Taxes and Charity - Edit 1
Before modification by Burr at 23/09/2012 04:59:49 AM
President Barack Obama:
Income: $790,000
Federal taxes: $162,000
Tax rate: 20.5 percent
Charitable donations: $172,000
100 * (Federal Taxes + Charitable Donations) / Income = 42.3%
Republican presidential nominee Mitt Romney:
Income: $13.7 million
Federal taxes: $1.94 million
Tax rate: 14.1 percent
Charitable donations: $4 million
100 * (Federal Taxes + Charitable Donations) / Income = 43.4%
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So, while they may disagree on the appropriateness of the method by which income should be contributed to society (Obama through taxes, Romney through charity), they are both contributing practically the same proportion of their income.
My personal view is more in line with Obama's and Buffet's. The nation should have relatively more control over distribution of the wealth that it helps create than it does now. But even with that attitude, I don't think people are going to find much to reasonably criticize in Romney's 2011 filing. Going after him for -not- claiming charitable deductions is going to backfire if the Democratic party keeps it up. By the same token, the Republican party would be wise not to make too big a deal out of their respective charitable donations.
Income: $790,000
Federal taxes: $162,000
Tax rate: 20.5 percent
Charitable donations: $172,000
100 * (Federal Taxes + Charitable Donations) / Income = 42.3%
Republican presidential nominee Mitt Romney:
Income: $13.7 million
Federal taxes: $1.94 million
Tax rate: 14.1 percent
Charitable donations: $4 million
100 * (Federal Taxes + Charitable Donations) / Income = 43.4%
------
So, while they may disagree on the appropriateness of the method by which income should be contributed to society (Obama through taxes, Romney through charity), they are both contributing practically the same proportion of their income.
My personal view is more in line with Obama's and Buffet's. The nation should have relatively more control over distribution of the wealth that it helps create than it does now. But even with that attitude, I don't think people are going to find much to reasonably criticize in Romney's 2011 filing. Going after him for -not- claiming charitable deductions is going to backfire if the Democratic party keeps it up. By the same token, the Republican party would be wise not to make too big a deal out of their respective charitable donations.