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Mitt's effective tax rate

bobknightfan said:
People with $450,000 mortgages shouldn't be worried about paying taxes.
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I'm trying to save up so my kids can go to Wake ;)

you missed the point though. I was trying to debunk the point that the MI deduction was insignificant to how people buy houses and do their budget.
 
Liquid Karma said:
I doubt that very much.

If you file with Turbotax, the cover page of your filing documents should show an effective tax rate number. Our effective rate on our federal return was right around 15% last year. Don't have the state one in front of me, but I'd guess it's in the 5% range.

I bet most people don't even sniff the actual tax rate of the bracket they are in.
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I'll double check, but recall I was a single renter, we get screwed. Could have sworn I paid north of $30k the last few years but maybe not.
 
2&2 Slider To Leyritz said:
Sure, if you happen to be using mill machinery. For purposes of my example, assume no mill machinery is involved. Or assume it is all mill machinery, I don't care. Including or removing that one line item doesn't swing the pendulum in BKF's favor as to the overall argument - the business owner is still going to pay a hugely disproportionate amount of total taxes relative to his take-home dollars as compared to the generic worker.
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mill machinery pretty much means just about any machinery involved in the manufacturing process.

And the business owner isn't paying the taxes, the business is. They are two distinct entities.
 
Not if he's a sole proprietor or a disregarded single-member LLC (at least in the eyes of the IRS). The issue being discussed is how much total taxes are contributed relative to the income generated by the person. For purposes of the discussion, you can't ignore the taxes that are paid by the business simply because he elected an s-corp versus an alternative structure. The taxes were still paid in order to generate his income.
 
Alright, so I wasn't at 30% of my income (and I'm including fed and state taxes here) but I was pretty damn close.
 
RJKarl said:
It was played against him as being out of touch with regualr people...his speaking French....his great sailboarding....
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I think his point is you didn't start a fucking thread about it in 2004 with Kerry.
 
I didn't have to RWers staerted them every week. When one died another was started.
 
GVegas said:
5% interest rate. 28% fed tax bracket and 7% state tax. you do the math.

Assuming tax rates stay the same if the mortgage interest deduction went away, it would be a huge tax increase for America is the point I was making.

It would debilitate the housing market, everyone would be better off renting.
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Pretty simple concept, really. Not sure why so many think we'd be better off without the deduction. It would be crippling to taxpayers and more crippling to the housing market and people who make their livings in it.
 
Romney is keeping millions offshore in the Caymans.

OOPS........
 
EatLeadCommie said:
Pretty simple concept, really. Not sure why so many think we'd be better off without the deduction. It would be crippling to taxpayers and more crippling to the housing market and people who make their livings in it.
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Wouldn't be a tax increase if it was grandfathered in. Also wouldn't effect the Americans who can least effort it if it was capped.
 
EatLeadCommie said:
Pretty simple concept, really. Not sure why so many think we'd be better off without the deduction. It would be crippling to taxpayers and more crippling to the housing market and people who make their livings in it.
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If it phases in, wouldn't it eventually reduce the value of the homes, making housing more affordable, and therefore reducing the associated debt and interest payments on mortgages?

So instead of paying higher interest and being able to recoup some through tax rebates, people would just pay lower interest costs to begin with.

It will screw existing homeowners and banks so the phase-in would be tricky for sure, but X years down the road I don't think it screws people that much.
 
Romeny is becoming a combination of Thurston Howell III and Marie Antoinette.
 
RJKarl said:
I didn't have to RWers staerted them every week. When one died another was started.
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Yeah, I'm sure there was a lot of outrage from the right over rich ol' Kerry not paying his "fair share."
 
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