Quote:
Originally Posted by kane
According to Bloomberg only about 50% of his income is from investments the rest was from other sources. There are enough loopholes and tricks that he can lower his rate dramatically. He isn't alone. Warren Buffett only paid 11% in 2010.
What I am getting at is that the tax code is so complex and filled with so many holes most people don't end up paying anywhere near the actual supposed tax rate for what they earn.
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It was/is my understanding that Romney does not have a job and does not own a business and lives entirely off of investments...but I could be wrong. None the less you probably are correct about most people not paying the highest rate.
I sold all of my business enterprises a few years ago and invested the monies and I am currently completely retired. When I was earning monies from business I had various accountants over the years and always told them not to be creative...other than using normal business deductions...as I never minded paying taxes...so I always payed near to or the highest rate of income tax. I now do my own taxes and pay the highest rate for Capital Gains taxes...and do not mind doing so...though I do get irritated over many things the government spends monies on.