Mister 15%

[MTI]

Romney in 15% Income Tax Bracket

He told reporters: "What's the effective rate I've been paying? It's probably closer to the 15% rate than anything."

He said his income came mainly from post-retirement investments. In addition, he said there were speaking engagements: "And then I get speakers' fees from time to time, but not very much." These fees, which he has already disclosed, amounted to $370,000 in the course of one year. The "not very much" could haunt him in a general election.

[Air&Road]

Originally Posted by MTI

Romney in 15% Income Tax Bracket

He told reporters: "What's the effective rate I've been paying? It's probably closer to the 15% rate than anything."

He said his income came mainly from post-retirement investments. In addition, he said there were speaking engagements: "And then I get speakers' fees from time to time, but not very much." These fees, which he has already disclosed, amounted to $370,000 in the course of one year. The "not very much" could haunt him in a general election.

Looks like you're taking your orders from the Mother Ship to go stir up the class warfare wasps nest.

It's difficult for liberals to grasp the idea of the 15% tax on INVESTMENT. It encourages people to invest in the economy so that there can be a chance of producing jobs.

Mitt's income is derived from his investments, THUS the low tax rate.

Would you rather see NO money invested? That would result in NO JOBS.

[dynalow]

Ah yes,

The 15% rate on quyalifying dividends and long term capital gains. WGAS. Not Romney, Warren Buffet, Bill Gates. I'm sure none of them said, skip it, I'll pay the 35%. And if Romney did earn $370,000 in speaking fees in any year, his effective tax rate was certainly more than 15%. As you know that's "ordinary income". We'll know for sure when the tax returns are released.
$370,000 in speaking fees? Probably chump change in comparison to what some high profile ex-presidents and public figures make. I don't see that coming back to bite him. Shucks, that's only a grand a day.

And, lest we forget, it only exists today thanks to being extended by legislation passed by Democrats and signed into law by Obama (12/10). I counseled a number of people to take dividends in 2009 & 2010, because the "Bush tax cuts" were schdeuled to expire 12/10.
But take comfort in the realization, it will die come Dec. 31. I told my cardiologist this morning I was going to have to dust off that sermon for this year.

[Botnst]

Is it legal?

[Honus]

Originally Posted by Botnst

Is it legal?

I hope not. I'd love to see him get nailed for tax evasion, right around October 31st or so.

It will be interesting to see whether his "real" tax rate is even as high a 15%. He might have some shelters that will strike people as unfair. I've always thought that it is almost our duty to take advantage of every deduction, tax credit, or other advantage provided by the tax laws, so I don't begrudge Romney any of his tax avoidance techniques. One problem with Romney is that he really doesn't seem to grasp that other people don't have similar advantages. There might be some things in his returns that will rub voters the wrong way.

[Solid Snake]

God forbid someone do well for themselves and navigate the channels accordingly. I could not care less about how much money politicians make and invest; there's just as many wealthy Democrats as there are Republicans.

[hill]

As long as his offshore investments are taking advantage of and not avoidance of the tax laws, he did nothing wrong. But if he goes with the “I started out with very little” he’s screwed.

[JollyRoger]

He's a job creator!

[tbomachines]

Meh, as long as it's legal it's fine in my book. Maybe it highlights some tax loopholes but I'd take advantage of them if I were rich too (as I'd imagine most would). If anything it signals some areas where we could tighten up the financial reins.

[Air&Road]

Originally Posted by dynalow

Ah yes,

The 15% rate on quyalifying dividends and long term capital gains. WGAS. Not Romney, Warren Buffet, Bill Gates. I'm sure none of them said, skip it, I'll pay the 35%. And if Romney did earn $370,000 in speaking fees in any year, his effective tax rate was certainly more than 15%. As you know that's "ordinary income". We'll know for sure when the tax returns are released.
$370,000 in speaking fees? Probably chump change in comparison to what some high profile ex-presidents and public figures make. I don't see that coming back to bite him. Shucks, that's only a grand a day.

And, lest we forget, it only exists today thanks to being extended by legislation passed by Democrats and signed into law by Obama (12/10). I counseled a number of people to take dividends in 2009 & 2010, because the "Bush tax cuts" were schdeuled to expire 12/10.
But take comfort in the realization, it will die come Dec. 31. I told my cardiologist this morning I was going to have to dust off that sermon for this year.

I think you answered your own question. It's very possible, in this guys case, that $370,000 is indeed chump change as compared to his investment income.

[Air&Road]

Originally Posted by Solid Snake

God forbid someone do well for themselves and navigate the channels accordingly. I could not care less about how much money politicians make and invest; there's just as many wealthy Democrats as there are Republicans.

Good point!

[cmac2012]

Originally Posted by Botnst

Is it legal?

If it's not prohibited by law, well sir, then it has to be all good.

And now we find, as most suspected, that Mitt pays about 15% in taxes. He wants to spend money on our military like there's no tomorrow. Let the Mittster double his tax payments, and require everyone else is his bracket to do the same and we can talk.

Bleeping pinhead . . .

[t walgamuth]

Being that rich does not bother R's.

But for an R to be elected he has to get a lot of D and independent votes.

[Jim B.]

For RICH people, "charity" is not something you "GIVE".


It's something you "DEDUCT".

[MS Fowler]

There used to be a time, not so long ago, when we cheered success. Too bad the class warfare now us turned into a new civil war by a political party determined to keep the underclasses living on government subsidies. Lots of hate around here.
Bot asked the correct question---Is it legal?
Did Mitt pass tax laws that favored himself? Did Mitt waste Billion$ on failed solar companies? Is Mitt doing anything that prominent dems don't do?

The question we should be asking is how do we get rid of Obama and the stifling effect his policies have had on our economy, so we can release the engine of capitalism again, and recognize that a "rising tide floats all boats".