US Republican hopeful Mitt Romney 'pays 13.9% tax'

[Samson]

BBC News - US Republican hopeful Mitt Romney 'pays 13.9% tax'

US Republican presidential candidate Mitt Romney has said he expects to pay about $6.2m (£4m) in taxes on income of $42.5m in the last two years.

Now is that fair ?

I suspect that Obama supporters will say unfair - discuss !

[Nick]

US Republican presidential candidate Mitt Romney has said he expects to pay about $6.2m (£4m) in taxes on income of $42.5m in the last two years.

Now is that fair ?

Whether it's fair or not has nothing to do with Mitt. This is the system Congress established, and Mitt fully complied with our revenue laws (as far as I can tell and have read). As Warren Buffett said, "He's not going to pay more than the law requires, and I don't fault him for that in the least." We tax capital gains and dividends (which were already previously taxed at the corporate level) at a lower rate. One of the reasons we do is that if you're investing your own capital, you are risking your own money, the reward is a lower tax so that people are encouraged to invest in businesses and create jobs. At least in this instance, it appears to be an accurate rationale.

Now I think we can have a legitimate debate on how we tax investment income, but that's not going to happen. There will be two camps that just talk about how evil rich people like Mitt are and how they're "screwing" the "middle class."

[gundog]

Is he responsible for the current tax laws?
Is he breaking any tax laws?
Do you believe he should pay more taxes than what are required by law?

[Samson]

I can't fault your reasoning but the answer is " No it's not fair to the normal working man , but it's legal and is in fact good for the economy," or should I remove the first part of the sentence ?

[gundog]

I can't fault your reasoning but the answer is " No it's not fair to the normal working man , but it's legal and is in fact good for the economy," or should I remove the first part of the sentence ?

If it is so unfair why doesn't Obama put together some changes and make it fair?

Should capital gains be taxed as the same rate? Nick very clearly noted why it is taxed differently.

[Mark_J]

Didn't John Kerry and his rich wife only pay about 5% in taxes on a far larger amount?

[Samson]

If it is so unfair why doesn't Obama put together some changes and make it fair?

Should capital gains be taxed as the same rate? Nick very clearly noted why it is taxed differently.

As I said I can't fault your ( You and Nick's reasoning )

What do you think Obama should do ? Can't see tax hikes helping him get re-elected

"President Obama has said such income should be taxed at a higher rate, and that wealthy Americans and corporations should pay more tax to help trim the country's deficit."

[gundog]

As I said I can't fault your ( You and Nick's reasoning )

What do you think Obama should do ? Can't see tax hikes helping him get re-elected
"President Obama has said such income should be taxed at a higher rate, and that wealthy Americans and corporations should pay more tax to help trim the country's deficit."

Now you are catching on........it's all about getting elected. (for both sides)

Obama can say what he wants.....if he really believes it is a good thing lets see him do something about it instead of just using it to push class warfare.

Newt can cheat on his wife and then stand up there and talk about morals.......talk is cheap. I would sure be interested in seeing anyone try to fix tax loopholes.......if that's what they really even are......

[Aim]

I'm not sure why people would have an issue with this- if this is the tax rate for the income he submitted and he paid it- what more is he supposed to do? Just hand over money to the IRS?

[Ender's Mom]

Perhaps this will spur more people to become educated on how our tax system works... and if they don't like it, work to change it.

Of course I highly doubt this will happen.