Rmoney's Taxes vs. Your Taxes

[LiberalFighter]

Taxes on wages
[font color=blue]You[/font] - More than 1% --- Anyone receiving wages and have enough income that is taxed after exemptions and deductions. (I don't know what the lowest possible effective tax rate with real wages.)
[font color=green]You[/font] - 0% --- Anyone receiving wages and don't have enough income to taxed taking exemptions and deductions.
[font color=red]Rmoney[/font] - No Taxes

Social Security and Medicare taxes
[font color=blue]You[/font] - 15.3% (7.65% directly from you - 7.65% from your employer *The employer portion is still considered an employee expense by employers) (The tax is only on the first $110,100)
[font color=red]Rmoney[/font] - No Taxes --- It is only applied to wages

Capital Gains and Dividends In General
[font color=blue]You[/font] - 15% --- If you are lucky to receive enough to make a difference
[font color=red]Rmoney[/font] - 15% maximum --- Returns will be manipulated to reduce this by any means possible.


Personal Exemptions (2010)
[font color=blue]You and a spouse[/font] - $3,650 each -- $7,300 total --- $3,650 additional for each child
[font color=red]Rmoney and Ann[/font] - $3,650 each -- $7,300 total


Standard Deduction or Itemized Deductions (2010)
[font color=blue]You (standard deduction married filing jointly)[/font] - $11,400
[font color=blue]You (standard deduction head of household)[/font] - $8,400
[font color=blue]You (standard deduction single)[/font] - $5,700
[font color=red]Rmoney and Ann (itemized deductions)[/font] --- $4,519,140

Those with low income are most likely to take the standard deduction instead of itemized deductions.
$26,000 -- Amount of income tax exempt for a family of 4 taking only the standard deduction

28% of households had income $25k or less
35% of individuals had income $25k or less

23% of households had income $25k to $50k
36% of individuals had income $25k to $50k

Average deductions for households with $200,000 or more in taxable income is $64,000 (Does not include the personal exemptions)

How many have itemized deductions totaling more than the wages of low to middle income wage earners?

Whenever anyone complains about the 47% not paying taxes the question to throw back at them is how much were their itemized deductions.

[Shadowflash]

1. Maybe he claimed the 47% as dependents?

[dems_rightnow]

2. As far as the social security taxes.......

They also apply to business income. Romney paid $23,179 of it on his $450,000 of business income.