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Witholding rates vs. Actual Rates
#1
Sheesh all the Libs had their knickers in a twist when Romney released his 2011 Income Tax return. Oh My! he only paid 14.1%! That
s less than .... the 20% the Pres paid?

Well you decide. I got a little more curious. So I invented a family of 4 with a $50,000 Adjusted Gross Income, all based on wages. So using the 2011 form 1040 we get a standard deduction of $11,600 and 4 exemptions of $3,700 each (another $14,800) both of which reduce our AGI to a Taxable Income of $23,600 which makes a tax payable of $2,686. Which just happens to be 5.4% of the original $50,000 income.Tongue

You should note, I haven't applied any of the depedent child or earned income credits.
Brick, proud to be a member of pa2a.org since Sep 2012.
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#2
Romney paid taxes on income derived from investments. Obama paid on regular income. They're not taxed the same.
Interdum feror cupidine partium magnarum Europae vincendarum
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#3
I just checked 2010 and 2011 federal tax returns.
I paid 16% in 2010 and 15.4% in 2011 even though we were in the 28% bracket (married filing jointly). It would have been much less if we had a mortgage.
But we also paid 5% state income tax and 10% of our income for real estate taxes as well as another 5% for SS and Medicare and 7% NJ sales tax.
That's 35% total tax burden but I guess a third of my income is not paying my "fair share".

BTW, Obama paid 27% federal in 2011 but made $1.7 million which puts him in the 35% bracket. Seems like he is cheating the American people out of 8% of his income taxes by exploiting loopholes.
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#4
How come so much state tax. It's a flat 3.07% with a couple allowable deductions?
28% that puts you at an adjusted gross of between 82 to 171K. Jeez spread the wealth brother. LOL
Take this trouble for me: Make sure my shepherd dog remains a working dog, for I have struggled all my life long for that aim ~ Max von Stephanitz

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#5
Exbiker;16413 Wrote:How come so much state tax. It's a flat 3.07% with a couple allowable deductions?
I lived in New Jersey in those years. Higher taxes and less deductions.
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#6
Coops;16212 Wrote:But we also paid 5% state income tax and 10% of our income for real estate taxes as well as another 5% for SS and Medicare and 7% NJ sales tax.
That's 35% total tax burden but I guess a third of my income is not paying my "fair share".

BTW, Obama paid 27% federal in 2011 but made $1.7 million which puts him in the 35% bracket. Seems like he is cheating the American people out of 8% of his income taxes by exploiting loopholes.

I understand what you're trying to say, but, I was speaking only of federal Income taxes. To me it is a non-starter when someone rolls state and local and real estate taxes into a discussion of federal income since all of those other taxes can and might be a deduction under federal tax law.

I guess I should have checked first, when I listed 20% for the Pres. I checked the White House site and find his 2010 taxes listed (not 2011) and his payment was right on 26.2%.

But, I just got lucky and found this:

Quote:Jay Carney, the White House press secretary, noted in a statement that Obama's 2011 effective federal income tax rate is 20.5%, and that the president's own policies would result in higher taxes for the Obama family

From: http://money.cnn.com/2012/04/13/news/eco.../index.htm

So gee, the Pres makes order of magnitude more than me and pays almost the same rate? Now is that fair? (Note: I really don't give a rat's ass as long as what he's paying and what I'm paying are legal and correct!)
Brick, proud to be a member of pa2a.org since Sep 2012.
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