In the two years total (2010 and 2011 (est)) the Romney's made ~$42.5 million.
They donated ~$7 million.
They paid ~$6.2 million in Federal taxes.
I am looking for numbers, NOT the same tired arguments from other threads.
So tell me what is a "fair" amount to give to charity and pay in federal taxes on $42.5M over a 2 year period.
I wanted to be a Monk, but I never got the chants.
I have absolutely no problem with the amount of taxes he paid and the amount he donated to charity.
If the figures are accurate, he donated 1/6th of his income to charity.At that level of course he'll get concessions, still a nice gesture on paper.He paid 1/7th of his earnings for tax.Again, nice chunk on paper if his earnings were recorded accurately.
This is for a two year period? To compare, I didn't donate 1/6th of my income to charity in the past two years.I got taxed fairly heavily for what little I made tho
Maybe wealthy people would pay a reasonable and proportioned amount of taxes if the laws weren't so convoluted and stupid. The Tax Code is a fuggin' bible.... five million words or something?
If you make shitty tax laws that take professionals to translate, is it a surprise some people find loopholes? Obviously the wealthy are going to hire lobbyists & lawyers to go to work for them in Washington and make a game of it.
Spending 5 billion hours of America's time on this is a joke. Streamline and simplify tax laws and everything will be dandy. It would put a shit load of lawyers, lobbyists and accountants out of work though
Last edited by Godfather; 01-25-2012 at 02:15 AM.
I agree.Using accountants with IQ's of 160 to massage numbers to the point where the rich person in question can't even be audited because no one can follow the white rabbit, is unfair
Look at that, 2 Canadians talking US tax law. They'll love that
(In seriousness, the same shit applies up here too)
Was searching for this quote immediately below and came across another quote by Einstein
“If you can't explain it simply, you don't understand it well enough”
"The hardest thing in the world to understand is income tax."
Neither of you cannuckleheads answered the question. What is the correct tax and donation level for $42.5M over two years?
Per Obama's SOTU address tonight, Romney should have paid a minimum tax of $12.75M.
I wanted to be a Monk, but I never got the chants.
I paid almost 20% in taxes when all was said and done..(deductions for mortg. interest paid etc.) I think.. I can find out exactly if my math is fuzzy.. My accountant is a Republican and he said always budget 30% for estimated taxes when you prepay quarterly like we do. So that being said, His tax rate is low compared to what the middle class paid. Whatever he chooses to give to charity is on him as long as he does it post tax.. Give it all away to charity, I could care less..
My accountant also said... Dont be sad if you pay a million dollars in taxes.. It probably means you made 3 million dollars..
Last edited by Muddy; 01-25-2012 at 03:16 PM.
I checked mine yesterday, I won't say exactly how much I made last year, but it was more than $50K and less than $75K and I am single with no deductions other than my personal exemption and my deduction for my IRA contributions. My effective tax rate was just over 13.1% last year.
Originally Posted by RBP
It depends. What does current federal law say is fair?
to give to charity? None - All, its not a requirement
Just based on income...
It depends. What does current federal law say is fair?
over $388,350 you would pay $105,062 + 35% of the excess over $388,350
But then there are huge amounts of things you can do to reduce your taxes.
Thanks to Goofy for my sig
That's according to our law? Or Canadian law? Or are they the same?
That is US Code Section 1(a) - from the Rev Proc 2011-52
Thanks to Goofy for my sig
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