August 12th, 2012, 12:36 PM #1
Mitt Romney Would Pay 0.82 Percent in Taxes Under Paul Ryan's Plan
From The Atlantic:Under Paul Ryan's plan, Mitt Romney wouldn't pay any taxes for the next ten years -- or any of the years after that. Now, do I know that that's true. Yes, I'm certain.
Well, maybe not quite nothing. In 2010 -- the only year we have seen a full return from him -- Romney would have paid an effective tax rate of around 0.82 percent under the Ryan plan, rather than the 13.9 percent he actually did. How would someone with more than $21 million in taxable income pay so little? Well, the vast majority of Romney's income came from capital gains, interest, and dividends. And Ryan wants to eliminate all taxes on capital gains, interest and dividends.
Romney, of course, criticized this idea when Newt Gingrich proposed it back in January by pointing out that zeroing out taxes on savings and investment would mean zeroing out his own taxes.
Almost. Romney did earn $593,996 in author and speaking fees in 2010 that would still be taxed under the Ryan plan. Just not much. Ryan would cut the top marginal tax rate from 35 to 25 percent and get rid of the Alternative Minimum Tax -- saving Romney another $292,389 or so on his 2010 tax bill. Now, Romney would still owe self-employment taxes on his author and speaking fees, but that only amounts to $29,151. Add it all up, and Romney would have paid $177,650 out of a taxable income of $21,661,344, for a cool effective rate of 0.82 percent.
But what about corporate taxes? Aren't they a double tax on savings and investment, so Romney's "real" rate is higher than his headline rate? No. As Jared Bernstein of the Center on Budget and Policy Priorities has pointed out, Romney has structured his investments as "pass-throughs" that avoid corporate tax. In other words, the 0.82 percent tax rate is really a 0.82 percent tax rate.
It might seem impossible to fund the government when the super-rich pay no taxes. That is accurate. Ryan would actually raise taxes on the bottom 30 percent of earners, according to the nonpartisan Tax Policy Center, but that hardly fills the revenue hole he would create. The solution? All but eliminate all government outside of Social Security and defense -- a point my colleague Derek Thompson has made in incredible chart form.
Maybe Harry Reid's mysterious source that Romney didn't pay taxes for a decade was really a time-traveler from the future. If Romney wins, it could very well be true.In judging a two-person singing contest, never award the prize to the second soprano having heard only the first.
-- Francis Bator
August 12th, 2012, 01:18 PM #2
- Join Date
- Nov 2004
- Burning in Florida
- Blog Entries
If anyone seriously thinks this duo of idiocy is going to win, they are only fooling themselves. Obama doesn't even need to campaign, he should just sit back and let Romney flounder and make himself look even more like an idiot.
Last edited by SoloCamo; August 12th, 2012 at 01:34 PM.Main PC: AMD FX-8350 / 16gb DDR3 1600 / AMD 7970GE 1200mhz Core & 1600mhz Mem / Win7 Pro 64bit
File Server: AMD Opteron 180 / 3gb DDR400 / Nvidia 6200 / WinXP Home 32bit / Lubuntu 12.10
Laptop: HP-Compaq nc8430/ Intel CoreDuo T2400 / 2gb DDR2 667/ Ati x1600 / WinXP Pro 32bit
August 12th, 2012, 01:24 PM #3
As soon as Romney announced Ryan, my first thought was "So the guy who makes millions is partnering with the guy who wants millionaires to not pay taxes. Sounds legit."
I figured some outlets would have a field day with this and it looks like its happening.Good job, friend-of-friends!
August 12th, 2012, 01:28 PM #4
- Join Date
- Oct 2001
- Kingsford, MI
- Blog Entries
But you guys realize that they really do have a big following right? It may seem irrational and silly to us, but to a lot of neo-conservatives and republicans, these guys represent a new messiah.
Maybe I'm dumb, but I simply do not understand how any of their policies will help me. If anything, they seem like a grand introduction to that dystopian future we've been seeing in books and video games for the last 30 years.
August 12th, 2012, 06:08 PM #5
I'm running out of holes in which to become fucked. Vote third party or quit you bitchin'!
August 12th, 2012, 06:27 PM #6
I don't see yet, how the proposed policies of R&R are going to help me either Whir. Then again, I still don't see how the "Hope and Change" policies of Obama/Bidden have or will help as well.
All I can say at this point is:
The country and I, sure can't afford another 4 years of Obama/Bidden.
I'm not sure the country and I can afford 4 years of R&R.
I WILL not vote to re-elect Obama!
I DO not want to vote for R&R. (I'm pretty damn close to saying WILL not.)
Continuing my plans of retiring to another country, as I see no good with either choice.
August 12th, 2012, 10:40 PM #7
August 12th, 2012, 11:19 PM #8
Chuckie as a Republicant would want too high of pay . . .
That's what I have a wife and Grandson's for . . .
Little Harder isn't going . . . he just enlisted as a 68W (Combat Medic). He leaves for basic in Jan. '13 and AIT in Apr. '13.
August 13th, 2012, 10:39 AM #9
I remember in Nam, we used to go to town with a Mormon Corpsman named Norman to keep us out of trouble! That's not a joke!
Obama doesn't need an "enemies list"... He sees half the country as his enemy.
August 13th, 2012, 10:45 AM #10
Mormon Corpsman Norman Forming Warning CordonIn judging a two-person singing contest, never award the prize to the second soprano having heard only the first.
-- Francis Bator
August 13th, 2012, 10:57 AM #11
August 13th, 2012, 10:58 AM #12
Not to wander too far from the topic, Rmoney doubles down on the "Ryan budget":Just moments after Mitt Romney announced Rep. Paul Ryan (R-WI) as his vice presidential nominee on Saturday, his campaign tried to distance itself from Ryan’s signature House budget. Although Romney has admitted he would sign the Ryan budget if it crossed his desk, calling it “marvelous” and an “important step”, the campaign’s internal talking points were careful to avoid endorsing the Republican blueprint: “Gov. Romney applauds Paul Ryan for going in the right direction with his budget, and as president he will be putting together his own plan for cutting the deficit and putting the budget on a path to balance,” they argued.
But a day later, the campaign switched tactics and went back to embracing the document, insisting that Romney would have happily signed it into law:TOP ROMNEY ADVISER ED GILLESPIE: Well, as Governor Romney has made clear, if the Romney, sorry, if the Ryan budget had come to his desk as a budget, he would have signed it, of course, and one of the reasons that he chose Congressman Ryan is his willingness to put forward innovative solutions in the budget.RNC CHAIRMAN REINCE PREIBUS: First of all, he did embrace the Ryan budget. He embraced it.But a day later, the campaign switched tactics and went back to embracing the document, insisting that Romney would have happily signed it into law:Watch it:Romney’s support for Ryan’s plan is understandable. After all, if the budget were to become law, the former Bain Capital executive would have paid $177,650 out of a taxable income of $21,661,344, for a cool effective rate of 0.82 percent.
Last edited by Theophylact; August 13th, 2012 at 11:01 AM.In judging a two-person singing contest, never award the prize to the second soprano having heard only the first.
-- Francis Bator
August 13th, 2012, 12:59 PM #13
Well, 0.82% is more than he paid for many of the last ten years. So that's progress!Conservatives: "If the facts disagree with our opinion, ignore the facts -- or at least misrepresent them."
August 13th, 2012, 08:11 PM #14
August 13th, 2012, 09:47 PM #15
August 14th, 2012, 10:15 AM #16Good job, friend-of-friends!
August 14th, 2012, 10:16 AM #17
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
By pickel in forum DebateIMO: Politics, Religion, ControversyReplies: 0Last Post: August 4th, 2012, 10:49 PM
By pickel in forum DebateIMO: Politics, Religion, ControversyReplies: 5Last Post: July 31st, 2012, 09:13 PM
By pickel in forum DebateIMO: Politics, Religion, ControversyReplies: 15Last Post: February 5th, 2012, 04:39 PM
By MTAtech in forum DebateIMO: Politics, Religion, ControversyReplies: 5Last Post: December 14th, 2011, 10:27 AM
By M_Six in forum IMO CommunityReplies: 3Last Post: December 31st, 2002, 07:02 PM