Obama paid less income tax than Romney

Mar 2009
2,751
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Undisclosed
Not that it should matter (tax reform needs a bigger overhaul than looking at two people and proposing to raise one's income tax in my opinion), but it will. Oh, it will in the crazy world that is presidential elections.

http://www.reuters.com/article/2012/04/13/us-usa-campaign-taxes-idUSBRE83C0ZB20120413
Crazy and so many people keep buying the talking points. Like if they just soak the rich it will pay off the national debt. I suspect that if they ever really do change things enough to pay the debt everyone voting for it will be gone the next election.
 

myp

Jan 2009
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50
Crazy and so many people keep buying the talking points. Like if they just soak the rich it will pay off the national debt. I suspect that if they ever really do change things enough to pay the debt everyone voting for it will be gone the next election.

A lot of the rich probably do need to pay more taxes, but raising the income tax alone or in general trying to work through this maze without cutting loopholes isn't going to get us far. Also, we need spending cuts.
 
Mar 2009
2,751
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A lot of the rich probably do need to pay more taxes, but raising the income tax alone or in general trying to work through this maze without cutting loopholes isn't going to get us far. Also, we need spending cuts.
Absolutely! And the Republicans that vote for raising taxes And the Democrats that vote for cutting Medicare, Medicaid, and food stamps will be going home.

If they could work together and all take the hit they could do something useful. But they think job one is to be reelected. So my guess is not much will get done until after the election. The side that has the "power" will try to "ram" their way into law much as Obama did health care. Which gave us the tea party. The party in power seems to always think they have a "mandate" and overreach. They never seem to learn.:rolleyes:
 
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Jan 2012
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A lot of the rich probably do need to pay more taxes, but raising the income tax alone or in general trying to work through this maze without cutting loopholes isn't going to get us far. Also, we need spending cuts.

despite what he did, i we dont know he did it for sure, herman cain had the right idea with taxes
 

myp

Jan 2009
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i am just seperating opinion from fact

neither of our things our facts
they are merely opinions and should be treated as such

Anyone reading it should realize that. That does not mean, however, that the matter cannot be debated or that one opinion makes more sense than the other.
 
Mar 2012
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Whidbey Island, Wa
Okay, this is absurd. Romney paid 14% income tax on $27 million that he didn't even work on (at least recently). Obama paid 22% on a book he wrote, for a grand total of $390k income, including his job as the leader of the free world. So, we can generalize that if you get big bucks, you keep big bucks. If you pay 15% payroll taxes, and another 10 or 15% income tax, you are the working poor. What is more important, another bauble for the trophy wife, or feeding your kids?

How do the job creators (like Romney, who made money on firing people), trickle down? That is a fantasy that Reagan promulgated. The poor are becoming poorer. The rich are becoming richer. That is not the american dream, that is the formula for a third world culture. Innovation comes from us all contributing to science and research. Like Darpa, like NASA, like OSHA, like EPA... don't wipe out those institutions, or we will become stupid and fall behind. Do we really, really, want to fall behind? China took our manufacturing prowess. Offshore tax shelters took our revenue. How about we tighten our tax structure, open our borders to productive, tax paying immigrants, and fund innovation? Let's become the sixties, make the big wigs pay their fair share of their wealth, make everyone responsible for our endeavors, and put us on top again.

We are fighting wars (neither democratic or republican) that are bleeding us. Stop the stench, stop the bleeding... start scientific innovation. We are being left behind by the Large Hadron Collider. Where is our government? Too large to fund science? You decide.
 
Jan 2012
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Okay then why did you say "ok thats your opinion"? You aren't trying to artifically raise your post count are you?

no but if thats what you want to think
Oh!! my post count went up by one :giggle:

by the way what is the point of raising your post count
do you get special privileges
like being a moderator like dodge
 

myp

Jan 2009
5,841
50
Okay, this is absurd. Romney paid 14% income tax on $27 million that he didn't even work on (at least recently). Obama paid 22% on a book he wrote, for a grand total of $390k income, including his job as the leader of the free world. So, we can generalize that if you get big bucks, you keep big bucks. If you pay 15% payroll taxes, and another 10 or 15% income tax, you are the working poor. What is more important, another bauble for the trophy wife, or feeding your kids?
That is a very misleading statement. I am not in favor of the current tax system, but I think there is a lot of misunderstanding and unneeded emotional arguments (mostly thanks to politicians who stir the pot in their favor) in the debate. I am guessing that 14% you are quoting is the overall tax he paid? Not just the income tax, but most likely a combination of income and capital gains? The income tax is progressive in the US. There is no way making more income leads to less income tax paid. It is only when you count other taxes or certain rebates when you might be able to make the argument that making more money (not necessarily income) can mean lower effective rates paid.

How do the job creators (like Romney, who made money on firing people), trickle down? That is a fantasy that Reagan promulgated. The poor are becoming poorer. The rich are becoming richer. That is not the american dream, that is the formula for a third world culture.
Romney didn't make money on firing people, but it might have been a smart decision for his business. All labor turnover is not bad- sometimes things do have to reset or you would end up with more inefficiencies. Again you bring up a lot of points here, but "trickle down" is just a derogatory term for certain theories that do have some validity (at least arguably) but in the realm of politics are rarely understood or followed.

As for the rich becoming richer and the poor poorer, some might blame the opposite of markets on that. Discussing things in these broads terms is difficult if not impossible to do though since there are so many factors.

Innovation comes from us all contributing to science and research. Like Darpa, like NASA, like OSHA, like EPA... don't wipe out those institutions, or we will become stupid and fall behind.
It can also come from and has come from the private sector. Also things like the EPA don't innovate much unless I am overlooking something...

Do we really, really, want to fall behind? China took our manufacturing prowess. Offshore tax shelters took our revenue. How about we tighten our tax structure, open our borders to productive, tax paying immigrants, and fund innovation? Let's become the sixties, make the big wigs pay their fair share of their wealth, make everyone responsible for our endeavors, and put us on top again.
Again, a lot of points, but I'll agree on changing the tax structure. China taking our manufacturing prowess- eh, it's arguable, they've certainly put a dent in it though and really that might just be inevitable given their current comparative advantages in labor (no on here wants to work for those wages and rightly so).
 
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