Mitt Romney's tax data illustrates debate over fair rates

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  • K Mchenry, IL
    Jan. 25, 2012 12:17 p.m.

    You likely paid 14% or less in federal taxes.

    Funny how everyone is mucking up the math. Romney paid almost 14% after deductions with all his income being capital gains. Of course ALL his income was taxed. Not like earned income where the first chunk isnt' taxed which is why less that half pay federal income tax and some even get a check at tax time.

    The regular family making $90,000 with deductions of 20K which is very easy to do with interest and tithing and just the deductions you get for being alive you would pay almost $10,000 in taxes. That is 11%. A taxpayer pays a certain level of income at 28% or 25% or 15%. Not the entire amount.

    Money invested, like the case of most senior citizen couples, was already taxed when earned and the earning from investments are being taxed again at that 15%. You want grandma and grandpa to pay a higher tax rate than 15%? Most living off interest and gains are seniors. We all will be seniors.

  • Pagan Salt Lake City, UT
    Jan. 25, 2012 10:46 a.m.

    **Stop coddling the Super-Rich By Warren E. Buffett NY Times 08/14/2011

    But what I paid was only 17.4 percent of my taxable income and thats actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.


    **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

    **'Mitt Romney downplays $374,000 in speaking fees as 'Not Very Much' - By Ryan Grim and Luke Johnson - Huffington Post - 01/17/12

    Wish I paid just 14% in taxes...

    maybe if I was a corporation...?