Obama paid higher tax rate than Romney

ButternutSquash · April 2012

overture:
savannah11:
I think an easy first fix would be to ensure that you can't get a refund for more than you paid in. I can't imagine either side would have a problem with that.
I agree with this, and my effective tax rate this year was -4.8%. And I filed exempt for the last couple months of the year. I don't see how that's really fair.
I also paid no income tax to the state, and my state is royally f*cked financially. But I pay for that at the back end as a public university student. No, the $129 I got back from the state does not make up for the classes I can't get into.

Mine was 17.68 percent. I tried to claim Alex as a dependent but no dice.

zelda25 · April 2012

sandsonik:
Sisugal:

Obama's tax rate is LOWER than his secretary's rate. Seems Obama likes the tax deductions that Buffett uses as well.

Romeny enjoys a lower tax rate due to his income being capital gains.

Both are 1% ers.

Of course, both are 1 percenters, has anyone ever argued otherwise? But I doubt that Obama's 20% tax rate is lower than his secretary's rate - where do you get that one from?

Warren Buffet has been going on a bit about his tax rate being lower than his secretary's (and she's a 1%, too, with an annual income somewhere between $200K and $500K)--I wonder if Sisu is actually talking about Buffet, since that's been in the news a bit lately.

snapplegirl · April 2012

ringstrue:
I'm lmao that having kids = paying no taxes.

Agreed. We have 2, max out retirement accts., and had a mortgage last year and we still paid an effective tax rate of 32%. It makes me feel like we are chumps.

I understand people's ire about Romney's low tax rate and I do support the Buffet rule in theory, but I wonder how many people this really applies to? I also worry about politicians' ability and willingness to be nuanced about this and to make distinctions between active and passive income streams when it comes to raising taxes on the rich. If you're in the top 1-5%, and most of your income does NOT come from capital gains, dividends, ect., you already pay a very high tax rate relative to the population. When you add in state and local taxes, a lot of these people have to be near 50%. Do we really want them to pay more?

Sibil · April 2012

While I'm all for getting rid of some of the loopholes, I do actually believe we should be focusing on the rich.

Taxing everyone a nominal skittle tax won't really do jackshit for our budget. It's just a way to ameliorate the people who think that if you're not paying an income tax, you're not invested enough to make good decisions. It doesn't actually garner much revenue.

However, the rich are paying a lower % than the average American, and raising their rate even by a little will generate a whole lot more than raising it on the middle class. Why is it so wrong to focus on those who have money to spare (need for a gardener and nanny notwithstanding) to get them to pay at least at the rate of the average American?

savannah11 · April 2012

Sibil:
While I'm all for getting rid of some of the loopholes, I do actually believe we should be focusing on the rich.
Taxing everyone a nominal skittle tax won't really do jackshit for our budget. It's just a way to ameliorate the people who think that if you're not paying an income tax, you're not invested enough to make good decisions. It doesn't actually garner much revenue.
However, the rich are paying a lower % than the average American, and raising their rate even by a little will generate a whole lot more than raising it on the middle class. Why is it so wrong to focus on those who have money to spare (need for a gardener and nanny notwithstanding) to get them to pay at least at the rate of the average American?

What is the rate of the average American?

Reeve · April 2012

savannah11:
Sibil:
While I'm all for getting rid of some of the loopholes, I do actually believe we should be focusing on the rich.
Taxing everyone a nominal skittle tax won't really do jackshit for our budget. It's just a way to ameliorate the people who think that if you're not paying an income tax, you're not invested enough to make good decisions. It doesn't actually garner much revenue.
However, the rich are paying a lower % than the average American, and raising their rate even by a little will generate a whole lot more than raising it on the middle class. Why is it so wrong to focus on those who have money to spare (need for a gardener and nanny notwithstanding) to get them to pay at least at the rate of the average American?

What is the rate of the average American?

Its a rate to be argued, obviously.

Carmen0328 · April 2012

I've just figured ours- 11%. We have no kids, claim the mortgage and SL deductions. We overpaid by about $2K, which typically annoys the everloving hell out of me, but considering we're getting that refund back right about the time I go on maternity leave, I don't really mind it much this year. It's damn hard to calculate when both you and your H have job changes in the same year.

That said, I'm signing in as another liberal who wants a broader tax base and fewer credits. I sincerely doubt that it'll ever happen, but I'm hopeful. I'd also fully support higher taxes on passive income- in no way do I think that income that you dont' have to "work" for should be taxed at a lower rate than a payroll income.

tartaruga · April 2012

sydney2002:
2V I've been complaining about this for years. Yes it's annoying that there are millionaires who pay an extremely small percentage in taxes. But they get way too much of the spotlight. It's just the rich are an easier target.

My inlaws all get back more than they pay in taxes. They brag about it too and it annoys the shiit out of me. We don't have kids and we always, always have paid quite a bit into taxes. My inlaws would qualify as lower-middle to middle-middle class. They do all have several kids. I don't know if that is what gets them huge refunds or what. But it's definitely not a refund for overpaying. It's getting back more than they paid.
But Sandsonik I agree that first there needs to be talk of cutting spending, THEN we can cut taxes. I'd love to see an end to people getting back more than they've paid but I don't know that either candidate wants to go there.

The reason we focus on the rich is because when your middle class person making $40k pays 5% instead of 20%, you're talking about a few thousand dollars of tax revenue lost. But when you talk about the guy making $35 million a year, you're talking about millions lost. You could fund some programs entirely on what a single Romney household *doesn't* pay in taxes.

TefLepOM · April 2012

ringstrue:
I'm lmao that having kids = paying no taxes.

you can use the, as a tax shelter by gifting money apparently (per a drudge story yesterday) c

IrishBrideND · April 2012

tartaruga:
sydney2002:
2V I've been complaining about this for years. Yes it's annoying that there are millionaires who pay an extremely small percentage in taxes. But they get way too much of the spotlight. It's just the rich are an easier target.

My inlaws all get back more than they pay in taxes. They brag about it too and it annoys the shiit out of me. We don't have kids and we always, always have paid quite a bit into taxes. My inlaws would qualify as lower-middle to middle-middle class. They do all have several kids. I don't know if that is what gets them huge refunds or what. But it's definitely not a refund for overpaying. It's getting back more than they paid.
But Sandsonik I agree that first there needs to be talk of cutting spending, THEN we can cut taxes. I'd love to see an end to people getting back more than they've paid but I don't know that either candidate wants to go there.
The reason we focus on the rich is because when your middle class person making $40k pays 5% instead of 20%, you're talking about a few thousand dollars of tax revenue lost. But when you talk about the guy making $35 million a year, you're talking about millions lost. You could fund some programs entirely on what a single Romney household *doesn't* pay in taxes.

Yes but ere are like 5 romneys and millions of middle class. It adds up. It's not just a few thousand. I l

Alone made 4k off the government this year and that's ridiculous. There are thousands and thousands like me.

nitaw · April 2012

is_it_over_yet?:
Be careful, folks. A lot of you are sounding like... me.
Muahahahahaha!

Actually, once I saw the FICA thing my first thought was ..." FICA, SS, these mofos are screwing shiit up and I won't be able to collect that mess when I've paid into. They need to give me back my effing money ..."

Obama paid higher tax rate than Romney

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