Memo To Mitt Romney: The 47% Pay Taxes Too

Memo To Mitt Romney: The 47% Pay Taxes Too
FORBES

A secret videotape of Republican Presidential candidate Mitt Romney talking at a private fundraising event earlier this year could revive—in virulent form— the debate Texas Gov. Rick Perry started last year when he complained of “the injustice that nearly half of all Americans don’t even pay any income tax.”

Romney at his most candid and impolitic.

Here’s part of what he had to say:

There are 47 percent of the people who will vote for the president no matter what.

All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it.

That that’s an entitlement. And the government should give it to them. And they will vote for this president no matter what…These are people who pay no income tax….

"[M]y job is is not to worry about those people. I'll never convince them they should take responsibility and care for thier lives

OK...47%???

let me make a few serious points about the 46.4% of American households who paid no federal income taxes for 2011.

First of all, according to the Tax Policy Center, more than 60% of those non-income tax paying households did pay federal payroll taxes—meaning Social Security and Medicare taxes. (Considering all Americans households, including those that owed income tax, 62% paid more in payroll taxes than in federal income taxes.)

Payroll taxes..

What of the 18.1% of U.S. households that paid neither income nor payroll taxes? More than half of them were headed by a senior–in other words, by someone who paid payroll taxes and likely some income taxes too, in the past.

Half of that 47% percent are retired SENIORS...that take no "responsibility for thier lives"...moochers..

Tax Policy Center researchers calculate that 16.7 million elderly households will pay no tax in 2011 because of those two breaks and a special low income credit for the elderly.

By comparison, the earned income tax credit, the child credit and the child care credit combined keep only 11.5 million households with kids from paying income tax.

And the other taxes of daily living beyond Federal Income tax?

Of course, it goes without saying, that those folks who aren’t paying federal taxes are almost all paying state and local taxes—state sales taxes, real estate taxes (either on their homes or built into their rents) and possibly state income taxes too, since those taxes tend to exempt fewer poor families than does the federal income tax. If they buy gasoline, liquor or tobacco, or have telephones, they’re also feeding the federal purse.

Read that above list again...now multiply it by 99...who pays more in everyday tax? 99% of America or the 1%?

It doesn't take a genius to understand that 99% of America pays those gasoline taxes...taxes on the grocery bill, etc. etc. etc. 99 times more often than the 1% in any given year. And the 1% doesn't eat 99 times more food than the average person...use 99 times the amount of gas etc.

Not all of those escaping income taxes have modest incomes, however. In 2009, according to Internal Revenue Service studies, six of the 400 U.S. tax filers with the highest adjusted gross income (meaning AGI of at least $77 million) paid no U.S. income tax, while 19,551 U.S. households with income above $200,000 owed no U.S. or foreign income tax.

Some other stats...

This 47% also includes almost all US Soldiers...

It includes Half of all households making between 30k-40k

A Quarter of households making making between 50k-70k

It includes college students and those blue collar, hard working, middle class families.

Just so everyone knows who Romney and his surrogates are referring to with folks who "take no responsibility for thier lives" and are looking for "handouts"

Interested in opinions ....

He's projecting his own evils onto 47% of the population. All the things he accuses them of, the accused could also say about him. Personally, I don't think Obama is any different behind closed doors, but what do I know?

Originally posted by ELectricalApprentice

He's projecting his own evils onto 47% of the population. All the things he accuses them of, the accused could also say about him.

Well that is too honest an observation...someone who hides thier vast fortune overseas to avoid paying taxes deriding half the country as "not taking responsibility for thier lives" for not contributing sufficiently in Federal Income Tax.

Line 7 of the 1040 tax form is where earned income is reported. Mr. Romney does work hard for his money. As do so so many of the 47% that he disparages. Difference is, Mr. Romney plays with the tax code weaknesses so that his earned income magically becomes, at the maximum, capital gains. He uses the federal treasury as swag and then berates grandma for taking the earned income tax credit. Gotta love it.

Mitt is the exalted savior who has come to save
America with overt globalist corporatism.

I paid income tax when I was working at McDonalds at
The age of 16.

America's mentality is sinking into the depths past all measures
Of idiocy. Mitt is your guy, sound bites are your future!

Swimming pools Across America will now be 2 feet deep!

Dive on in, head first!!!

reply to post by Indigo5

No they don't, it isn't paying taxes if you get it refunded at the end of the year, sometimes they get more than they paid in.

Originally posted by thepresident

Swimming pools Across America will now be 2 feet deep!

Dive on in, head first!!!

I'll take that two foot deep swimming pool filled with water. Why don't you go on ahead and jump in that pool covered with the very opaque pool cover. You know, the one that was supposed to be transparent? It'll be fine though cause it's filled with hope and change...just not any water.

You are right, of course, that the word "taxes" encompasses more than Federal Income Taxes. By manipulating the word "taxes" you can prove anything you want. However, the fact is that 47% of citizesn pay NO Federal Income taxes. You can't define that fact away. It is ALSO true that 47% of the country is on food stamps or some other sort of govrnment "assistance." The following figures are directly from the IRS and reflect 2010:

100%: 139,960,580 returns paid taxes of $1,031,512mil for 100% AGI for 100% of taxes
Top 1%: 1,399,606 returns paid $392,149mil for 20.70% AGI for 38.02% of taxes
Top 5%: 6,998,029 returns paid $213,569mil for 34.73% AGI for 58.72% share
Top 10%: 13,996,068 returns paid $721,421mil for 45.77% AGI for 69.94% of taxes
Top 25%: 34,990,145 returns paid $890,614mil for 67.38% AGI for 86.34% of taxes
Top 50%: 69,980,290 returns paid $1,003,639mil for 87.25% AGI for 97.30% of taxes
Bottom 50%: 69,980,290 returns paid $27,783 mil for 12.75% AGI for 2.59% of taxes.

AGI = Adjusted Gross Income. So to put this in story problem form:

The top 1% earned 20.70% of the income, but paid 38.02% of all income taxes.
The top 5% earned 34.73% of the income, but paid 58.72% of all income taxes.
The top 10% earned 45.77% of the income, but paid 69.94% of all income taxes.
The top 25% earned 67.38% of the income, but paid 86.34% of all income taxes.
The top 50% earned 87.25% of the income, but paid 97.30% of all income taxes.
The bottom 50% earned 12.75% of the income, but paid 2.59% of all income taxes

Now let’s put that in perspective.

The top 1% means your adjusted gross income is at or above $380,354.
The top 5% means your adjusted gross income is at or above $159,619.
The top 10% means your adjusted gross income is at or above $113,799.
The top 25% means your adjusted gross income is at or above $67,280.
The top 50% means your adjusted gross income is at or above $33,048.
The bottom 50% means your adjusted gross income is below $33,048.

So the top 10% paid $721 million in income taxes where the bottom 50% paid $27.7 billion.

And you want more?

Originally posted by Thunderheart
reply to post by Indigo5

 

No they don't, it isn't paying taxes if you get it refunded at the end of the year, sometimes they get more than they paid in.

You are talking about federal withholding...Social Security, Medicare...FICA contributions...are not refunded at the end of the year...Niether are sales tax? gasoline tax? Real estate taxes? or Real Estate taxes paid by rental payments? and dozens of other taxes?

Actually reading your post again...what are you talking about? Did you read the OP?

Originally posted by schuyler
You are right, of course, that the word "taxes" encompasses more than Federal Income Taxes.

By manipulating the word "taxes" you can prove anything you want.

However, the fact is that 47% of citizesn pay NO Federal Income taxes.

US Taxes: Are taxes paid in the United States
Federal Income Taxes: Are taxes paid to the specifically to the federal government specifically based on income.

If actual definitions are "manipulating" to you...your reason center has failed.

If you care not WHY they don't pay taxes...like HALF of that 47% collecting Social Security benefits that they have contributed to for a half century prior...then your moral center is failing.

Originally posted by schuyler
It is ALSO true that 47% of the country is on food stamps or some other sort of govrnment "assistance." The following figures are directly from the IRS and reflect 2010:

Government "assistance" includes Social Security and Medicare...(Half of them) funded by the same recipients in years past...also military family support programs...railroad retirement pensions...government employee retirement pensions (in place of Social Security) etc. etc.

About 14% right now recieve food stamps or similiar "welfare"...high number that needs to drop, but given the near economic collapse of our financial system, not so shocking.

federal income taxes account for just 27% of total government revenue collected in America. And the remaining three-quarters of the tax pie is quite regressive. The middle class may not pay much federal income tax. But they sure pay the payroll tax for Social Security and Medicare, which the rich can mostly skip out on since it only applies to the first $110,000 of wage income. (The Medicare levy, unlike its bigger Social Security counterpart, is not capped). The masses also pay a much greater share of their income in sales and excise taxes than the rich do, because they cannot afford to save.

The fact of the matter is that the American tax code as a whole is almost perfectly flat. The bottom 20% of earners make 3% of the income and pay 2% of the taxes; the middle 20% make 11% and pay 10%; and the top 1% make 21% and pay 22%. Steve Forbes couldn’t have drawn it up any better.

www.economist.com...

Originally posted by Thunderheart
reply to post by Indigo5

 

No they don't, it isn't paying taxes if you get it refunded at the end of the year, sometimes they get more than they paid in.

I had 7 years of my life making minimum wage.
I never got more than half of my money returned,
Ever...

Originally posted by thepresident
Mitt is the exalted savior who has come to save
America with overt globalist corporatism.

I paid income tax when I was working at McDonalds at
The age of 16.

America's mentality is sinking into the depths past all measures
Of idiocy. Mitt is your guy, sound bites are your future!

Swimming pools Across America will now be 2 feet deep!

Dive on in, head first!!!

Unless you made over about $16,000 at year total, when you filed your income tax, you got it all back.

You did file an income tax, right?

reply to post by Indigo5


Friendly warning to others, this page crashed my FF browser twice in a row.

reply to post by fourthmeal


What page?

My scytl browser crashed as well.

Originally posted by fourthmeal
reply to post by Indigo5

 

Friendly warning to others, this page crashed my FF browser twice in a row.

Originally posted by tkwasny

Originally posted by thepresident
Mitt is the exalted savior who has come to save
America with overt globalist corporatism.

I paid income tax when I was working at McDonalds at
The age of 16.

America's mentality is sinking into the depths past all measures
Of idiocy. Mitt is your guy, sound bites are your future!

Swimming pools Across America will now be 2 feet deep!

Dive on in, head first!!!

Unless you made over about $16,000 at year total, when you filed your income tax, you got it all back.

You did file an income tax, right?

That is completely false

I never got it all back. the 2 years I made around $6,000 in high school I received

Screw the income tax system - put a hefty sales tax on everything but food. Nobody can escape that.

The fact that Mitt Romney said these 47% wouldn't be attracted to his "lower tax message" proves that even HE doesn't believe "trickle down" works. Because if he thought it worked, he would be talking TO the poor, the dependent... He'd be trying to get their votes. But he's given up on them instead, thinking their the "moochers" of Ayn Rand fame. And he's a "producer"??? What does he produce? Except bigger bank accounts for himself and the rest of the 1%??

And he defended his words today on FOX. He basically repeated what he said!

Romney has been accusing Obama of being divisive... Hmmm. Seems he's trying to divide the classes with everything he's got.

Originally posted by Benevolent Heretic
The fact that Mitt Romney said these 47% wouldn't be attracted to his "lower tax message" proves that even HE doesn't believe "trickle down" works. Because if he thought it worked, he would be talking TO the poor, the dependent... He'd be trying to get their votes. But he's given up on them instead, thinking their the "moochers" of Ayn Rand fame. And he's a "producer"??? What does he produce? Except bigger bank accounts for himself and the rest of the 1%??

How is a tax message of lower taxes going to resonate with people that don't pay income tax? It doesn't really effect them, at least in the tax pocketbook. He is just being honest that his tax policies won't sway those voters since they don't benefit from it. Contrary to popular belief (at least on one side of the aisle), most job creation is the result of "rich" people creating/investing in businesses. I rarely see it work the opposite way with "poor" people.