Romney pays 15% taxes

 Yes he has more in the bank to lose, though I credit most of the protection of Romney's assets to contract law
So then Romney benefits much more than I do from the government's enforcement of contract law, and therefore pays to support it. My point being- Romney clearly owns more of America than the median taxpayer. He therefore pays much more to keep his assets safe.

And its not just more in the bank- Romney has stakes in properties all over the country (and probably world). Much of what the military does is defend US interests- which in turn means US assets.

 Put another way, if you, me and Romney had all been in the WTC 11 years ago of what relevance would be his bank account vs yours?
Given that neither one of us WAS in the trade center, which one of us lost more wealth from the destruction of the trade center? I'm willing to bet Romney, by a mile.

Mentor
 Quote by mheslep It has been a big news story for a week now that Gingrich, who's $3.1m income places him well into the 1%, paid 31.6% in taxes. http://thepage.time.com/2012/01/19/newts-taxes/ Interpretation: The previous reference appeared to add-up all the tax revenue and income in each bracket to come up with an average tax rate for the bracket. So the average tax rate for a 1%er is 19%. Newt, on the other hand, is not an "average" 1%, he's on the low end of the 1% and makes most of his money as ordinary income, taxed at the top marginal rate. So his rate is quite high (comparitavely), at 31.6%. So what separates a low-end 1%er like Newt (in terms of taxes paid, not income) from an "aveage" one like Romney is how much of their income is "normal" vs capital gains and how much they contribute to charity. For those who derive little from capital gains and don't contribute much to charity - like Newt - their effective income tax rates are among the highest of any Americans. I suspect that category also includes most professional athletes, actors, experienced doctors and lawyers and very successful small business owners. Recognitions: Gold Member  Quote by russ_watters ...I suspect that category also includes most professional athletes, actors, experienced doctors and lawyers and very successful small business owners. Yes that sounds right to me.  Whatever justifications might be given for Romney's tax payment(s), I have to agree with the polemicists who think that his disclosure will hurt his chances. But he had to do it. And now we know why he didn't want to. So now Romney isn't just the sleazy political opportunist, or the adherent to a religious cult in the minds of some, he's also an extremely rich guy who pays a smaller percentage of his income in taxes than a huge number of Americans who are stuggling to make ends meet. Mentor  Quote by ThomasT So now Romney isn't just the sleazy political opportunist, or the adherent to a religious cult in the minds of some, he's also an extremely rich guy who pays a smaller percentage of his income in taxes than a huge number of Americans who are stuggling to make ends meet. Er, didn't we just see a stat that showed Romney paid a higher rate than 80% of Americans?  Quote by russ_watters Er, didn't we just see a stat that showed Romney paid a higher rate than 80% of Americans? I missed that. So, 80% of Americans pay less than 14% tax on their incomes?  Mentor Yup, roughly: looking back, the stat was 80% paid less than 15% and Romney paid 14.5%. But that shouldn't be surprising since 47% pay 0% or less, right? Mentor Blog Entries: 4  Quote by russ_watters But that shouldn't be surprising since 47% pay 0% or less, right? And why do they pay no taxes? Below the poverty level? Here's the answer, they're dirt poor.  31: Percent of nonpaying American households making$10,000 or less per year in 2010 (PDF link to study). An American household of any size making this amount of money, including just one person, is automatically under the poverty threshold. 61: Percent of nonpaying American households making $20,000 or less per year. http://news.yahoo.com/numbers-47-per...170500327.html  Recognitions: Gold Member I've got two jobs, but dad tells me that apparently I pay negative tax. Since I let him do my taxes, I trust him on that. Just sayin', not everyone who doesn't pay taxes is a worthless freeloader. Recognitions: Gold Member  Quote by Char. Limit I've got two jobs, but dad tells me that apparently I pay negative tax. Since I let him do my taxes, I trust him on that. Just sayin', not everyone who doesn't pay taxes is a worthless freeloader. It's not that legally paying no fed. income tax means anyone is worthless. It is simply the law, wrongly in my view. Everybody making enough to eat ought to pay something, half of 1% maybe, but something.  Quote by Evo And why do they pay no taxes? Below the poverty level? Here's the answer, they're dirt poor. http://news.yahoo.com/numbers-47-per...170500327.html Yeah, I think it would be very difficult living, in America, on an income of, say, less than$25k, much less $10k per year. Mentor  Quote by mheslep It's not that paying no fed. income tax means anyone is worthless. It is simply the law, wrongly in my view. Everybody making enough to eat ought to pay something, half of 1% maybe, but something. Where I live (Washington State), there is a sales tax. So here, and in all places where there is a sales tax, they do pay something. Not to mention gas tax, car registration tax, utility taxes, etc. Recognitions: Gold Member  Quote by lisab Where I live (Washington State), there is a sales tax. So here, and in all places where there is a sales tax, they do pay something. Not to mention gas tax, car registration tax, utility taxes, etc. Hey, I live in the same place! *acts like he just found this out* But yeah, there's sales tax, and I'm sure other taxes as well. Gas tax I think is going up. Recognitions: Gold Member  Quote by lisab Where I live (Washington State), there is a sales tax. So here, and in all places where there is a sales tax, they do pay something. Not to mention gas tax, car registration tax, utility taxes, etc. Everybody pays a local sales or local income tax somewhere, but I referred to federal taxes. Almost everybody should pay a little something to the federal govt. in my view, to encourage people to pay attention to federal elections if nothing else. Recognitions: Gold Member  Quote by ThomasT Yeah, I think it would be very difficult living, in America, on an income of, say, less than$25k, much less $10k per year. That's hard for a family with kids, not so much for a single person. I lived on less than$25k (today's dollars) for a couple years, though I had no school debt burden. Took a trip to Europe for about $1200 (today's$) including air. I worked hard, played hard, and I was not 'poor'.

 Quote by russ_watters Yup, roughly: looking back, the stat was 80% paid less than 15% and Romney paid 14.5%.
But wasn't Romney's income around \$20m?

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.

The point being that when you get into the millions of dollars of yearly income, it's likely that much of that income is not the result of any sort of productive or creative work that benefits the general economy, but rather due to ridiculously inflated incomes/bonuses and investments.

 Quote by russ_watters But that shouldn't be surprising since 47% pay 0% or less, right?
There are people who pay less than 0% tax?

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?

 Anyway, to return to my point, I think that this disclosure will hurt Romney. It simply adds to the list of things that average Americans might be expected to not like about him, imo.