Meet The Candidates: 2012 GOP Thread

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Originally Posted by GMScud

Pretty sure it's tax deductible. I think $3-$4M went to the Church of LDS. And the rest was spread out.

Also, his tax rate is lower because a big chunk of his income came from a private equity firm that he co-founded. Basically none of his income comes from wages. It's all investments, interest, and dividends. So he's not paying any payroll taxes- medicare, SS, etc.

He's not breaking any tax laws. Granted, these laws should be changed so this kind of income gets taxed more reasonably, but he shouldn't be villified for his success on the up-and-up in a tax system that he didn't put in place.

You do understand that SS is capped after the first 106,000 a person earns and anything over that is not have a SS tax.