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russ_watters
#89
Jan27-12, 05:41 AM
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Quote Quote by ThomasT View Post
But wasn't Romney's income around $20m?
Yes. So what?
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.
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.
There are people who pay less than 0% tax?
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)
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?
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.