Can People as Rich as Romney Escape Taxes? They Can.

[Crabtownboy]

I am sure they legally avoided paying any taxes at all ... zero and it was legal.

Evidently, it is.

It so happens that this summer the Internal Revenue Service released data from the 400 individual income tax returns reporting the highest adjusted gross income. This elite ultrarich group earned on average $202 million in 2009, the latest year available. And buried in the data is the startling disclosure that six of the 400 paid no federal income tax.

Besides the six who paid no federal income tax, the I.R.S. reported that 27 paid from zero to 10 percent of their adjusted gross incomes and another 89 paid between 10 and 15 percent, which is close to the 13.9 percent rate that Mr. Romney disclosed that he paid in 2010. That means that more than a quarter of the people earning an average of over $200 million in 2009 paid less than 15 percent of their adjusted gross income in taxes.

http://www.nytimes.com/2012/08/11/b...-tax-returns-common-sense.html?pagewanted=all

 

[Robert Snow]

Do you pay more tax than you have to?

 

[Crabtownboy]

Do you pay more tax than you have to?

Probably. I am not rich enough to hire accounts and tax lawyers to advise me on how to avoid paying taxes.

How about you?

 

[billwald]

If Romney's taxes were increased by 5 times would his standard of living decrease? 10 times? I doubt it.

If your taxes were were increased by 10% would your standard of living change?

We probably give as much to the kids as we pay in income tax so if our taxes were doubled our standard of living might not change but their's might.
<G>


Read someplace that tax loop holes save big business more than they pay in income taxes.

 

[LadyEagle]

The topic of Mr. Romney's taxes has been covered at length in the politics forum. This is merely a duplicate thread on the same topic and is being closed. Please do not start duplicate threads in these forums. This is basically a violation of

Posting Rule #13: No cross posting. Do not post the same message to more than one forum.

Changing the title does not change the substance of the duplicate message.

Lady Eagle
Moderator