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Las Vegas Sands Corp. Message Board

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  • johnfox188 johnfox188 Oct 18, 2012 11:17 AM Flag

    Romney only pays 1.6% taxes because most of his income is not subject to the 12.4% social security tax

    Actually Mitt Romney who earned over 14 million in 2011 only pays Social Security taxes on less than one percent of his income, the other 99 per cent is free of the 12.4% social security deduction. People earning less than $110,000 have to pay 12.4% SS taxes plus around 7% local and State taxes so 20% of their wages are eaten up by taxes before the Federal deduction is added in...Romney only pays a total of 14% taxes...point is that people earning over $110,000 do not have to pay SS taxes on anything they earn over $110,000..that's a real break.

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