09-18-2012, 08:59 PM
Join Date: Oct 2005
Member Number: 728
Thanked 8,933 Times in 3,901 Posts
Re: The Romney Tape
Originally Posted by Killer
Instead of being outraged that Romney said 47% don't pay federal income taxes, be outraged that 47% don't pay federal income taxes.
Agreed - I am tired of 80 year olds that live off Social Security not paying their fair share
But contrary to popular myth the non-federal income taxpayers are not just welfare moms waiting for their next check that they will spend on wine and crack rather than birth control as they have yet another kid out of wedlock from yet another deadbeat dad who also is not paying income taxes'
When Romney talks about the people who don't pay taxes and tries to make you believe that 47 percent of us are moochers living off the system, it's important to recognize that the people who don't pay federal income taxes are mostly the elderly and students. And notice how narrow the category is -- it's only federal income taxes -- but there are lots of other types of taxes. When all things are considered, "nearly 100 percent of Americans pay taxes in some way, shape or form":
Incorporating the additional—and significant—other forms of taxation into our calculation leads to the conclusion that nearly 100 percent of Americans pay taxes in some way, shape or form. All consumers bear the burden of state and local property, sales, and income taxes, as well as excise taxes on items like gasoline, alcohol, or cigarettes. These other taxes tend to be regressive, imposing more of a burden on low-income families than on high-income families—the state and local tax burden is over twice as large as the federal tax burden for the bottom fifth of household
Moreover, low-income households as a group do, in fact, pay federal taxes. Congressional Budget Office data show that the poorest fifth of households paid an average of 4.0 percent of their incomes in federal taxes in 2007, the latest year for which these data are available — not an insignificant amount given how modest these households’ incomes are; the poorest fifth of households had average income of $18,400 in 2007. The next-to-the bottom fifth — those with incomes between $20,500 and $34,300 in 2007 — paid an average of 10.6 percent of their incomes in federal taxes.
When all federal, state, and local taxes are taken into account, the bottom fifth of households pays about 16 percent of their incomes in taxes, on average. The second-poorest fifth pays about 21 percent
Being poor is great - I wish I was such a lucky ducky