Think Progress: Romney claims his actual tax rate is “closer to 45 or 50 percent.”

[Ichingcarpenter]

Yesterday I posted a satire titled:

"In fact, if anything, the tax system is unfairly balanced against me.


http://www.democraticunderground.com/1002218501

But this one is real:


During an interview with Univision, Romney was pressed on whether it was fair for him to pay about 13 percent of his income in taxes — as he did in 2010, according to his recently released tax returns — when many middle class families pay far more. Romney proceeded to claim that his actual rate is “closer to 45 or 50 percent.”


To justify his figure, Romney relied on his belief that “corporations are people.” When Univision’s Jorge Ramos asked Romney if his 13 percent tax rate is “fair,” Romney suggested adding the maximum corporate tax rate (35 percent) to his personal taxes to calculate his real rate:


RAMOS: You just released your tax returns. In 2010 you only paid 13 percent of taxes while most Americans paid much more than that. Is that fair?


ROMNEY: Well, actually, I released two years of taxes and I think the average is almost 15 percent. And then also, on top of that, I gave another more 15 percent to charity. When you add it together with all of the taxes and the charity, particularly in the last year, I think it reaches almost 40 percent that I gave back to the community. One of the reasons why we have a lower tax rate on capital gains is because capital gains are also being taxed at the corporate level. So as businesses earn profits, that’s taxed at 35 percent, then as they distribute those profits as dividends, that’s taxed at 15 percent more. So, all total, the tax rate is really closer to 45 or 50 percent.


RAMOS: But is it fair what you pay, 13 percent, while most pay much more than that?

ROMNEY: Well, again, I go back to the point that the, that the funds are being taxed twice at two different levels.


http://thinkprogress.org/economy/2012/01/25/411746/romney-tax-rate-spin-50-percent/

[Bolo Boffin]

1. "And then, when I'm remodeling my mansions, I pay sales tax on the materials

and income tax on the workers, so that's quadruple levels of tax. That's got to get me up to a 75% tax rate easy."

Poor old Mitt Romney, taxed with all these taxes. It's hard out there for a pimp.

[Firebrand Gary]

2. Joe Scarborough talking point.

He gave that advice to the Romney campaign on air this morning. Too bad that it not true! Why MSNBC does not fire him I will never know. The GOP is the party that has the issue with the word compromise, Joe should pack it up and head to Fox where they might find him useful.

Chris Hayes as a host is WAY better anyhow.

[Confusious]

3. This guy is a greedy idiot.

That is the most disingenuous argument I have EVER heard.

I was going to add a sarcastic remark, but why bother. If money can get people like this to the top of the pile in politics, this country is lost.

[Ichingcarpenter]

4. The Satire was written before the interview.

I love the irony.

http://www.theindytribune.com/2012/01/romney-points-to-fact-that-28m-in-taxes.html

[asjr]

5. In the Wizard of Oz which one

of the companions to Dorothy wished for a brain? Romney sure could use one.

[caseymoz]

6. Except wage earners are taxed twice the same way

And their W2's and Tax Returns say they pay 20-30 not 13 percent.

Plus, half that "charity" is to the Mormon Church, which, wouldn't you know, requires it as its membership fee. Most people would find that tithe rather questionable as charity giving, as the leadership of the Mormon all make out as well as Romney.

I will give him credit, though, he does give a lot to charity otherwise, but considering the amount he keeps in a single year was enough to feed a family of four for thirty years without bringing in any other revenue, one may argue it's just a big drop in a swimming-pool size bucket.

[JohnnyRingo]

7. He wishes

But then he'd have to fire his accontant.

I belive he only disclosed his last year's report because the previous years are even worse politically.

Romney is the face of the 1%, for bettter or worse.

[Matariki]

8. Um, so, the corporation I work for is taxed on its profits

then distributes those profits as wages and bonuses. Why should I pay 'double taxes' on money already taxed?

Or, while we're being stoopid, why should stores pay taxes on money they get from consumers, when their customeres have already paid taxes on the income they're spending?

Doh.

[Jackpine Radical]

9. Your wages & bonuses come out of the company before taxes.

They are deductible expenses.

[Matariki]

13. Whenever money is earned it's taxable.

Therefore the taxed income I spend at a store or pay for a service with gets taxed as income for the person who sells me goods and services. That person then spends the money on goods and services which again is taxed.

That is NO different than someone earning money via capital gains.

[bigtree]

10. you said it well

nuff said

[quaker bill]

11. All money is taxed until it disappears

A dollar is taxed every time it changes hands. After it changes hands 5 or 6 times, it is virtually gone. All totalled, the tax rate is always 100 percent. Different results depend on where you draw the line. Comparisons only work if you draw the line in the same place for everyone. To put him on the same footing as everyone else you draw the line at the point where he personally receives the money.

I run a very small business (I am the only employee). Every sale I make is subject to 6.5% sales tax. For federal income tax reporting purposes, this 6.5 percent is not income I receive. It is business revenue with a precisely matching expense. The income I obtain is the $ after expenses. Expenses include these taxes. The money is mine when I write myself a paycheck or when I grow the value of my business inventory. These things I pay taxes on.

I could say I pay a higher tax rate by adding the sales tax revenue to my income and then counting it when I pay the tax. However, these taxes are not supposed to be co-mingled with my funds, so I don't do that. This is what Romney is attempting to do in a virtual sense.

[Javaman]

12. Once again, mitten's proves he's still an moron. nt