So, Mitt's taxes came out today...paying 13.9% this year. Oddly, he ended up paying more to the Mormon Church than he paid in taxes. Does it seem odd that somebody who has not paid into Social Security for years can comment on ending it? So...thoughts? Is this guy one of you? Do you still support him?
If he donated more to Kiwanis or the Red Cross than he paid in Federal Taxes would you still be making this point?
Members of the Mormon church are also encouraged to donate beyond the 10% amount of tithing. Most members go without two meals one Sunday each month (a fast) and donate the amount that would be spent on those meals as a 'fast offering,' which is used to help those who need food or shelter in hard times. There are also donations for mission work, education or other needs. These are all entered under charitable donations at tax time, so donations to the church (any church, for that matter) will not always be 10% of an income. It can be more, or it can be less, if an individual doesn't tithe. The amount of Income Tax, however, is determined through federal statutes.
Don't underestimate the generosity of humans to others. While it's true there are some 'greedy' people on Earth, many very wealthy people know they are fortunate and blessed; they give millions of dollars to churches, synagogues, charities and even the government - as seen by the man who wants to donate about $7 million to help restore the Washington Monument.
When we had devastating fires here in Texas last year, donations poured in from everywhere. It heartened those who lost homes, and reinforced again that we are all brothers and sisters on this Earth.
That's all true, and if you read the thread, no one is arguing that Romney shouldn't have donated so much money to his church. His after-tax earnings are his to do with what he wants.
The problem is that donations to churches and charities alone could never even come close to covering all the social, infrastructural, and administrative costs of running a country. And the tax tier for the ultra-wealthy is far too low, and has been too low for a long time, to cover those costs.
Well, why shouldn't he pay more to his Church than to Washington?
After all, he might spend the afterlife in heaven, but he will never get to live in the White House
Very good point!
I think the issue is not how much money he paid in taxes himself - he played by the rules - but the fact that he has an incentive to perpetuate and even worsen a system that makes him pay far less in taxes as a percentage of his income than people who earn a fraction of what he does. In fact, his tax proposals make this clear:
http://www.washingtonpost.com/blogs/ezr … _blog.html
"Because Mitt Romney pays a lower tax rate than his secretary, and his tax plan would lower his tax rate even further."
"Because Mitt Romney pays a lower tax rate than his secretary, and his tax plan would lower his tax rate even further."
That's the problem for Romney and all the other candidates who don't have a glimmer of what the growth in inequality of wealth and income is doing to the country and all of whom have proposed tax changes that would make it worse.
Romney wants to lower capital gains tax on people who make under $200,000 per year, so he wouldn't qualify. Under Newt's tax plan, however, Mitt wouldn't pay any income tax.
Romney's tax plan is not revenue-neutral, never mind revenue-positive, which it'd have to be to solve our deficit problem. It would cost a staggering $6 trillion dollars.
My impression is that all of the GOP candidates are supporting steps that would increase the income and wealth gap in this country.
absolutely correct, I dont understand how he can support this.
No, they are supporting not paying more taxes to a government that does not and will not spend it appropriately. It is all about rewarding your campaign donors so you can get more money from them to get reelected.
The rates are high enough, it's the loopholes that are the problem. Obama and the Democrats had complete control of Congress and the White House when he took office. Why didn't they raise taxes and close the loopholes then? Why? Why didn't they fix all the issues that they claim the Republicans are keeping them from now? Why? They had the power, the control, why didn't they fix it all then if they ? Gutless, leaderless cowards, that's why and deep down, we all know it.
No president wants to come into office and start raising taxes. Especially during a recession.
Keeping the Bush tax cuts in place was a gift (concession).
Closing loopholes is not as simple as it sounds. And requires cooperation of both sides, in defiance of business.
Seems like a better way to make a splash up front would be something more far-reaching like the Affordable Care Act.
Unless Mitt broke the law, I don't care what he did with his money. It's none of my business. I don't want anyone telling me how to spend mine - what little I have. lol
And yes, I support Mitt. You do realize that Obama is a millionaire, too, right?
Quite a difference...one got a payroll check and has about 2 million, the other is worth $250 million, made from "vulture capitalism" of stripping corporations down to nothing, laying off the staff and raiding the pension funds, all under the guise of a 15% capital gains tax...while you paid 28%.
Gitrich also is a millionaire patron of Tiffany's.
I think that if they use every possible loophole to dodge tax rather than just pay the rate they are meant to, that is relevant. Otherwise, I don't care.
Mormons are required to pay 10% of their earnings. That's it. Any more was his own choice and none of our business. Besides, those earnings are used to fund things like storehouses of food and the money is used to support financially unstable Mormons, keeping them off Government assistance. The vast majority of American Mormons don't use food stamps or accept Government money even if they qualify. The tithing that Mormon members pay helps in that. Mormons also have a vast worldwide humanitarian effort and some of the tithing goes into that, or in subsidizing the Mormon university, BYU, which allows thousands of students with financial issues to get a high quality education.
Those who say it's "his own business" are missing the point. Romney is the embodiment of everything that is wrong and unfair in this country's tax code. AND he intends to make it worse.
It will be very interesting to see just what American voters' reactions will be when they understand they are paying a greater portion of their income to Uncle Sam than the millionaire asking for their vote.
It is only recently that the absolute inanity and regressiveness of the American tax system has really come into the consciousness of most people.
I think it is his business still, but even as a Mormon I'm not a Romney fan. Not a fan of any of the Republican candidates, really. I think I'm becoming a rare breed of Liberal Mormon or something.
I think if he's making that much, he can certainly afford to be taxed his fair share.
He was taxed his fair share when he made the money that he ended up investing. Now he is being taxed again on the same money, just at a lower rate.
If it's the same money, then why is there more of it?
Um, no. That's not how it works. You're taxed on income and gains. The "second" time he's being taxed is on the appreciation of value, not the principal.
Ok, but is there any candidate that doesn't have those same characteristics? Any candidate that doesn't take advantage of the current loopholes?
The Church of Jesus Christ of Latter-day Saints provides relief and development projects for humanitarian purposes in countries all over the world. Projects operate without regard to the nationality or religion of the recipients. They've given $1.3 BILIION dollars in humanitarian aid to countries and people around the world regardless of their religious, economic, social status, or race. That amount does not include the church welfare it gives to the members of the church that need it. I give the same percentage. What of it?
That's great. And there was a Mormon "peace corps" before Kennedy's Peace Corps.
MissE, you seem like a beautiful person. the LDS church does alot of good but so does the red cross the naacp ect. it does not make them the true word of God. I wish you would read all of my post. I see that i must write a hub.
While Romney does contribute to his church, which really amounts to a great deal of it going to philanthropic causes, Gingrich is funding Tiffany's growth and showing a brilliant example of the US Government's encouragement of increasing debt to "stimulate" the economy. As suggested, how anyone spends their money is their business, assuming it's not promoting delinquent causes. Good for Romney for choosing philanthropic causes over funding Uncle Sam's idea of debt management which brilliantly lined the pockets of all the big corporation money machines.
It's pretty apparent to nearly all Americans that the tax laws favor the rich and over tax the rest. It certainly isn't a secret. All the more reason to listen a little more carefully to proposed plans, read candidate platforms, etc. But the caveat will be whether or not the next POTUS has enough power and clout to reign in congress. Unfortunately, Obama's Hope campaign wasn't powerful enough to bring agreement and consensus to the very power hungry congress. So my question remains who is has the skills to bring such consensus to legislators who are mad at America for threatening their jobs? I'm just not sure.
If I am not mistaken, Newt pays more in alimony to his 27 ex-wives than all American citizens pay in taxes combined
While Governor of Massachusets he didn't cost the Massachusetts taxpayers anything for salary, he gave it all back to the state. You bet I respect a guy who does that and who puts sincerity into his faith, pays a generous tithe, doesn't profit from his book when others pour their book profits into their own pockets or campaign, who rescued the Winter Olympics and gave that compensation ($1.4 million) to charity. Perhaps President Obama did the same charitable donation with his $1 million for his Nobel Peace Prize. Mitt Romney has a consistent record of charity which Christians call the pure love of Christ. We could do, and have done, a lot worse when voting for our leaders. If the media is looking for scandals to sell their papers, I think they have some house cleaning to do first before dipping into their arsenal of stones.
+++Romney is far preferable to Gingrich. But I'm an Obama supporter.
He did not give it back to the state...he made a new position for his friend, and gave him the salary!
What Christian Love?
He cut funding for poor kids to get glasses and have dental care.....while signing a law for police officers to get a boost in pay for taking cooking classes!
He also refuses to denounce a dirty cop who covered for the sexual abuse by a fellow officer of a teenaged girl.
He cares about Romney and anyone who will further that ego. IMHO. Why is he willing to have war with Iran when none of his 5 sons ever put their lives on the line???
Ummm...Obama never served, either. Are you happy with Mr. Peace Prize's "non wars"?
I completely understand Mitt Romney's dedication to his (our) church. And I don't think it's my business what he pays in taxes, or what any other politician pays.
It sounds like I'm not the only LDS member here . . .
Romney charity givings 2010 and 2011: 7 million
Income 2010 and 2011: 42 million.
Avg tax rate 2010 and 2011: 14.5%
He gave 15% of his earnings to charity. 30 times the average person in his tax bracket.
The way I see it he was obligated to give millions of dollars to a government that can't handle it's own finances, and he gave even more to a church that is far more financially responsible than our government could ever hope to be.
I can see where this is heading.
First we criticize Biden for declaring too little on his taxes for charitable giving.
Now it's all about how much candidates tithed to their churches.
"My candidate gave 10% and his church does more good stuff around the world than your candidate's church."
If your church requires a 10% tithe as a condition of membership, complying with that requirement does not make you a generous, philanthropic hero. It makes you a member of the church.
And that has no bearing -- plus or minus -- on your ability to serve in government office.
It has bearing on a person's character.
Romney chooses to pay the tithing any way you look at it. Paying more than he needs to shows a little about him. Not saying it's everything, but it's something.
This coming from someone who thinks that paying taxes is a good thing....
How much is too much??
http://dealbook.nytimes.com/2012/01/24/ … f=business
How much is too much? Are you referring to taxes or tithes. The answer to that should be obvious. Taxes certainly have a quantifiable amount as to how much is too much, and I believe we have already reached it.
Paying Tithes or donating to charities or philanthropies, I believe has no quantifiable amount. Unless it's more than one has.
Churches ought to pay taxes like everybody else!
You apparently didn't bother reading the linked article. The issue is how much more inequality can our system take before a majority loses faith in our democratic free enterprise system. For the past 30 years there has been a huge redistribution of income from the middle class and poor (the 99%) to the 1% or .1 percent super rich. None of the GOP candidates have shown the slightest recognition of this fact. All are proposing changes in taxation that would increase the disparity of income and wealth in this country.
Perhaps the real problem is that this Federal Government of ours has far too many social, infrastructural, and administrative costs. Perhaps we have come to expect and demand far too much from this Federal Government. Perhaps if you got rid of so many of the social and infrastructural costs the administrative costs would hugely decrease as well. I like so many others don't mind a bit paying our fair share to finance the federal government. The problem is that we are forced to pay a "fair share" to cover social and infrastructural and therefore administrative costs that we neither desire or require.
You keep pointing to the wealthy and ultra-wealthy, as if you feel they are cheating you out of something. You keep saying that their "fair share" is far too low. Why don't you take advantage of the same tax benefits they are and reduce your tax burden down to be equal with theirs.
That is the truth of it isn't it. It's not really that they are paying to little. It's that you are paying too much. Why don't you organize your life so you can pay less, just as many others have.
Maybe. The problem is that the vast majority of people who make this argument (Republicans) seem to forget how huge of a chunk is spent on the military (over $1 trillion), and things like the $1 trillion Medicare reform.
It makes complaining $60 billion for infrastructural improvements look like an exercise in numerical illiteracy.
I'm afraid the middle class doesn't have nearly the amount of political power as the ultra-wealthy. I'm sure that most people would happily trade places with your average billionaire.
You are correct, and when they became billionaires, they would act the same way as billionaires do now. Billionaires are the same as us only willing to work harder and risk more to get there. Oh, that, and they have billions!
Absolutely agreed on the first point. Billionaires are people, with the same good, bad, greedy, and generous impulses as other people.
On the second: So a billionaire has worked 10,000 times harder than a person who has made $100,000 over the course of their working life?
Worked 10,000 times harder? Maybe, maybe not. Learned to leverage their efforts and skills 10,000 times more effectively? Yes.
I have an idea.
Let's go equal. straight across the board, whether you make 10 bucks a year or 100 bucks a year, everybody pays the same, say 20% on their earnings.
This would be fair and balanced any way you wanna slice it.
when we go to the grocery store to buy our groceries, the prices we pay, are based on the "upper average" income bracket for that area. This folks, is unfair, but what's the solution?
My idea of fair would be, not a straight 20% across the board on earnings. But, rather a straight 20% across the board on your purchases of consumer products.
Well, let's go equal in pay then!
We all make the same pay...$57,000 a day! I could live on that.
And make sure ghetto schools are equal to suburban schools.
And the neighborhoods must be equal.
And the quality of air and water...those coal plants are mighty toxic..let's put one in Belmont!
see where this gets? It's not equal to begin with....so why should the taxes be?
We are not saying that the average person pay the same dollar amount.
Just the same percentage on what one earns.
Rcollester3, made the suggestion to pay an equal tax on purchases bought.
This sounds like it would be a tax, in addition to, the straight across the board percentage of tax paid on earnings.
No, not an additional tax. A replacement tax. I would like to see the tax on all consumer goods purchases replace the income tax.
by Stacie L 7 years ago
WASHINGTON (AP) — President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.A White House official said the proposal would be included in the president's proposal for long term deficit...
by paradigmsearch 6 years ago
Those who are more knowledgeable than me (which is pretty much everyone ) can sort this one out..."Yet Mr. Ross told me that he paid 102 percent of his taxable income in federal, state and local taxes for 2010. “My entire taxable income, plus some, went to the payment of taxes,” Mr. Ross...
by Susan Reid 6 years ago
Wow. 500,000 households making more than $100K per year and 7,000 millionaires paid no income tax in 2011.Do they consider themselves "victims" do we suppose?Are they lost causes who will never "take personal responsibility and care for their lives"Excerpt followed by...
by JaxsonRaine 6 years ago
This is about Obama claiming that Mitt's tax plan can't possibly work, and that it would cost $5 trillion in tax cuts.The top 1% of Americans pay an effective tax rate of 24%. This is a fact, I have mentioned it many times, it comes directly from the IRS.The average AGI for someone in the top 1% is...
by Sooner28 6 years ago
"I'm going to champion small business. We've got to make it easier for small businesses. Big business is doing fine in many places -– they get the loans they need, they can deal with all the regulation. They know how to find ways to get through the tax code, save money by putting various...
by Credence2 6 years ago
In recent history, every presidential contender has had to show the American people that he or she conducts their affairs in an open and honest way. Mitt Romney is not the exception. His resistance to releasing these returns, as encouraged by many in his own party, creates a reason to believe that...
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|