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01-17-2012, 04:34 PM   #1
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Gingrich: His 15% Flat Tax Matches Romney’s Effective Tax Rate

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Earlier Tuesday, Mr. Romney estimated his effective tax rate is around 15%, lower than the 35% rate on ordinary income for top earners. On Tuesday, he said much of his income from the past 10 years has come from investments, which are taxed at a lower rate. At Monday’s GOP debate in Myrtle Beach, Mr. Romney the highest income tax rate should be 25%. “Paying more than 25% I think is taking too much out of our pockets,” he said.
Gingrich: His 15% Flat Tax Matches Romney’s Effective Tax Rate - Washington Wire - WSJ

01-17-2012, 05:28 PM   #2
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I saw that on CNN.

I pay effectively 50% tax (35% federal,15% California). This means that for every dollar I spend, I need to earn $2, and some because there is sales tax in Califonia.

I sacrifice my emotional and physical well-being and the time I can spend with my family so that I can treat and help dying children at an university children's hospital. I have worked extremely hard so that I can get myself into medical school. I have worked over 100hrs a week for 6 years after medical school so that I can become a competent physician. Now I work up to 120 hours / week.

As far as I am concerned, Romney can kiss my butt. For as long as I live, I will never ever vote for anybody ever again.
01-19-2012, 07:53 AM   #3
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Under the Gingrich plan, Romney would pay almost nothing.
01-19-2012, 02:53 PM   #4
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QuoteOriginally posted by GeneV Quote
Under the Gingrich plan, Romney would pay almost nothing.
Well, he that is the case, then Gingrich ought not to be elected either. This will then ultimately lead to the sentiment that no matter who gets elected I will remained screwed.

What I am thinking is this; I would rather give money to charitable causes instead of paying taxes. Is there a maximum amount money that I can give to the charity for tax purposes?? The less money I give the government, the better.

01-19-2012, 05:30 PM   #5
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QuoteOriginally posted by Fontan Quote
This will then ultimately lead to the sentiment that no matter who gets elected I will remained screwed.
with that attitude maybe you should look down this "path"........ won't help w/ your state taxes though........

–The Balance Sheet Boogie. Don’t you wish you could do it?
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Readers of this blog know dollars do not exist in a material form. You cannot see, touch or hold a dollar. It strictly is an accounting function — a number on a balance sheet — which the federal government has the unlimited ability to change.

This seems alien to the average person, who works his or whole life to obtain these ethereal numbers. But when dollars are viewed properly, it becomes easier to see why the federal debt is of so little import. It is under the total control of the federal government, which can change the debt simply by changing numbers in its balance sheets.
We all have been needlessly screwed since 1972............

good read........
http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf
QuoteQuote:
So what are the deadly (yet perhaps innocent) frauds? First,
government finance is supposed to be similar to household finance:
government needs to tax and borrow first before it can spend.
Second, today’s deficits burden our grandchildren with government
debt. Third, worse, deficits absorb today’s saving. Fourth, Social
Security has promised pensions and healthcare that it will never
be able to afford. Fifth, the U.S. trade deficit reduces domestic
employment and dangerously indebts Americans to the whims of
foreigners - who might decide to cut off the supply of loans that we
need. Sixth, and related to fraud number three, we need savings to
finance investment (so government budgets lead to less investment).
And, finally, higher budget deficits imply taxes will have to be higher
in the future - adding to the burden on future taxpayers.
Mosler shows that whether or not these beliefs are innocent,
they are most certainly wrong.
01-20-2012, 08:26 AM   #6
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QuoteOriginally posted by Fontan Quote
This will then ultimately lead to the sentiment that no matter who gets elected I will remained screwed.
It's not sentiment, it's fact; and it's the very essence of American politics.
01-20-2012, 09:14 AM   #7
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QuoteOriginally posted by Fontan Quote
I saw that on CNN.

I pay effectively 50% tax (35% federal,15% California). This means that for every dollar I spend, I need to earn $2, and some because there is sales tax in Califonia.

I sacrifice my emotional and physical well-being and the time I can spend with my family so that I can treat and help dying children at an university children's hospital. I have worked extremely hard so that I can get myself into medical school. I have worked over 100hrs a week for 6 years after medical school so that I can become a competent physician. Now I work up to 120 hours / week.

As far as I am concerned, Romney can kiss my butt. For as long as I live, I will never ever vote for anybody ever again.
As a person who lives in CA I realize the taxes are pretty bad, but they're not as bad as you stated. The tax brackets are progressive so even if you are in the 35% tax bracket, that only applies to any taxable income over $379,150. The amount below is taxed at decreasing percentages depending upon the amount. This is also true for the CA income tax brackets where, technically, the highest bracket is 9.30% for any taxable income over 48,029. However, if you have taxable income over $1,000,000 there is an additional 1% tax on amounts above that.

So, you may be screwed, but at least you're not as screwed as you thought.
01-20-2012, 09:26 AM   #8
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QuoteOriginally posted by wasser Quote
So, you may be screwed, but at least you're not as screwed as you thought.
Is being a little bit screwed like being a little bit pregnant?

01-20-2012, 11:17 AM   #9
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QuoteOriginally posted by Parallax Quote
Is being a little bit screwed like being a little bit pregnant?
LOL

I literally don't make enough right now to worry about taxes. With the exemptions I'm just under the threshold to pay them and I don't have state income tax here fortunately. But I do remember the taxes in CA and they were just murder in terms of what I lost. I'd be working 2 jobs, sometimes 3 and my take home pay would barely cover rent, food, utilizes. Cost of living, taxes, it was insane. I used to sweat just thinking about having to make an unexpected trip to the vet, dentist or a doctor. I had no insurance to take care of any of that. Still don't now.

Politicians have NO idea of how real people like me manage to live. They think that everyone makes a decent living wage and can afford to pay 15% of whatever income they're getting. They're absolutely wrong. 15% of my income such as it is would make a huge dent in my income. If they ever did away with the exemptions made it 15% across the board regardless I'd be so screwed they'd need to dig a hole 20 feet deep just to find my arse again. Might as well just throw some dirt into the hole and be done with it for all the good it will do me.
01-20-2012, 11:38 AM   #10
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Related, Krugman's latest: http://www.nytimes.com/2012/01/20/opinion/krugman-taxes-at-the-top.html
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