the "people" expect to get out of it? I thought
we needed someone who could lead America into a stable economic future with less
socialistic ideas. I tought we needed someone who knows how to make money
instead of spending enormous amounts on nothing. America needs someone with
good moral standing who can lead her to a bright future and take her out of the
economic and even social disaster in which she is now mired. America is too
great a nation to be treated as she has been in the last little while. We need
a change for the better.
With our money, Obama spent more money on a vacation than Romney made in an
entire year.Did Obama pay taxes on that money raided from the
I hope everyone who complains about Romney earning $21.5 million is equally
upset and demanding the "fair share" from the four NBA players who get
paid over $20 million a year for throwing a ball around.
Romney paid 2.6 million directly to The Church of Jesus Christ of Latter-day
Saints in 2011. He also paid $0.5 million to his charitable trust, which
contributes to the LDS Church among other organizations. Those are his cash
contribution figures. He also made just under $1 million in non-cash
contributions. The 1.5 million was the amount that Romney paid in Cash to the
LDS Church in 2010.
It should be noted that tax returns do not cover excise taxes. Thus Romney
probably paid federal gas taxes, and clearly paid state and local taxes in
excess of the $3 million.
Most Americans don't pay any taxes at all.My wife and I don't pay anywhere
near the 28% rate and we make over 50 grand.Only a fool would pay the top
rates.I can't wait to see the rate all the White House people from Obama
on down are paying. Oh, that's right, the media won't even expect them to
release their taxes.I wonder of Timmy Guitner has to pay this year?
Pagan, you are wrong. Most Americans don't pay anywhere near 30%. Only people
who don't take any deductions would pay that. And a lot of Americans end up
paying little or nothing.
alt134If you are paying much more than 13.9% in taxes, then you must be a
6 figure income. Congratulations! You are a one-percenter. However, you could
pay less if you wanted to, Mitt could show you how.
@Williary"Mitt contributes nothing to society" You
really believe that? Mitt has "created" wealth that has
employed thousands of people. The only place that would be considered NOT
contributing to society is in a communist country. Hummmm, maybe I just
stumbled onto something about Democrats.....
The catholic church does believe in people being charitable. They just don't
need all the 10%. They recommend 4 percent of your giving to charity and 6
percent to them through the parish or diocese. They also don't need to prove you
do it to partake in sacraments or membership.
re:mgScottCNN/Money has a summary of Obama, Romney and Gingrich's 2010
taxes. You can look at it yourself (use google) Obama:income:
$1.8 million ($1.6 million from book sales)tax rate: 25%charitable
contributions: 14% (245k)Romneyincome: $21.7 million ($529k
from speaking fees, tithes to Mormon Church $1.5m)tax rate: 14%charitable contributions: 14% ($3 million)Gingrichincome:
$3.2 milliontax rate: 31%charitable contributions: 3% ($81k)
Clinton signed into the law the 15% tax rate on profits from investments. The
rate was lowered to attract more investment interest from the wealthy into
companies to help business grow and create jobs. Romney put his own money into
growth opportunities to help Americans create jobs - and the government rewards
that type of investment with a lower tax rate. Makes sense to me. If Obama gets
his wish to remove this incentive it will have a negative ripple effect on
businesses that benefit from those investments.
Here is a key point so many fail to see, the reason why capital gains are taxed
lower than standard income. Lets take a standard employee who works 40 hours a
week for say $20.00 an hour. That person is guaranteed to get at the end of a
two week pay period $1,600 before withholdings. Now lets take a person who
invests his money. Lets a person takes $1.000,000 and invests it into 10
companies at $100,000 each. First to get the 15% rate he must leave the funds in
the stock for 1 year. Now lets say 4 of those companies loose 50% of their stock
value that's $50,0000each $200,000 total in loses. Now two others gain 2% each
that's $2000, another gains 1% that $1,000, another gains 4% that $4,000,
another gains .5% that's $500, and the last gains .01% that's $10. together the
6 gained $9,510. This person however lost $200,000 but can only claim $3,000 in
loss. The lower rate is the incentive to cover the loss. Without it fewer people
would invest and companies would be hurt.
The manipulation between capital and ordinary gain or loss is a great source of
actual day-to-day tax complexity. Witness the "carried interest rule"
Mitt and his "ilk" have used so successfully to convert their personal
service income to capital gain income. Such manipulation also, obviously,
reduces tax revenue. But even economic growth can suffer, as labor and
investment capital are moved from their best uses in the free marketplace to
their best uses on the tax form. The 1986 Tax Act increased the capital
gains rate to be equal to the rate on ordinary income. People were afraid that
capital investment would decrease but subsequent years' investments actually
increased in real dollars and as a percentage of GDP. This fact makes the rise
in capital gains revenues from the 1986 experience even more striking: the
revenues rose more than enough to fully offset the measured negative effect of
cracking down on manipulation (as reported by the Debt Reduction Task Force
Co-Chairs Sen. Pete Domenici and Dr. Alice Rivlin).
Re:mnIdahoClinton WAS NOT responsible for the 15% tax rate on
profits from investments ie. capital gains. It was part of the 2003 Bush
tax cut, voted in by Republicans with Cheney casting the tie-breaking vote. The story is that Bush intended on keeping the capital gains rate the same,
but Cheney "slipped" the decrease to 15% into the tax cut bill ( or
heavily lobbied Congress to get it included behind Bush's back).The
Capital Gains tax rate was 28% under Clinton until 1997 when it went to 20%.