Romney's tax rate unfair

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That Mitt Romney pays taxes at a 15 percent rate on his income showed clearly how those with income other than wages and salaries benefit from the Bush tax cuts. If it was salary, he’d pay a rate of 35 percent.

What a gift to someone who doesn’t need it. He presumes to feel for those, and be ready to work for those, who must work 40 or more hours a week to earn a living.

I write this as a fellow beneficiary of the break – in my case for dividend income, which saved me at least $4,000 on my 2010 return. It is insulting to those who work hard for a living to be taxed at a higher rate than those who don’t have to.

All income – wages, capital gains, dividends and Romney’s pet loophole “carried interest” from Bain Capital, for instance – should be taxed at the same rate. There may be arguments for lower rates for capital gains or dividends, for example, but the result we have is intolerably unfair to wage earners, and must end.

I challenge Romney to say now that, if elected, he will push for an equal tax rate on every kind of income.

Victor Reilly

Aiken, S.C.

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augusta citizen
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augusta citizen 01/27/12 - 07:12 am
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I knew what to expect when I

I knew what to expect when I saw the name of the letter writer and he didn't disappoint. Liberal rhetoric intended to be divisive and induce more wealth envy.

Carleton Duvall
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Carleton Duvall 01/27/12 - 09:52 am
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There are two points that

There are two points that should be made. OOPS! Removed because blackindependent trumped me with three points. LOL

blackindependent
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blackindependent 01/27/12 - 07:52 am
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Three points to be made: The

Three points to be made: The writer focused on the Bush tax cuts and "those with income other than wages and salaries", but in campaigning to EXTEND those cuts, president Obama claimed that not doing so would cause ALL Americans' taxes to rise. Point two: Those who pay the 15% rate have already paid THE SAME RATES AS EVERYBODY ELSE when they earned the money whether it was last year or last century when they earned it, thus making THEIR tax rate FIFTY PERCENT! Real FAIRNESS would be if there were NO capital gains taxes at all. Point three: If these alleged "tax breaks for millionaires" were indeed eliminated, then Reilly wouldn't have any savings at all because he would have to pay CASH for everything. With nothing to gain from investing (except the risks that the secretary and MR Reilly don't have to take), millionaires, billionaires and middle income investors would put their money in the Caymans and more power to them. Let the American people see what life would be like if some rich guy didn't invest HIS OWN MONEY so others could buy on credit. If I ever became rich I would MOVE to the Caymans.

blackindependent
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blackindependent 01/27/12 - 07:56 am
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MR Reilly says "I challenge

MR Reilly says "I challenge Romney to say now that, if elected, he will push for an equal tax rate on every kind of income". Be careful what you ask for.
A man who had a withered hand prayed "Please make this hand like the other one" and BADABOOM! Now he has TWO withered hands.

david jennings
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david jennings 01/27/12 - 08:05 am
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It's not so much to do with

It's not so much to do with the tax rate that bothers Mr. Reilly. Read the first paragraph, Bush Tax Cuts, Romney. Those evil conservatives just don't care about working people. I write this as one who does not have any dividend income and do not envy Mr. Reilly because he does. Only worked 6 mo. last year and sent the Feds $5000 plus. I'm still happy to live in the best country, not whinning, I'm bragging.

augusta citizen
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augusta citizen 01/27/12 - 08:28 am
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blackindependent, true, kind

blackindependent, true, kind of like the couple, both 60 years old, and the man told his wife that he wasn't happy anymore. He said he knew it was terrible but he wanted a young wife, someone 30 years younger and BADABOOM he turned 90. :)

carcraft
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carcraft 01/27/12 - 09:01 am
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Well Obama has wasted over

Well Obama has wasted over $300 million on "green energy" bets. Solyndra that went bankrupt in Sept as predicted by the White House Budget office and now a battery company that received $110 million "green energy" loans has gone bankrupt (there are about 20 other grenn energy companies that Obama has bet on that have gone bankrupt). That is 2X what it took Mitt Romney to earn in his life. It would take Mitt Romney 30 years of taxes to pay for those two boondoggles. It would take me 200 years to earn that much money gross. So if you are one of the 50% of American house holds that pay federal income tax Obama wants to make sure that your money is fairly and eqaully wasted by the federal government! Is the problem really that the federal government needs more money or is it just that they waste too much. Where in the Constitution is the government given the mandate to make life fair?

carcraft
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carcraft 01/27/12 - 09:04 am
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Other note for Mr. Reilly-

Other note for Mr. Reilly- Forbes magazine ran the numbers,and for Buffet's secretary to pay an effective tax rate the same as a Romney or Buffet she would have to earn over $200,000 / year which would make her, according to the Democrats and Obama..drum roll please..RICH and she should be paying her fair share just like Romney or Buffet at the 35% tax rate...

allhans
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allhans 01/27/12 - 09:11 am
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I am certain Mr. Reilly knows

I am certain Mr. Reilly knows that Mr. Romney had to earn the income before he could invest the funds - so what is his problem.

JRC2024
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JRC2024 01/27/12 - 09:20 am
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Even the wage earner can have

Even the wage earner can have a retirement amount that earns him or her dividend and investment income if they would only start in their younger years and give up some of the things they think are important during their working years. Time is on their side and it makes alot of difference if you save a small amount each month or week all your working life. Sorry Mr. Reilly but I do not feel your pain. The money that anyone invests with has already been taxed at a higher rate. I know mine has been.

seenitB4
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seenitB4 01/27/12 - 09:24 am
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Gimmie some of your money

Gimmie some of your money JRC....I need a nail job today!!:)

JRC2024
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JRC2024 01/27/12 - 09:27 am
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SB4, I need to nail a few

SB4, I need to nail a few more nails. Thank goodness I got a good one yesterday. Kind of slow right now.

Fundamental_Arminian
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Fundamental_Arminian 01/27/12 - 09:33 am
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"I challenge Romney to say

"I challenge Romney to say now that, if elected, he will push for an equal tax rate on every kind of income" (Victor Reilly).

The tax rate should be equal not only for every kind of income but also for every amount of income, and the income from crime should be fairly taxed as well.

The only way to collect taxes from everyone is to implement the Fair Tax, a tax on consumption. That way not only law-abiding citizens but also criminals would have to give back to society.

Bruno
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Bruno 01/27/12 - 09:49 am
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Did he pay the amount

Did he pay the amount required by law?

bailmeout5
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bailmeout5 01/27/12 - 09:53 am
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Why would you want to tax

Why would you want to tax investments higher? People are trying to invest in their future and retirement so they don't have to depend on the gov't for assistance in a likely failing social security plan. Is it a crime to invest in stocks? or to start a trust? The lay public has no concept of these things b/c they are more interested in spending the weekends on the couch drinkin and watchin football.

Little Lamb
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Little Lamb 01/27/12 - 09:57 am
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"I challenge Romney to say

"I challenge Romney to say now that, if elected, he will push for an equal tax rate on every kind of income" (Victor Reilly).

Even President Obama has not pushed for an equal tax rate on every kind of income.

augusta citizen
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augusta citizen 01/27/12 - 09:58 am
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allhans said, "I am certain

allhans said, "I am certain Mr. Reilly knows that Mr. Romney had to earn the income before he could invest the funds - so what is his problem."

Of course he understands it, he just doesn't care, he is so liberal that he thinks the rich (read successful) should just have to pay until they aren't rich anymore. Just distribute the wealth from the hard-working to the gimme crowd.

Chillen
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Chillen 01/27/12 - 10:31 am
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Wealth envy rears its ugly

Wealth envy rears its ugly head. Again.

Mr. Reilly, you are welcome to earn all of your money through investments (some of which are winners and some of which will be losers) and then you can pay only 15%.

Are you ok with liberal loved General Electric paying ZERO taxes?

kmb413
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kmb413 01/27/12 - 10:55 am
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Why don't we look at Romney's

Why don't we look at Romney's charitable contributions and compare those to Obama's? I believe Romney's was around 40% and Obama was 1%. Is that fair????

The only way for everyone to pay a fair share is the Fair Tax.

Little Lamb
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Little Lamb 01/27/12 - 10:58 am
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To Obama (and other

To Obama (and other liberals), the only legitimate charity is the government.

dichotomy
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dichotomy 01/27/12 - 11:19 am
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Tell the whole story Reilly.

Tell the whole story Reilly. Tell the people that Romney paid regular income tax on the money when he made it the first time. Tell the people that there is absolutely no reason to risk your money investing in the stock market if the government is going to take 1/3 of any profit you make and the same government gives you virtually nothing if you lose your money. So in fact, 15% tax on dividends and capital gains is too much already. Why in the world would I invest $1 million dollars if the government is going to take $350,000 if I make a $million more, but if I lose my $1 million, the government is going to let me deduct only $3000? That is worse odds than the Vegas casinos or the lottery. And that $1 million of my money that I am risking, I have already paid my 35% tax on when I made it the first time. And don't kid yourself about this only affecting the "rich". If they change the Capital Gains tax rate it will affect middle class people who invest for their retirement. The fact is that the "rich" people do not have enough money to save this country. Any additional taxes will have to be paid by the middle class so be careful who you vote for. You are not going to get Mitt Romney's money and you are not going to get Warren Buffet's money. Any tax rate you raise, the government is going to get YOUR money. The answer is the CUT SPENDING and make the half of the country that is not paying any taxes pay a little something. Leave Mitt's money alone and tax the "poor". Let them feel what it's like to be successful by giving 1/2 their money to the government. Then they might actually have something to complain about and they might actually pay attention to who they vote for. It's no wonder that we have the awful political environment that we have today. When it comes to taxes our government's tax policies have made half of the country free loading bums while they crucify the other half. I can't imagine why the other half is upset. A "progressive tax code" infers that everyone pays some taxes and the wealthier you are the more you pay. Nowhere is "progressive tax code" defined as half of the people not paying any taxes and the other half paying all of the taxes. Tell them Mr. Reilly. Tell them about the 50% of the country that don't pay any taxes before you complain about people ONLY paying 15% on capital gains.

Dudeness
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Dudeness 01/27/12 - 11:21 am
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Fantastic idea. Let us

Fantastic idea. Let us further discourage investment! I can't think of a better idea to help stimulate the economy this coming year than for everyone to hold on to their money rather than investing it in any company or idea.

fiveobike1
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fiveobike1 01/27/12 - 11:31 am
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Two words.... FAIR

Two words.... FAIR TAX!!!!!!!!!!!!

bailmeout5
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bailmeout5 01/27/12 - 11:32 am
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Dichotomy, best post this

Dichotomy, best post this week.

follower
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follower 01/27/12 - 11:37 am
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Mr. Reilly, if you really

Mr. Reilly, if you really want to make a point, why not pay an extra 20% on your dividend income? Then you can snub your nose at Mr. Romney. As you are both paying the same rate, what are you crying about?

Go ahead there brother, jump out there and make it fair.

Dudeness
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Dudeness 01/27/12 - 11:39 am
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Dichotomy always the best,

Dichotomy always the best, most well-informed and educational posts. Even on the off chance that I disagree with him, he still makes me think and research the matter further. That kind of talent should not be kept hidden on a newspaper's online message board.

d1zmljqg
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d1zmljqg 01/27/12 - 12:54 pm
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Dudeness and Dichotomy I

Dudeness and Dichotomy I think you should look up "cost basis" wrt Capital Gains taxes. Say I invest $1000 in the stock market. Yeah, I have already paid tax on that sum. At a point in time a couple of years later my investment increased in value to $1250. The Capital Gains tax is based on the difference of the current value it was sold at less the cost basis value, which is $1000. So only the gain is taxed, i.e., $250.

I have past 1040 Schedule D records for more examples.

Dudeness
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Dudeness 01/27/12 - 01:01 pm
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I am aware that the

I am aware that the difference/gain is what is taxed (Capital Gains). It is already risky to invest your money, but the possible reward/gain is why people invest. If this reward becomes smaller and smaller (by taxing the gains more), then less people will continue to invest with there being less of a payoff for their risk.

David Parker
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David Parker 01/27/12 - 02:03 pm
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bigger risk = bigger gain as

bigger risk = bigger gain as well as bigger loss

no secret here. Nobody is forced to invest in risk, heck, nobody is forced to work.

The reason investment is popular is b/c unlike Vegas , the odds are not simply in the House's favor. If anyone expects me to back them up b/c they have to give a third of their winnings up in a system that favors them and not the House, they are gonna find themselves without backup.

Another option is to use the investment money to buy an island instead and run your own monetary system where you can amass 100% of de monet

burninater
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burninater 01/27/12 - 03:34 pm
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Two points: 1) The claim that

Two points:

1) The claim that taxing income from investments is double taxation is utter nonsense. The principal, not the earnings from that principal, is what has been taxed. It is not being retaxed. The gains from that investment are being taxed.

2) In at least one significant case, the argument that treating capital gains as income stifles investment has also been shown to be complete bunk.

"No one seems to have noticed it, but Romney worked those long hours and made those risky bets mostly during a decade-long period when capital gains were taxed at the same rate as labor income. For a brief shining moment, the 1986 Tax Reform Act that Romney's icon Ronald Reagan supported interrupted the steady decline of capital gains taxes and restored the simple idea that all income should be taxed equally. That is to say, Romney's own success suggests that low capital gains rates aren't necessary to encourage the kind of entrepreneurship that Romney now celebrates."

http://articles.cnn.com/2012-01-24/opinion/opinion_hacker-pierson-romney...

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