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Tuesday, August 7, 2012

Is Mitt Romney part of the 99% of Millionaires that pay within a certain range of taxes, or part of the 1% that pay virtually nothing?

Mitt Romney is right that once he releases his income tax results, no matter what he paid, the Obama camp will attempt to skewer him. 

A discussion needs to take place between the media and other millionaires as to what percent they are paying on their income taxes, so that a standard can be in place PRIOR to Romney releasing additional income tax information.

I just want to know that Romney is within a range, a widenormal percentage range, of what 99% of millionaires pay. None of us knows what that widenormal percentage range is. Is it 5%, 8%, 12%, 15%? 

I won't be too thrilled if Romney's percentage of income tax payment is not within the percentage range of what 99% of other millionaires pay every year. And Romney can add in the percent he pays in charitable deductions as well if he likes, as long as that is factored in for other millionaires.

Have I missed something?

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Bob said...

I lose 35% of my (pension) income to taxes; if Mitt is paying less than 30%, I'm not gonna be happy.

Alessandro Machi said...

OUCH! 35%

My understanding is that a certain portion of SS is not taxable, then after a certain threshold, it becomes taxable.

How do you get to 35%? 35% of the total? Were you a college administrator with a huge six figure salary?

Unfortunately very few people want to reveal their situation so it's hard to learn why some get screwed over and some do not.

At 35%, I bet there is something you could do to lower that, no?

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