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The numbers behind Mitt Romney's 47% comment
Republican presidential candidate, former Massachusetts Gov. Mitt Romney addresses the U.S. Hispanic Chamber of Commerce's 33rd annual national convention on September 17, 2012 in Los Angeles, Calif.
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Mitt Romney is standing by his words from a private fundraiser that were caught on videotape. In the video, which was obtained by the liberal magazine Mother Jones, Romney says 47 percent of the country pay no income tax and are therefore predisposed to vote for President Obama.
How accurate is this number -- 47 percent -- that Romney cited?
"Roughly half of Americans pay no income tax," says Roberton Williams, senior fellow at the Tax Policy Center in Washington. That's down slightly from a few years ago, and some estimate it will fall below 40 percent by the end of the decade.
Of those people not paying income tax, about half of them are people with no taxable income -- low-income elderly and low-income working families.
But the other half, Williams says, are people who benefit from tax preferences, like the child credit or the earned income tax credit.
The idea that they are paying no taxes whatsoever is somewhat misleading, though. According to Williams, about two-thirds payroll taxes (because they work), while most of them will also pay state income taxes or sales taxes.
"We all benefit from the tax preferences in the system," Williams says, "and the people who benefit most are the wealthiest Americans. Mitt Romney himself benefitted hugely from the 15 percent preferential rate on capital gains."
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I was clearly in the 47 % for three several weeks this season... I was jobless. I can't delay to see what my government earnings tax will be for nine several weeks this season (to see if I pay more or less than Mitt romney did amount wise. http://allbestserials.com/
I was clearly in the 47 % for three several weeks this season... I was jobless. I can't delay to see what my government earnings tax will be for nine several weeks this season (to see if I pay more or less than Mitt romney did amount wise. http://allbestserials.com/
Find out which Americans believe they are a part of Mitt’s 47%.
http://www.printcountry.com/content/who-considers-themselves-part-of-rom...
Looks like only 20% thinks they are a part of the 47% . It might be because the 47% real is not true. And income does not make too much difference for thinking you are a part of the 47 or not
Source:
http://www.printcountry.com/content/who-considers-themselves-part-of-rom...
I now know who make up Mitt's 47%. I was listening to Garrison Keillor tonight while I was doing the ironing and I offer the following quote from him. "47% of the people are drunk and illiterate, and 47% of the people don't vote, let's hope they are the same 47%." I just wish I knew what percent I was in. I know that I am not in the 1%. I don't think like the 99%; I feel they are just Tea Party wannbees. I am partly in the 47% since I do recieve Social Security, but contrary to popular opionion and misinformation I do pay income tax on my Social Security. I do feel a sense of pride in the fact that I pay the percentage of my income as Mitt Romney even though my income is only 0.4% of his. I used to be a Republican when I was young, later I was an independent, later still I was a Democrat, and now I am an independent again. I just don't seem to fit in anywhere. I guess I am in the zero percent.
I think ccarlin misquoted (or didn't quote) as in the recording Romney said "There are 47 percent of the people who will vote for the president no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them…".
I was clearly in the 47 percent for three months this year... I was unemployed. I can't wait to see what my federal income tax will be for nine months this year (to see if I pay more or less than Romney did percentage wise).
Romney is clearly dependent on the government for the loopholes in the tax law that let him get away with paying 14% in income tax.
Except... that's not what he said. I'd really like if NPR and Marketplace would be more accurate in their reporting.
Romney did NOT say "47 percent of the country pay no income tax and are therefore predisposed to vote for President Obama." What he said was that 47% pay no income tax and are therefore unlikely to be swayed by campaign promises of tax cuts.
The misunderstanding comes from a widespread mashing up of two separate paragraphs with different contexts.
Krugman had a great post today, referencing a Hamilton Project analysis of who pays income taxes and other federal taxes, and WHEN in their lifetime.
Turns out that for people in the middle of their life, not just starting out, or already retirement age, the percentage is closer to 80%.
Good chart included.
http://krugman.blogs.nytimes.com/2012/09/18/taxes-over-the-life-cycle/
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