I never paid less than 13% in Taxes

@Cycloptichorn,

Roger wrote,

Quote:

Those are what you get from risk free sale of your labor and skills.

What do you mean by "risk free sale of your labor and skills?"

Do you have any understanding of Econ 101?

@cicerone imposter,

Guess not. My first Economics class was 251.

If you work for wages, just what investment do you feel you have at risk. Please, if you say 'your time and education' I'm likely to either refer you to your own question, or send a link to Spendi.

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@roger,

You are now interpreting what you wrote into a narrow one.

What you wrote were,

Quote:

Those are what you get from risk free sale of your labor and skills. Neither acknowledges the risk associated with most investing activities.

Why is your labor and skills "risk free?" And, what are the "risks associated with most investment activities?" To labor to earn income isn't a matter of risk; it's from necessity. Investments are choices made by the investor; they don't have to invest/gamble; that's a choice.

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How much of that 13% was from state, property, sales, gas, and a combination of other taxes? He never said he paid at least 13% in federal income taxes. I pay at least 13% of my income in "taxes" too on top of what I pay in income taxes.

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@JPB,

Our sales tax by itself in our county is 8.25%. For Romney to say he pays "over" 13% the past ten years doesn't say much except for the fact that his statement doesn't prove anything. He's essentially telling everyone to "trust me."

He belongs on the laffer curve.

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@JPB,

Good question. My assumption was Federal Income Tax, but now that you mention it. . . .

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@roger,

roger wrote:

If there were no more profit/reward from investments than savings instruments, why on earth would anyone risk their money.

Investments with higher risk generally have potentially higher rewards/earnings. It is the potential for greater return that drives investment in higher risk. Just take a look at 401k accounts for example. In a 401K account tax implications are out of the picture since all gains will be taxed as ordinary income. Yet higher risk investment choices are still very popular.

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@mesquite,

Sure, some do. Some go for security.

Point is, each of us have our own comfort zone interms of risk/reward. When you start nibbling at the reward by way of taxes, it's obvious the risk/reward ratio is going to change. I do not think you are trying to tell me that taxes do not influence the choice.

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@JPB,

We don't know, just like we don't really know if Rommey never paid less than 13% on his income taxes other than his just saying so because he refuses to release more than one year's worth of income taxes. (when you look at that, you can kinda see why he would be worried about giving fodder for the mill) The entire line of argument is bogus from the start because there is no proof to back up his assertions.

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@Cycloptichorn,

Cycloptichorn wrote:

roger wrote:

Should there not be some incentive to compensate for risk?

Isn't that called 'profit?' It's not enough that you earn money through zero effort of your own - you have to be incentivized to do so?

Cycloptichorn

Dammit! There's something wrong with my computer. I can't give this post more than one thumbs up.

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@JPB,

He also mentions that he gives 10% to charity. "Charity" may equal "the Mormon Church." I am sure the Mormon Church does many good and decent things in this world, but I am not sure I would consider the money a Mormon gives to the Mormon Church to be "giving to charity." As I understand it, Mormons are required by their religion to tithe...give 10% to the Church. The Church, in turn, uses the money any way it chooses, which (I suspect) often is to better the condition of the Mormon Church.

1 Reply

@Frank Apisa,

Don't people get deductions for charity as well even if to a charity to a church?

Quote:

What Charitable Organizations Are Considered Qualified?

Most charitable organizations qualify for tax-deductible donations, but not all. Look for the 501(c)(3) designation to be absolutely sure. Some organizations, such as churches or other religious groups are not required to register as IRS tax-exempt charities in order to receive tax-deductible donations. The charity will tell you if your donation is tax deductible, plus you can search for the charity at the IRS website.

source

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@roger,

What else are they going to do with their money? Stuff it in a mattress?

If they make a profit, they get taxed on it.

Are you telling me you think people will refuse to make a profit because they might have to pay taxes?

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Capitalists are funny. When child labor laws were brought in, they holwed that they would be put out of business. When wage floor and hourly ceilings were brought in, they howled that they would be put out of business. When collective bargaining and fair labor standards were brought in, they howled that they would be put out of business. When workers compensation and unemployment insurance were brought in, they howled that they would be put out of business. They howl at anything which interferes with them making the most money for the least outlay. I am rminded of the Catalan blessing "May no new thing happen."

Guess what, capitalists are making more money than they ever have in the past.

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@raprap,

raprap wrote:

Romney, I never Paid less than 13% in Taxes

It doesn't matter that he never paid less than 13%. 13% is already too little given that other people are paying 30%.

I don't blame rich people for exploiting whatever loopholes they can find in the current tax code, but the tax code is broken if it allows different people to pay different amounts.

Everyone should pay the same percentage. And if poor people need assistance, then it should come through some other form, not through reduced taxes. The only way to ever make it fair is to take the same percentage from everyone (and every corporation).

Romney is not the problem here. And rich people are not the problem. The problem is that our tax code is broken and needs to be fixed. Unfortunately, only Congress can fix it, and Congress is broken too.

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@rosborne979,

I think you need to complete the circle and acknowledge that it's those who have the most influence in Congress (the richest of the rich) who have lobbied to have the tax code become what it is. Congress is only beholding to the taxpayers on election day. Every other day belongs to the lobbyists.

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@JPB,

Word

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Quote:

Congress is only beholding to the taxpayers on election day. Every other day belongs to the lobbyists.

Just wanted to repeat that.

Joe(echo)Nation

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@DrewDad,

That will depend on how much they have to pay in taxes. If they feel the taxes are too high they will shift their investments to different types of investments where the taxes are lower. If taxes on all types of investments are to high, they very well could shift their investments over seas to countries where the taxes are lower and the profits are better. France is about to become an example of this:

http://www.bloomberg.com/news/2012-07-04/france-raises-taxes-on-wealthy-companies-to-narrow-budget-gap.html

1 Reply

@Baldimo,

Offshoring ain't anything new, and it doesn't really prove your point.

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I never paid less than 13% in Taxes

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