Obama win could cost Romney $5M in personal taxes

[dipsydoodle]

Last edited Mon Jun 4, 2012, 09:39 AM - Edit history (1)

Source: Associated Press

WASHINGTON (AP) -- To see where the presidential candidates stand on taxing the rich, just look at how they'd tax themselves. Under his own proposal, Mitt Romney would pay half what he would under President Barack Obama's tax plan. For a man of Romney's means, that could save almost $5 million a year.

For Obama, not so loaded as Romney but still well-off, losing re-election could provide a tax windfall. He'd save as much as $90,000 a year if Romney's plan were enacted rather than his own tax-the-rich vision.

Two nonprofit research groups, the liberal-leaning Citizens for Tax Justice and conservative-leaning Tax Foundation, did the calculations, based on the most recent completed tax returns released by the candidates. Compared with what they owed in April, both men would be dinged in 2013 under Obama's proposal, along with other wealthy taxpayers. They could expect savings under Romney, depending on which tax breaks the former Massachusetts governor decides to oppose.

Whether they go up or down, the candidates' personal tax bills won't make a dent in the nation's trillion-dollar annual deficits, of course. But they illustrate a sticking point in the struggle to fix the nation's finances: Just how much should affluent Americans pony up?

Read more: http://hosted.ap.org/dynamic/stories/U/US_PRESIDENTIAL_CAMPAIGN_TAXING_THEMSELVES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-06-04-04-16-36

[bulloney]

1. This was on the front page of our local RW rag this morning.

Once again, the media take the focus off the fact that Romney and his ilk pay only about 15% of their income in taxes while the working class people lose ground to inflation and job switching and end up paying nearly double that rate.

And unfortunately, the people in my area are so dumbed-down from 20-plus years of RW talk and RW "news," they can't see this. They'll side with Romney and yell that he will be getting soaked by excessive taxes under Obama.

[berni_mccoy]

2. Title should be: "Romney Will Give Himself a $5 million Raise from Taxpayer Money"

Sensational? I don't think any less so than the current one.

(I know the original title is AP's choice of words).

[Fearless]

3. If it means he's paying more of his fair share then good.

Otherwise entitled, good.

[onehandle]

4. That's the Only reason I'm voting for the President.

I want to take five million dollars away from Rmoney.

[LiberalFighter]

5. We all really need to id who are the damn author of these slanted articles.

In this case, it is someone named Connie Cass.

[LiberalFighter]

6. Someone like Romney should be taxed 50% more.

Along with the author of the article, Connie Cass.

[castnet55]

7. $ 5 Million ain't nothing

$ 5 million for Romney won't hurt him and we all know that. It's all going to boil down to the economy anyways and it's not looking good right now.
The presidents men are fighting in the White House, Europe is in the tank,war is on the horizon and more people are on government money now than ever before.
How are we going to pay for it all? Not with new taxes according to Congress. Someone has got to come up with a better game plan than these two parties cause what they're doing sure ain't working.

[jmondine]

8. Wow. 2% of his total worth. Why, that's socialism!

[GeorgeGist]

9. Source: Associated Oress?

Orrible Oress was a mobster who operated out of the town of Middleton in the 1940's.

[dipsydoodle]

11. Now sorted

Thanks.

[Joseph28]

10. Obama win could cost Romney $5M in personal taxes

[IMG][/IMG]It is amazing!

[TygrBright]

12. Oh, DEAR... that's about a week's lunch money for Mittens. n/t

[wordpix]

13. he'll be able to put another car elevator in his other home