ROMNEY DOESN’T KNOW IF HE PAID A TAX RATE LOWER THAN 13.9%
Source: Think Progress
ROMNEY DOESNT KNOW IF HE PAID A TAX RATE LOWER THAN 13.9% | Mitt Romney has thus far refused to heed the call from a growing number of people within the Republican party to release more tax returns. And during an interview with ABCs David Muir from Israel, the former Massachusetts governor revealed that the documents may show that he paid very little in taxes:
Emily Friedman@EmilyABC
Romney tells @DavidMuir he doesn't know if there was a year when he paid a tax rate lower than 13.9%. Says he'll have to go back and look.
29 Jul 12 ReplyRetweetFavorite
Read more: http://thinkprogress.org/politics/2012/07/29/602501/romney-doesnt-know-if-he-paid-a-tax-rate-lower-than-139/ source
bemildred
(90,061 posts)YewNork
(461 posts)There's nothing wrong with having servants, if you can afford them.
BUT, there's a lot wrong if you're a multi-millionaire who pays a significantly lower percentage of his income in taxes than the majority of taxpaying Americans do.
Laura PourMeADrink
(42,770 posts)swayne
(383 posts)russspeakeasy
(6,539 posts)spindetective
(27 posts)I guess it's up to us to 'press the press' to dig deeper through social networking.
LibDemAlways
(15,139 posts)exactly how much he didn't pay in taxes. He used every tax dodge in the book to shelter his obscene wealth while ordinary folks (me for instance) paid 25% or more on incomes that he'd consider pocket change. Government by the wealthy for the wealthy.
Stuart G
(38,445 posts)Another Bold Face Lie..
..Yea, he knows...he doesn't have to "look"
If he is telling the truth on this,
And he can prove it...
Then I'll buy him another horse..thank you..
wordpix
(18,652 posts)Rmoney knows perfectly well how much he's paid in taxes. He has to sign the document, even if it's prepared by others.
http://www.dailykos.com/story/2012/06/18/1100947/-Romney-Took-77-000-Tax-Deduction-For-His-Dancing-Horse
lastlib
(23,286 posts)If he's not looking at them and verifying the information he submits, he is committing a crime.
Berlum
(7,044 posts)Hiding the truth. Adoring Mammon. Ptooooooey on all that,..
DCKit
(18,541 posts)Spell check doesn't like the work "mammonite", I guess.
SheilaT
(23,156 posts)I have my taxes done by a professional, I make sure I give him all the little papers that arrive connected to my taxes, sign the thing, and usually write a check. and that's it.
I bet most people, even those who use the short form, really don't know what their overall tax rate is.
lastlib
(23,286 posts)(I know mine is pretty close to 22% with all my deductions/exemptions. According to my tax preparer, I don't really make enough money to use a loophole--lol.)
Igel
(35,356 posts)Once I calculated my effective tax rate. and it was really low. For last year it was something like 4.6% for federal income tax. But the numbers are fresh enough in my mind and I know nobody's going to pitch a fit if the real number is 4.5 or 4.7%.
Start with gross income. Minus any deductions for yourself and dependents. Then take the standard deduction or itemize. (We don't itemize.) Don't forget to deduct for any IRA contributions or even just the child tax credit. Of course, those are "loopholes"; it's just that most people think of loopholes as what the other guy uses.
lastlib
(23,286 posts)anything older, I would have to go out to the shed and get a box....but I think that would get me back to 1982.
(actually, you're making it a little harder than you need to. Just take the total tax you paid for a given year, and divide it by your taxable income--both are shown on your 1040.)
kestrel91316
(51,666 posts)no one finds out.
lastlib
(23,286 posts)(big news, right?)
What kind of "financial genius" doesn't know the tax rate he's paying on his income?? That's a basic calculation in any kind of financial planning.
Posteritatis
(18,807 posts)Maineman
(854 posts)hired people to increase his wealth. What a sponge bob!
Stuart G
(38,445 posts)Johnny2X2X
(19,114 posts)So how come he's paying 13.9% then? He doesn't even pay his full share of the ridiculously low Capital Gains Tax.
Igel
(35,356 posts)Personal exemptions, charitable contributions, mortgage and interest paid (if that's still deductible). Things like losses carried over from previous years can ding current year's income. IRA contributions. Add them all up, and you can lose 1.1% even of a pretty hefty dividend-based income.
Gross income minus all the legal deductions is what Congress has defined as "fair." Sad, but true.
primavera
(5,191 posts)All he ever seems to say is "I don't know." If he's so clueless, why would he think he should be president? Right: "I don't know."