Is it OK that Romney only paid 15% in income taxes?
Yes Ashley....he did show his returns,,,,do you keep up with politics?
Wow,,,it was an issue 2 years ago but now that obama pays about the same % rate the minions have St fu
- John HinkleLv 78 years agoFavorite Answer
A better question might be to ask, What was his INCOME (verses capitol gains and such) Then one might ask how Obama with a $400,000 a year INCOME only paid 18% and that does not include investments and capitol gains.
- icpooremanLv 68 years ago
Here's the problem most normal people will pay a similar or higher tax rate. EG a higher percentage of my income went to taxes than Romneys when you add things up.
Federal income tax at 15% is low for a man making millions. But even if you think that's cool, he also escapes from other taxes.
EG ~7% of my pay goes to payroll taxes (and if I'm a 1099 worker it's ~13%). I also am not rich enough to claim residence in a tax free state while living somewhere else. So I end up paying state taxes which is ~5-7% of my income in my state.
Then I also have to pay other fees. I have a local car tax that costs ~200/yr. I have to pay the govt to register my car, hunt/fish, if I get caught speeding, to get a car inspection, taxes on my phone/cable bill, gas tax, sales tax, if I owned property property tax etc etc etc. Now Romney has to pay these too, but it's a much smaller percentage of his income. Also if all of his money was made through investments he doesn't even have to pay into social security/medicare he can completely escape it. If all these things add up to $1000 (prob a low estimate) and I make $50k that's another 2% of my income. All the while if you make millions $1000 doesn't even register as a percentage of your income.
So at the end of the day. I pay more than 15-20% in taxes on a middle class income even if you don't count the federal taxes I pay. So is it ok somebody making vastly more money than me had a tax rate of 15%? No. It is not. We're supposed to live in a progressive country and many times we fail to do that.
- Anonymous5 years ago
15% of his sales is greater than nearly all of the core class makes in take house pay. The predicament with liberals and their "tax the wealthy" schemes is that they leave out the target and the raises hit the core classification and working poor. The Democrats had three years to handle the tax code and did nothing about it. Why don't you ask them why?
- darrin bLv 78 years ago
No, it's not.
President Obama made $608,000 and paid !8.4% on his income.
Romney made MILLIONS and paid about 13% on his.
And the middle class makes far less than both of them and end up paying sometimes 20 plus per cent.
What's wrong with his picture?
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- Anonymous8 years ago
You mean when Obama paid 18% and Biden paid 22%? It just proves is a better financial manager than Obama is.
@JB: That is totally bogus. In order to pay 30% effective rate you have to be making nearly $1 million. The average is less than 8%.
- Anonymous8 years ago
consider all the dems in office right now not paying at all. Be glad a politician paid at all. Time to move on, Crap Romney lost almost 6 months ago, time to look at the Obama fail.
- Anonymous8 years ago
I don't care anymore, no one does, been over talking about by both sides. No one has done anything, no one wants to do anything, no one will do anything.
Not worth debating, do something or STFU. Debating this over yahoo answers is... bullshitting with 50 entitled idiots* who don't believe the other 49 is entitled and are idiots*?
- ErikLv 78 years ago
He actually paid higher than he needed to. He didn't claim all his deductions in order to boost his tax rate before the election. He also said anyone that pays more that they have to isn't fit to be president.
"Most pay 30 when they don't have a taxman. Must be nice"
I paid close to 8% on all my income, which was in the 25% bracket before deductions.
You have to make $180k to be above 28% - and then ignore all deductions.
- Mercadies2000Lv 78 years ago
You didn't mention, maybe you just forgot all the money he gave in donations helping others out in the civilian level. Those are big tax deductions. And what is so bad about 15%?
- Iwork ForcelebsLv 48 years ago
yet you dont state what the liberals pay just cherrypick what one conservative pays? how about romney gives a good amount to charity biden gives like nothing .