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In reply to the discussion: Rec if you pay a higher effective tax rate than Mitt Romney [View all]Jeff In Milwaukee
(13,992 posts)8. Bear in mind, folks, that if you work for a living....
You've got a 7.65% tax rate (most years) from Social Security and Medicare alone. If you live in a city with municipal income taxes, you could be paying an additional 1-3% on top of that. And THEN you've got your federal and state income taxes.
So a lot of people are closer to paying 13% than they think. Remember, Mittens doesn't pay Social Security and Medicare taxes on his capital gains and dividends, and in many municipalities, income from these sources are exempt, as well. So you're miles ahead of Little Lord Fauntleroy right out of the gate.
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i was gonna just post this. paying higher rate than romney and sure majority on du are,
seabeyond
Sep 2012
#1
Also, if they didn't take so much in taxes we could afford to go on a trip (maybe London? Isreal?)
SaveAmerica
Sep 2012
#12
Yes, I'd reroute taxes that are going to wars and give some to Vets and the VA
SaveAmerica
Sep 2012
#36
My state taxes alone are more than Romney's effective federal tax rate. n/t
lumberjack_jeff
Sep 2012
#22
Oh come on. Everybody except Exxon pays a higher rate than Mitt. It's perfectly legal.
librechik
Sep 2012
#29
collecting my social security now, paying no taxes, so I'm officially a "freeloader"
mountain grammy
Sep 2012
#34
Most people, including those posting on this thread, don't know what their effective rate is.
former9thward
Sep 2012
#37
I'd like to introduce you to Alaska, Florida, Nevada, New Hampshire, South Dakota...
jeff47
Sep 2012
#62
I'm working on the Obama campaign. Lots of retired people but all paying their taxes.
JDPriestly
Sep 2012
#105
What matters to me about Romney's statement in his speech is that, although he had lots of money,
JDPriestly
Sep 2012
#106
I'm coming in at 21-22%. But that's not counting my secret accounts in the Caymans and Bermuda.
Bucky
Sep 2012
#63
Between Federal and State Income, Social Security, Medicare, and Property Taxes
TheOther95Percent
Sep 2012
#86