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%
------
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.
||||||||||*MySmiley*
Only so evil.
Only so evil.
This message last edited by Burr on 23/09/2012 at 04:59:49 AM
Taxes and Charity
- 23/09/2012 04:57:07 AM
1288 Views
Proof that Burr is ..... 
- 23/09/2012 05:05:37 AM
743 Views
- 23/09/2012 05:05:37 AM
743 Views
Voting.
- 23/09/2012 06:43:12 AM
844 Views
Joel = Fool ; I vote every year, are you just saying random things now? *NM*
- 25/09/2012 01:42:49 AM
306 Views
"I am proud to say that I didn't vote for anyone in 2004."-Anonymous2000
- 25/09/2012 01:52:00 AM
948 Views
Do you have a reading comprehension problem? 
- 25/09/2012 02:54:28 AM
736 Views
- 25/09/2012 02:54:28 AM
736 Views
"Anyone" means "anyone;" perhaps you have a writing comprehension problem.
- 25/09/2012 03:39:11 AM
753 Views
Joel = Moron
- 25/09/2012 04:37:15 AM
760 Views
The statement was ambiguous, hence I was not the only one who read it as I did.
- 25/09/2012 05:19:46 AM
853 Views
I imagine much of Romney's charitable giving is to the Mormon Church.
- 23/09/2012 12:08:45 PM
797 Views
Almost all of my charitable giving goes to Mercy Corps
- 23/09/2012 03:48:30 PM
762 Views
I would argue that "our society" includes the rest of the world as well. *NM*
- 26/09/2012 03:24:02 PM
320 Views
Is the Mormon Church not part of society? But that issue is part of why I favor taxation. *NM*
- 23/09/2012 10:14:39 PM
310 Views
I'm part of society too. Does that mean I'm as worthy a recipient of money as the public purse? *NM*
- 23/09/2012 10:37:31 PM
359 Views
If you can get the IRS to certify you as a 501(c)(3), then yes. If not, no. *NM*
- 23/09/2012 11:07:13 PM
321 Views
To whatever extent that we should support charity beyond taxation, yes, you are, IMO.
- 24/09/2012 03:56:31 AM
733 Views
I agree with you
- 24/09/2012 11:25:14 AM
2148 Views
I DISagree with both of you.
- 25/09/2012 02:36:05 AM
2107 Views
Re: I DISagree with both of you.
- 25/09/2012 02:26:16 PM
1038 Views
The difference there is between non-profit and for-profit organizations.
- 26/09/2012 04:09:00 AM
756 Views
At the risk of sounding like a fundamentalist...
- 23/09/2012 11:05:14 PM
788 Views
Local symphonies are usually charities
- 23/09/2012 11:21:07 PM
779 Views
Yes - cultural and educational non-profits are usually tax-deductible.
- 24/09/2012 01:57:13 PM
737 Views
Re: Yes - cultural and educational non-profits are usually tax-deductible.
- 24/09/2012 02:58:17 PM
849 Views
will you count Scientology as a church?
- 26/09/2012 03:26:53 PM
781 Views
Unrelated business income is taxable under IRC 511. You know that.
- 27/09/2012 11:31:45 PM
768 Views
Let's look at this from a different point of view....
- 24/09/2012 11:51:43 PM
723 Views
I covered that point of view in my response. 
- 25/09/2012 03:31:38 AM
883 Views
- 25/09/2012 03:31:38 AM
883 Views
I routinely do not read your posts (including this one)... Too long.
- 25/09/2012 04:12:24 PM
752 Views
Relating a typically long and tortuous experience with (private) bureaucracy was itself protracted.
- 26/09/2012 04:15:35 AM
721 Views