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Sunday, April 15, 2012

Tax issue simplified

President Obama paid just over 20% in taxes on $800,000 in household taxable income.

Mitt Romney paid less then 14% on over 60 million in reported taxable income, and is estimated to have a family net worth more than four times that amount.

This week Congress takes up what has been called the "Buffet Rule" which would tax the less than 22,000 Americans who make more than one million dollars a year in income at a 30% rate to help make up for the deficit and continue programs needed by the middle class and poor.

Romney is against the bill.

Obama is for it.

No one expects action during this Congress, as it is expected to drag well into the new congress which forms in January 2013 following the elections in November.

4 comments:

iheartblog702 said...

Im againts it too. I hope for once something good will happen and obama doesnt try to mess with it.

Miguel Santiago
April 15, 2012 758 PM

Anonymous said...

There is a difference in the type of tax one pays Obama pays on taxable income Romney pays capital gains which is 15% he didn't do anything wrong that's our tax rules and its allowed. Is it the right thing maybe not will it change not likely. If they do tax them at 30%, how will this affect us?
Phoenix Carmen

Anonymous said...

Once again I am on the fence. I can easily understand both points of view. I have lived paycheck to paycheck, eating 10 for $1 ramen noodles, living in a studio type apartment in a crap neighborhood, working 3 part-time jobs to pay my bills and walking to work because I didn't have a car. I never missed a payment. I never collected unemployment and I never applied for or collected any government assistance. I do believe government assistance is there for a reason. I worked in child support enforcement and often referred my clients to TANF. I do believe we need to have a system to assist those in need, but I also believe in working hard. I have worked very hard for everything I have. I live in a nice house, in a nice neighborhood, I drive nice cars and I paid 28% tax this year. We don't qualify for tax credits because we "make too much money". I don't feel like it is fair. I have worked so hard and don't like paying for programs that enable people who don't have the same work ethic that I do. I understand why Romney wouldn't want to pay more in taxes, because frankly it sucks. It makes me feel like I work harder for what? To give more of it away. I understand what Romney is doing in diversifying his money and looking for tax avoidance strategies. I am doing the same thing. As much as I understand taxing the rich will help the poor, I can look back and say I was poor and I worked my way out without government assistance. I think I tend to lean toward a federal sales tax on all goods and services and no income tax at all. Then, everyone pays including tax evaders, those working illegally: undocumented workers and people working under the table. Ultimately the rich would end up paying more in taxes anyway because logically they would have more money to spend and make more purchases than the poor. No system is perfect,but our current system seems broken. At least with a federal sales tax I wouldn't feel like I was being suckerpunched when I paid my taxes.

Martina - Phoenix HUM/114

Anonymous said...

I so agree with martina " no system is perfect, but our current system seems broken" I think the rich is getting richer and the poor poorer. No taxes can hurt the rich. They all get it back at the end of the year.
Juan Carlos
University of phoenix