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Agilent Technologies Inc. Message Board

  • bjspokanimal bjspokanimal Mar 4, 2013 3:33 PM Flag

    Prof_emilio and his "amazingly effective 47%er lie"

    Thank you for bringing up Romney's tax bracket. The more we discuss this, the more the readers of this thread of thought will understand.
    You are correct. Romney's "personal" overall tax rate was just a hair under 14% (that's an "average" rate, NOT a "marginal" tax rate... eg: the rate paid on his "last doller" of income").
    You are not correct about overall earned-income rates. They range from 0% (47% of americans pay that rate) to through various brackets up to Obama's newly-established 39.6% bracket for those earning above $400k/year. The VAST majority of Americans pay a lower "average" rate than Romney. Even someone who is in a 15% "marginal" bracket typically has an "average" tax that constitutes easily less than 10% of his/her income.
    Regarding Romney, most of his income came from "qualified dividends"... which are taxed at a marginal rate of 15%.
    "What a ripoff!!"... most socialists would contend... "why should he get of for 15% on his dividends with people making well short of $100k a year pay 25 to 28% on the margin??!!"
    The reason is because the tax on dividends was lowered a decade ago because dividends are "double taxed".
    They are taxed once at the corporate level as corporate earnings at upwards of 35%, then again at the personal level at upwards of 15%....
    .... for a total tax, under current law, of 50%.
    Obama, knowing that most americans have NO IDEA how this works, took advantage of it by seating Warren Buffett's secretary in the front row of the 2012 state of the union address to make a lie... uh, er, "point":
    Why should warren buffett's secretary pay an "average" tax of 20% when Romney pays less than 15% even though Romney has 100 times the income of Warren Buffett's secretary?
    The reason: Warren Buffett "deducts" his secretary's salary as an "expense" whereas the companies that pay Romney his dividends can't deduct them... and pay upwards of 35% tax on them. Therefore, the TOTAL tax on bufftett's secretary is 20%, vs Romney's 50%.
    Spok

 
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53.11Apr 15 4:03 PMEDT

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