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Romney’s Tax Plan Would Save Him Millions — But Not As Much As Gingrich’s Would
TIME ^ | Jan 25, 2012 | By STEPHEN GANDEL

Posted on 01/25/2012 4:32:31 AM PST by Jim Robinson

Republican Presidential candidate Mitt Romney would save $3.4 million a year — roughly 85 times the total pre-tax income of the average American citizen — if the tax plan he advocates were enacted in the year that he is seeking to be President. In fact, Romney’s policies would not only shrink what he pays to the government, they would also boost his income, and roughly double the amount of money that he can pass along to his children when he dies.

~~snip~~

But what Romney’s tax release did underscore is the fact that these days many wealthy American’s pay a surprisingly low percentage of their income in taxes. What’s more, all of the tax proposals put forth by the Republican candidates, Romney included, would significantly lower what Romney and other wealthy Americans can expect to pay in taxes come 2013. And as a result, all of the plans are likely to significantly add to the national debt as well.

Ironically, it’s Gingrich’s plan that would lower Romney’s personal tax bill the most. “If Romney was really greedy, he would drop out of the race and endorse Newt,” says Bob McIntyre, director of the liberal group Citizens For Tax Justice. Under Gingrich’s proposal, Romney would pay almost no federal income taxes, saving him nearly $6.4 million a year in 2013. Romney would also save money under the tax plan of Rick Santorum, who is also running for the Republican nomination, than under his own plan.

Perhaps unsurprisingly, the tax plan that would be least friendly to Romney’s wallet would be Obama’s. Under the tax plan the President proposed last year, Romney would pay nearly $4 million more in taxes in 2013 than he did in 2010.

(Excerpt) Read more at business.time.com ...


TOPICS: Front Page News; News/Current Events; Politics/Elections
KEYWORDS: elections; gingrich; newt; romney; taxes
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To: 50mm
Roy Baty gets the zot!

Roy Baty : I hope Romney Wins!

Admin Mod: Wake up! Time to get zotted!"

21 posted on 01/25/2012 7:10:19 AM PST by DCBryan1 (Id rather have a man who wrecked his marriage as POTUS than a man who wrecked his country!)
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To: DCBryan1

I think sometimes the boss is so fast on the draw, we get little time to play with them, like a mouse on a string.


22 posted on 01/25/2012 7:12:22 AM PST by ZX12R (FUBO GTFO 2012 !)
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To: Roy Baty; 50mm
I sure hope Romney beats Newt, they are both moderates but I do not look forward to seeing sleazy Newt on my TV for the next 4 years! Also, Romney did not make money from Fannie Mae like the newtster.

Roy Baty is batty! Roy Baty is batty! I mean, come on, sometimes these things just write themselves...

Now for the fun...

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23 posted on 01/25/2012 7:31:40 AM PST by bcsco
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To: Roy Baty; 50mm; darkwing104; Arrowhead1952; Darksheare; onyx; TheOldLady; Lady Jag; Allegra; ...

24 posted on 01/25/2012 7:43:43 AM PST by Old Sarge (RIP FReeper Skyraider (1930-2011) - You Are Missed)
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To: CodeToad

NO TAXATION WITHOUT REPRESENTATION!!!


And if we were represented, what would the tax rate be????


25 posted on 01/25/2012 7:54:59 AM PST by DH (Once the tainted finger of government touches anything the rot begins)
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To: willk

Tell you what.

Lets line all of Newt’s wifes up head to foot and measure how long they are together.

Then lets line up everyone who was aborted with in Massachusetts taxpayers’ money under Romney’s HealthControl, and see which line is longer.


26 posted on 01/25/2012 7:57:04 AM PST by Psalm 144 (Voodoo Republicans: Don't read their lips - watch their hands.)
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To: Psalm 144

Ah the perils of cut and paste edits before the first cup of coffee . . . Should read:

Lets line all of Newt’s wifes up head to foot and measure how long they are together.

Then lets line up everyone who was aborted with Massachusetts taxpayers’ money under Romney’s HealthControl, and see which line is longer.


27 posted on 01/25/2012 8:02:31 AM PST by Psalm 144 (Voodoo Republicans: Don't read their lips - watch their hands.)
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To: 50mm; darkwing104; Old Sarge; Jim Robinson
The Mitt-Heads are relentless and the zot pings are coming fast and furious. Maybe we need a space age zotting tool? Atari makes one.


28 posted on 01/25/2012 8:06:00 AM PST by word_warrior_bob (http://www.youtube.com/watch?v=Vs6qZd_xP1w)
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To: Roy Baty

29 posted on 01/25/2012 8:11:29 AM PST by Condor51 (Yo Hoffa, so you want to 'take out conservatives'. Well okay Jr - I'm your Huckleberry)
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To: DH

Our founding fathers had tax rates of about 3%. Compare that to what it is today, around 55% is taken by federal, State and local taxes. 55%. Half. Just how is that fair? It isn’t. Nowhere in our Constitution does it say “Take half from one group and give it to another”.


30 posted on 01/25/2012 8:15:10 AM PST by CodeToad (NO TAXATION WITHOUT REPRESENTATION!!!)
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To: word_warrior_bob

That would be awesome!


31 posted on 01/25/2012 8:16:40 AM PST by CodeToad (NO TAXATION WITHOUT REPRESENTATION!!!)
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To: word_warrior_bob

Oh wow, “Missile Command”! I loved that game!


32 posted on 01/25/2012 8:20:26 AM PST by Old Sarge (RIP FReeper Skyraider (1930-2011) - You Are Missed)
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To: Jim Robinson

“Of course if Newt gets his way and drastically cuts the income tax, then the federal government can’t possibly live on the reduced tax revenues and that has the establishment in a panic.”

Actually, if Newt gets to implement his plan, the economy would likely rebound enough that federal tax revenues went UP. A LOT.


33 posted on 01/25/2012 8:22:25 AM PST by piytar (Rebellion is here! Free Republic is on the front line! NEVER SURRENDER!)
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To: CodeToad

Nowhere in our Constitution does it say “Take half from one group and give it to another”.


I’ve seemed to miss something on your post. Where did I state we had to “take half from one group and give it to another?”

My basic statement stated that ALL AMERICANS pay the SAME tax rate as anyone else...no exceptions. However, under the income tax laws over 40% don’t pay any tax at all!!!!! Take a wild guess who pays their tax burden?

Since any type of individual income tax is reported by the individual, complete with a whole host of exceptions, they can cheat...which in turn, causes the honest payers to pay more. With a sales tax that has no exceptions other than businesses buying physical materials and inventory to either sell directly or indirectly through manufacturing or direct sales in which the tax will be paid upon the sale, everyone from whores, crackheads, illegals, welfare cheats,and a whole host of those not currently paying DON’T REPORT THEIR INCOME TO THE GOVERNMENT, they actually pay the tax upon the purchase of all goods, entertainment and services they buy.

The value of the sales tax is if you wish to save money you can without taxation by the government. When you spend it, you are taxed.

How much more fair can that be?


34 posted on 01/25/2012 8:44:27 AM PST by DH (Once the tainted finger of government touches anything the rot begins)
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To: Roy Baty; TheOldLady
This kitty has just about seen it all now in the way of idgits.

Kitty

35 posted on 01/25/2012 8:46:32 AM PST by jazusamo (If you don't like growing older, don't worry. You may not be growing older much longer: T. Sowell)
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To: Roy Baty

I thought Bozo the Clown Died years ago.

Both moderates?

Yuze Bat Shiite Crazy...


36 posted on 01/25/2012 8:50:51 AM PST by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: Roy Baty
I see you have already been banned but maybe you will still be able to see this: Romney has over $500,00 invested in Fannie Mae and Freddie Mac.

And when Romney ran Bain Capital, they had even more than that.

As for Newt making $1.6 million of them.

I could have advised them the same way Newt did for a few dollars less. And they would have ignored my advice as well as Newt's.

37 posted on 01/25/2012 8:55:17 AM PST by N. Theknow (Kennedys=Can't drive, can't ski, can't fly, can't skipper a boat, but they know what's best for you.)
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To: Roy Baty
I sure hope Romney beats Newt, they are both moderates but I do not look forward to seeing sleazy Newt on my TV for the next 4 years! Also, Romney did not make money from Fannie Mae like the newtster.

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38 posted on 01/25/2012 9:37:54 AM PST by dragonblustar (Allah Ain't So Akbar!)
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To: Jim Robinson

Wow. These class warriors are either ignorant or flat out liars. I suspect a little of both. Anyone discussing the issue that doesn’t understand that investment $ is very likely already taxed....


39 posted on 01/25/2012 9:47:26 AM PST by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
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To: 50mm

Shades of Buddhist monks. I guess he is joining Glenn and Ann.


40 posted on 01/25/2012 10:39:33 AM PST by TFMcGuire (Liberalism Is Hatred)
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