47%: It begins!

[AlpsStranger]

Link to video.

So it's as dumb and pointless as most political ads. Still, it's interesting that it's already starting.

 

[Angst]

It's not dumb or pointless, technically. Thoughts:

1) it saddens me that Romney is such an idiot
2) it saddens me that that's the state of American democracy to hold such views and/or make such commercials

 

[holy king]

mitt romney really is whatever you want him to be.
he's basically america's teenage lover.

 

[Angst]

Interesting YouTube quote:

The % he's talking about is welfare recipients, They are dependent on the GOV.

Is this true? I did flinch at the clip prolly being cut out of context. Has Romney made a statement about this? Has the uncut clip been released?

 

[warpus]

American politics are the laughing stock of the rest of the Western world.

which is scary, because the office of the president of the U.S. affects us all..

And that's not to say that we don't laugh at our own politicians, cause we do, it's just that yours are far more entertaining.

 

[bhsup]

If that's from the obama campaign, doesn't he have to say he approves of that ad?

 

[LucyDuke]

Perhaps not if it doesn't air on television. Or perhaps it's not from them.

 

[bhsup]

Hmm, I didn't think about an exemption if it doesn't actually "broadcast." Good call!

 

[hobbsyoyo]

Interesting YouTube quote:

The % he's talking about is welfare recipients, They are dependent on the GOV.

Is this true? I did flinch at the clip prolly being cut out of context. Has Romney made a statement about this? Has the uncut clip been released?

He's being purposely misleading. He should have said 47% don't pay income taxes, as everyone pays sales tax, property tax, and other assorted taxes. 10% of Americans are elderly who are on Social Security, so they don't pay it. Another big chunk are poor enough that they get full refunds on their income tax, but still pay payroll, Medicare, Social Security and Medicaid taxes.

Here's a breakdown, courtesy of Windfish:

Spoiler :

Spoiler :

He also conveniently neglected to mention he pays less income taxes than most working class Americans, and that he won't won't release the rest of his taxes (which many assume means he paid 0% income tax in certain years). Also neglected: he games the tax system to pay as little as possible, but doesn't find it at all hypocritical to call out the working poor for not paying income tax because they're poor.

 

[Angst]

I'm sorry to put it this way, but if that's true; I think he's a douchebag and I hope for a better American future than his wicked rule.

 

[hobbsyoyo]

I hope for the same. I posted a breakdown for you^^

 

[bhsup]

He also conveniently neglected to mention he pays less income taxes than most working class Americans

Well now that's a bit misleading as well. His income tax RATE is higher than most average Americans and his absolute amount he pays is higher as well simply because of how much he makes. His rate on capital gains is lower, probably, than most Americans.

 

[luiz]

He's being purposely misleading. He should have said 47% don't pay income taxes, as everyone pays sales tax, property tax, and other assorted taxes. 10% of Americans are elderly who are on Social Security, so they don't pay it. Another big chunk are poor enough that they get full refunds on their income tax, but still pay payroll, Medicare, Social Security and Medicaid taxes.

To say he was being "purposely misleading" is silly and goes to show how out of hand Obama supporters are blowing this. He was not trying to convince anyone of anything, he was talking to a small group of people who already support him and contributed to his campaign. He was outlining his reasons for ignoring a large part of the electorate, which may be a stupid thing to do, but he was not trying to mislead anyone because those listening already endorsed him (except the guy who sent the video to Mother Jones, I suppose).

 

[Angst]

I'm disgusted by him and those numbers.

 

[Murky]

This what's going to be in the news for weeks. We'll probably get tired of hearing about that video after a day or so.

 

[History_Buff]

Well now that's a bit misleading as well. His income tax RATE is higher than most average Americans and his absolute amount he pays is higher as well simply because of how much he makes. His rate on capital gains is lower, probably, than most Americans.

I know what you're trying to say, but when has anybody cared about the absolute amount of tax he pays. It's completely irrelevant to the discussion unless you're trying to build him into some Randian super hero. And I know for a fact you're better than that.

 

[del62]

Just a question for Americans, what is the difference between Income and Payroll Tax?

 

[Murky]

Just a question for Americans, what is the difference between Income and Payroll Tax?

Payroll Tax mostly goes towards Social Security and Medicare. Everyone pays this who gets a paycheck regardless of how much you make.

Income Tax is what you pay based on your income. People below a certain income level generally don't have to pay income tax(or they pay it in and get it back the following year after they file their returns.)

 

[hobbsyoyo]

Just a question for Americans, what is the difference between Income and Payroll Tax?

Technically, a payroll tax is a tax paid by the employer based on its payroll. An example would be the employer portion of U.S. Social Security (Old Age and Survivor’s Insurance or OASI) or unemployment insurance (FUTA, for Federal Unemployment Tax Act). There may be all sorts of variations, such as limits on the level of wages on which the Social Security tax is applied. Colloquially, I’ve heard the term used for the entire Social Security program, including the employee portion, as you suggest. The income tax comes from the employee based on their income and, from a theoretical or policy (but perhaps not from a psychological) standpoint, is considered distinct.

http://blogs.library.duke.edu/answerperson/2004/09/21/what-is-the-difference-payroll-and-income-tax.html"]
Can someone tell me how to replace the link text with my own text so it says something different, please?

Well now that's a bit misleading as well. His income tax RATE is higher than most average Americans and his absolute amount he pays is higher as well simply because of how much he makes. His rate on capital gains is lower, probably, than most Americans.

Yes the absolute amount is higher as (e.g.) 15% of 5,000,000 > 20% of 40,000. But IIRC, his income is solely or mostly capital gains. Which means he gets taxed at a lower rate than the income of most people like you and I. And when you factor in all of the tax breaks and loopholes his army of tax lawyers throw in, the rate ends up something like 14.7%. Which is rediculously low, even for capital gains.

 

[del62]

Payroll tax sounds a bit like our National Insurance