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What chapter of the CWA (Class Warfare Association) do you belong to anyway? I'm sure other here would like to join you.
Here’s What Romney’s Unreleased Tax Returns Almost Certainly Hide
Brian Beutler January 5, 2012, 5:32 AM
http://tpmdc.talkingpointsmemo.com/2...e-tax-rate.phpMitt Romney still says he’s unlikely to publicly release his tax information, even if he clinches the Republican presidential nomination, and Democrats have a pretty good idea why.
Romney is a privileged poster child for the “Buffett Rule” — President Obama’s principle that the tax code should make it impossible for a person of great wealth to pay a lower share of their income in taxes as than ordinary people. The DNC knows it, policy wonks know it, Romney certainly knows it. But the reasons why are technical and illustrate just how different Romney is from the vast majority of Americans who will cast votes for him — in either the GOP primary or the general election.
One tax expert told TPM of “fairly sophisticated tax strategies” that would be “not available to ordinary tax payers.” A technique that puts you in a position that’s “like having an unlimited 401k account” sounds very attractive. But maybe not if you’re running for office, for Pete’s sake.
When Romney jokes that he’s been unemployed for years, he’s obscuring the fact that he’s still collecting millions of dollars of investment income, which is taxed at a much lower rate than it would be if he, like most taxpayers, took home a regular paycheck. He’s also obscuring the fact a great deal of that same income is only vaguely connected to his own underlying investments, and yet benefits from a key loophole in the tax code that allows him and other wealthy finance veterans to more than halve their effective tax rate.
Where is Ann Richards when you need her?
What chapter of the CWA (Class Warfare Association) do you belong to anyway? I'm sure other here would like to join you.
Shes always had my vote.
All that crap just to say that most of his income is from capital gains?
Gee. What a surprise.
He receives "fee income" from Bain which is taxed as capital gains 14% when, like fund managers, he's not making money gambling with his own capital, but is paid a fee for service for managing Other People's Money, a professional fee like a doctor or a lawyer receives on which they pay earned income rates. This fund mgr's loophole is just another way the 1% buys the privilege, obtains the policies they pay for.
I actually agree that income ought to equal income. I thought you supported a flat tax, after all? It is B.S. that my EARNED income is taxed at such a higher rate that Romney's UNEARNED.
Sounds like he was just following the law. Nobody is obligated to pay more in taxes than they are legally required to pay.
Can't disagree, however, it is right to assume, legality notwithstanding, that disclosure of those strategies could be problematic.
In a democracy, practices that SO MANY citizens might take issue with, ought to be examined as to their merit. Vast loopholes, and reduced rates for people who derive their income through investment, certainly should be included in that.
@CC: like 101A just said, the law is inequitable. but hey, defend an unfair status quo since it suits you so well.
I'm not necessarily defending it, but if he was paying more taxes than he was legally obligated to pay I would think he was stupid.
As for doing away with capital gains, do you own a house? If so, you bought it with the money you had left over after you paid the taxes on your income. When you finally sell it, do you really want your gain taxed again at 40%?
I guess I do not see the point. Is Romney running on abolishing capital gains tax? Last I read, he wants to keep the capital gains tax the same for the wealthy and lower it for middle income earners.
I wish capital gains was taxed at the same rate earned income is taxed. But its not like Romney is going Warren Buffet on us. He isn't making stupid comments about how taxation is unfair and he should be paying more than his secretary.
Romney is a rich man who makes more than I probably ever will. Romney no longer has a job but makes millions off of previous investments. Where is the story here?
not really, but income is income.As for doing away with capital gains, do you own a house? If so, you bought it with the money you had left over after you paid the taxes on your income. When you finally sell it, do you really want your gain taxed again at 40%?
it's customary for presidential candidates to release their tax returns. Romney is breaking custom. It makes it look like he's got something to hide.
Is it? Typically houses just appreciate at about the same rate as inflation. You may sell the house for more dollars than you paid for it but those dollars are worth less. Is it really fair to have to pay 40% tax on it again?
you have a point there. perhaps real estate gains ought not to be treated the same as windfalls from other types of investment.
Why is it different from any other investment held long term?
good question. not sure.
now we're back to income is income.
Intentions are different.
one can lives on land or in a house; that is different. the land itself may be naturally productive, that is another.
profit form selling primary residence is still tax free, right?
What do you mean by this?
Lets say I take the money I have left after paying my ordinary income taxes in 1970 and buy stock in company X.
Company X pays federal taxes from 1970 to 2012.
Lets say that in dollars my stock price has doubled in 42 years, but in inflation adjusted dollars the stock is worth the same or less.
Now when I sell this stock in 2012 I have a profit of 100% in dollars but 0% in inflation adjusted dollars.
Are you saying I should owe 40% of this non-profit in additional tax?
I applaud the wise-ass remark, "for Pete's sake". I laughed.
hey CC, is boutons right?
Up to a certain point the income can be excluded.
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