The stauatory tax rate on business profits is 35%. However, due to the many deductions and loopholes, actual tax rates are closer to zero. So, basically, Romney is lying his ass off.
Mitt Romney's taxes are calculated using what his accountants call inferential accumulation. Romney pays 35% in corporate taxes, plus 15% in capital gains taxes. He donates about 13% to charity, pays about 10% in state and local taxes, and pays 30 to 35% embedded tax on everything he consumes. He will be leaving an estate worth hundreds of millions to his family, so there's the 35% estate tax rate that he'll pay even though he's dead, so Mitt Romney's tax rate is actually 143%. Got that?
So that means when you buy a gallon of gas you should not pay taxes on that gas because the money you are using was already taxed when you earned it. Doesn't that mean you are being doubled tax?
Romney is right he had to pay tax on that money twice once as income and once as capital gains . 53% of Americans pay NO federal tax i say we make them pay their fair share .
Well, he does make sense when he says that capital gain is effectively taxed twice, at the corporate level and then at the personal level when it is received as dividends or whatever.
But he is FLAT OUT wrong to claim that he pays almost 40% in taxes because he pays 15% in income tax and then gives another 15% to charities... that's not 40% but 30%, and since when did charities count as paying taxes?
The stauatory tax rate on business profits is 35%. However, due to the many deductions and loopholes, actual tax rates are closer to zero. So, basically, Romney is lying his ass off.
getplaning 4 weeks ago 4
Mitt Romney: He'll say ANYTHING to get elected. I don't trust him!
asphyxiafeeling 4 weeks ago
Mitt Romney's taxes are calculated using what his accountants call inferential accumulation. Romney pays 35% in corporate taxes, plus 15% in capital gains taxes. He donates about 13% to charity, pays about 10% in state and local taxes, and pays 30 to 35% embedded tax on everything he consumes. He will be leaving an estate worth hundreds of millions to his family, so there's the 35% estate tax rate that he'll pay even though he's dead, so Mitt Romney's tax rate is actually 143%. Got that?
getplaning 1 month ago
@getplaning
Are you serious?
1tephania 1 month ago in playlist Liked videos
@1tephania Of course not. But I wouldn't be surprised if Romney's campaign tried to push this over on people once they see it.
getplaning 1 month ago
So that means when you buy a gallon of gas you should not pay taxes on that gas because the money you are using was already taxed when you earned it. Doesn't that mean you are being doubled tax?
jxh261 1 month ago
This has been flagged as spam show
Romney is right he had to pay tax on that money twice once as income and once as capital gains . 53% of Americans pay NO federal tax i say we make them pay their fair share .
imN0Ttheone 1 month ago
Well, he does make sense when he says that capital gain is effectively taxed twice, at the corporate level and then at the personal level when it is received as dividends or whatever.
But he is FLAT OUT wrong to claim that he pays almost 40% in taxes because he pays 15% in income tax and then gives another 15% to charities... that's not 40% but 30%, and since when did charities count as paying taxes?
1tephania 1 month ago 2
He is utterly delusional, pay you fair share Mitt, the rest of us do.
shaktimandanSF 1 month ago 3
Tax shields, tax deferment, economic development aid, and he likely paid zero taxes, especially in 2009!
rijderunner 1 month ago 2
Comment removed
sparlin2007 1 month ago
Mittens seems to think that because he says something, it's true.
It's the republican way. Truth is what you say it is. Facts are just silly things that democrats use.
Rexcetera 1 month ago