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Old 10-05-2012, 06:58 PM   #26 (permalink)
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You're trying to confuse the issue.

His actual legal tax rate was 9%. By not taking all the charitable deductions that he could have taken, he bumped it up to over 14%.
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Old 10-05-2012, 08:40 PM   #27 (permalink)
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Quote:
Originally Posted by Dirty Harry View Post
Clearly you have little understanding how the tax code works. He only pays 13% of personal income tax. The dividends from which his income is derived was already taxed at 35%, so technically his income is taxed at a rate of 48%. It's actually probably even higher if you factor in state and local taxes.

There is a reason why dividends are only taxed at 15%, and that is the reason.
WHAT?!
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Old 10-05-2012, 08:45 PM   #28 (permalink)
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A divided is a distribution of retained earnings from a corporate entity. The corporate income tax is 35%. This is the double taxation of corporate income. This is why dividends are not taxed at ordinary income rates.
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Old 10-06-2012, 10:04 AM   #29 (permalink)
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OMG ARE YOU AN ACCOUNTANT???

DH: He claimed less deductions than he could have in order to pay a higher tax rate. He voluntarily paid more tax than he had to.


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Old 10-06-2012, 11:49 AM   #30 (permalink)
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Honestly not even sure what you're arguing. You just said the exact same thing that I said in my first post.

Being an accountant has nothing to do with this. I don't even work in tax, you prick asshole.

The double taxation of corporations should be common knowledge. A dividend is a distribution of income that has already been taxed at the corporate level, which is 35%. Most of Romney's income is generated from these corporate distributions because he owns a fucking investment firm. Since this income was already taxed at the corporate level, and so as to not punish investors, the personal tax rate for dividend income is 15%. If you factor in exemptions and deductions, his personal income tax rate would be slightly less than 15%. He pays such a low personal rate because the income was already taxed at 35%.

I don't know what his reasoning was for not claiming his entire charitable donation deduction, but if you're going to give the guy shit because after giving 30% of his income to charity he didn't take the full 10% deduction on his taxes, then you're an asshole.

I'm sick of repeating myself, so this will be the last I comment on this issue. If you want to think differently about this, that's fine. You can go ahead and be wrong then.
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Old 10-06-2012, 12:59 PM   #31 (permalink)
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Quote:
Originally Posted by Dirty Harry View Post
He only pays 13% of personal income tax. The dividends from which his income is derived was already taxed at 35%, so technically his income is taxed at a rate of 48%.
So If he was paid $1000 would he be getting $520 in his pocket?
Don't want to put my foot out too far, not understanding the US system and y'all. but that seems like a royal fuck up.

Last edited by Dent; 10-06-2012 at 01:05 PM.
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Old 10-06-2012, 01:18 PM   #32 (permalink)
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On my phone so I won't quantify it, but this is how it works: Romney invests money in a firm and that firm uses the funds to carry out it's operations to generate revenue. That revenue is taxed at the corporate level before distributions to investors. Then, from what is left over, the firm can elect to distribute profits to investors. Whatever income the investor receives is taxed as personal income at the special dividend rate of 15%.
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Old 10-06-2012, 01:52 PM   #33 (permalink)
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Quote:
Originally Posted by Dirty Harry View Post
Clearly you have little understanding how the tax code works. He only pays 13% of personal income tax. The dividends from which his income is derived was already taxed at 35%, so technically his income is taxed at a rate of 48%.
Actually, wouldn't it be closer to a 43.5% tax rate? Seems like you're using Jerad Shaw math.

#YOLO
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Old 10-06-2012, 07:46 PM   #34 (permalink)
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Jerad Shaw Math, indeed. Trademark that shit.
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Old 10-06-2012, 09:16 PM   #35 (permalink)
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DH I don't think you get it... We're not giving him shit for how much tax he has to pay. We're giving him shit for voluntarily giving more than that.


The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.
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Old 10-06-2012, 09:36 PM   #36 (permalink)
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Yeah that was a mistake. As hard as it may be to believe, I do make them occasionally.

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DH I don't think you get it... We're not giving him shit for how much tax he has to pay. We're giving him shit for voluntarily giving more than that.
That's fine, but the only reason I even made a comment was bc of the Kanye west lyrics. This whole kind of thing pisses me off. It's just like how warren buffet can say that his secretary is in a higher tax bracket than he is. It's total bullshit. Warren buffet is an asshole, and the only reason he says shit like that is because he wants higher taxes so he can buy companies in a fire sale.
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Old 11-25-2014, 05:02 PM   #37 (permalink)
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Old 11-30-2014, 11:37 AM   #38 (permalink)
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