Posted on 08/11/2012 4:38:44 PM PDT by moonshot925
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.
Almost. Romney did earn $593,996 in author and speaking fees in 2010 that still would 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.
(Excerpt) Read more at theatlantic.com ...
Good.
Awesome!! Think how many JOBS would be created if that money were working in the MARKETPLACE instead of going to the moronic bureaucrats in Washington, D.C.!!
This article is just another ultra-liberal outrageous lie.
I have some swamp land with gold underneath it in the Sahara Desert I want you all to buy.
Somehow, the United States survived from 1776 until 1913 without a permanent income tax. I’d like to see 0% again, too.
Wonder if O’Brien has an accountant?
And, if he loves taxes, why he has one?
well i think eveyone is going to have to get a little more realistic, dont you?
we should not be discussing raising any tax.Washington should stop spending ..we need to audit the fed and stop the sots in DC form tossing it out the window.
And this is bad how? His income has already been taxed. The government has already squandered that and trillions more and the only thing they have produced is generational welfare. Romney and every other American can spend their own money more productively and with more value added than any government anywhere.
And the advantage is gigantic: people can now create their own private "nest egg" savings and investment accounts for retirement and medical bills completely tax free, which tremendously reduces the financial pressure on Social Security and Medicare.
The failure of this article is using the term “taxable income” for capital gains. And a double failure, for using the term “taxable income” for money that, under the plan is not taxable.
The article starts with a meme that is a lie about not paying any taxes (for 10 years). Sure it uses future tense but the goal is to drive home Harry Reid’s talking point over the past 10 years.
Again with the “taxer” claim that Romney needs to release his “papers please”.
They didn’t want Obammy to release his birth certificate, his college transcripts, his...
The Atlantic staff can go jump in the ocean.
I’m stealing your comment....and putting it as the tagline on all my personal emails....’kay?
No. Wages get taxed again when you make a purchase. Sales tax. Taxes per gallon of gas. The government keeps laying more taxes even after taking income tax.
That is not a factor that is different from investment income. If you earn investment income, you pay sales tax as well when you buy things.
Fine by me. Have a great day! :-)
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