 Quote by ThomasT
But wasn't Romney's income around $20m?
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Yes. So what?
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Imho, the tax code needs to be seriously revised ... basically eliminating all loopholes and deductions. Then somebody with an income like Romney's pays a much higher percentage in taxes than the average salary or wage earner.
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Er, are you not listening or do you simply not believe the stats that you're seeing with your own eyes?
He already does! 14.5% is much higher than 0%, isn't it?
Moreover, because people get down to 0% largely through deductions, your proposal (eliminating all loopholes and deductions) would almost certainly have exactly the
opposite effect of what you are looking for.
And in addition, I think we should examine whether this "problem" is getting better or worse. I think most people would be surprised.....but that's another thread.
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There are people who pay less than 0% tax?
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Yes.
Please look at the stats that were provided for you. Again (thanks to mege):
http://www.cbo.gov/publications/coll...xRates2007.pdf
http://www.taxpolicycenter.org/taxfa....cfm?Docid=456
(Similar data in both links, one in PDF and one in html)
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Anyway, isn't anybody who's working, and on the grid, subject to social security and medicare/medicaid taxes -- so that nobody who's filing a tax return, even if they get a refund wrt federal income tax, is untaxed?
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Yes, but again if we want to compare apples to apples, you need to stick with the federal income tax because that's what Romney's 14.5% is about.