Romney says he pays about 15 percent in income tax

[askmrjesus]

Originally Posted by goof2

Bain has 138 corporate entities in the Caymans now, Romney hasn't run Bain since 1999. Whose record is it?

Romney started Bain, with two other guys. I don't know exactly how many Cayman based entities they had back when he was in charge, but I'd be willing to bet it was more than a few.

The point is, Romney is not going to turn his back on all his business buddies if elected. The loop holes will get bigger, not smaller.

There is a lot of talk in Republican circles about entitlements for the "poor". Welfare, food stamps, Social Security, yadda, yadda, yadda. Yet the Republicans don't seem to have any aversion to Corporate Welfare in the form of subsidies, tax breaks, and loop holes. So again, the idea of "entitlements" for the rich are OK, but not for the poor. They want it both ways, and the hypocrisy is staggering.

Originally Posted by goof2

As the former employees of Circuit City or Lehman Bros. how great it is to work for a weaker company. If it weren't for government largesse you could throw the majority of the financial and automotive industries in America in to that mix. Weak companies eventually fail. There are no complaints from employees of failed companies because there are no employees.

That's true. Then again, a lot of those companies (especially those in the financial industry) wouldn't be so weak if adequate regulations were in place, to prevent them from making deals that should have never been made. Deals that were focused on short term gains for wealthy investors, with ZERO concern for the less wealthy, and the impact made on the economic security of the country as a whole.

JC

[EpyonXero]

Bill Gates says he should pay more tax.

http://www.bbc.co.uk/news/world-us-canada-16714480

[OneSickPsycho]

Originally Posted by EpyonXero

Bill Gates says he should pay more tax.

http://www.bbc.co.uk/news/world-us-canada-16714480

And he can if he wants too... All these fucks saying that they should pay more taxes is BULLSHIT. They can... but that's not what they want... They don't want to pay more taxes, they want OTHER PEOPLE to pay more taxes.

Originally Posted by All these stupid fucks

I should pay more taxes. It's ridiculous that I hire a team of accountants every year to exploit every opportunity in the tax code that guarantees that I pay at a lower tax rate than my secretary.

You think you should pay more taxes? Then write a fucking check to the Treasury. You think you should pay more taxes? Then stop hiring a team of motherfuckers to ensure you pay the least amount of taxes possible. Worst fucking argument ever.

[Homeslice]

[shmike]

Originally Posted by Papa_Complex

*EDIT* Oh, and by the way, both of our countries were built when such people were paying orders of magnitude higher taxes

Originally Posted by Papa_Complex

No comment on the tax rates, when the country was being built? Kinda blows a hole in the whole extreme right wing premise.

[Amber Lamps]

Originally Posted by Homeslice

Good luck with cutting spending. The GOP always wants to start wars in nations that haven't attacked us, put recreational drug users in prison, and give strange tax breaks to oil companies.

Yea, it sucks how the GOP started a war in Libya, bailed out the banks, gave millions to failed solar energy companies, gave millions to a Finnish car company, subsidized the manufacture of an electric car that no one wants and that catches on fire... yep those dirty Republicans......

See you are stuck on the party rhetoric dick, kid... I don't fucking care whom is wasting my money, I want it to stop!!!!

[Amber Lamps]

Originally Posted by EpyonXero

So you hate people on welfare and you dont think more taxes should be taken and spent on things you dont like. But why are okay with a larger percentage of your money being spent on those things than someone like Mitt Romney?

What? I don't think that either of our monies should be spent on this bs.... You are missing my point, Romney is paying his LEGAL amount of tax. I don't care how you slice it. He is within the legal parameters. In stead of whooping and hollering about how he doesn't pay "his fair share" and btw, Obama gives a speech about how he doesn't need the Bush tax cuts but yet doesn't give it back at the end of the year.... Romney refused a salary when he was Governor..... What about that, hmmmm? If I win $1,000,000 and take the $400,000 the govt will be nice enough to allow me to keep, invest it and gain $100,000. I will have to pay $15,000... You all seem to think that it should be more..... WHY?!?!?! $1,000,000-600,000+ 100,000-15,000= $485,000 I still "lost" over $500,000 from my perspective, you all are pissed that I have $485k.... What if I lose all of my money? Are you all going to give me money back to cover my loses? Of course not. I haven't seen a dime from my loses on my 401k......

[Amber Lamps]

Originally Posted by OneSickPsycho

And he can if he wants too... All these fucks saying that they should pay more taxes is BULLSHIT. They can... but that's not what they want... They don't want to pay more taxes, they want OTHER PEOPLE to pay more taxes.



You think you should pay more taxes? Then write a fucking check to the Treasury. You think you should pay more taxes? Then stop hiring a team of motherfuckers to ensure you pay the least amount of taxes possible. Worst fucking argument ever.

Exactly, how fucking retarted is that? Tell you what, Bill, get on Turbo tax and fill out a 1040 ez.... Taadaa now you've paid your fair share, dickhead!

[EpyonXero]

Originally Posted by Amber Lamps

What? I don't think that either of our monies should be spent on this bs.... You are missing my point, Romney is paying his LEGAL amount of tax. I don't care how you slice it. He is within the legal parameters. In stead of whooping and hollering about how he doesn't pay "his fair share" and btw, Obama gives a speech about how he doesn't need the Bush tax cuts but yet doesn't give it back at the end of the year.... Romney refused a salary when he was Governor..... What about that, hmmmm? If I win $1,000,000 and take the $400,000 the govt will be nice enough to allow me to keep, invest it and gain $100,000. I will have to pay $15,000... You all seem to think that it should be more..... WHY?!?!?! $1,000,000-600,000+ 100,000-15,000= $485,000 I still "lost" over $500,000 from my perspective, you all are pissed that I have $485k.... What if I lose all of my money? Are you all going to give me money back to cover my loses? Of course not. I haven't seen a dime from my loses on my 401k......

Thats how the average person gets their "investment income," this is how guys like Mitt Romney get their investment income:

Because the manager is compensated with a profits interest in the fund, the bulk of his or her income from the fund is taxed, not as compensation for services, but as a return on investment. Typically, when a partner receives a profits interest (commonly referred to as a "carried interest"), the partner is not taxed upon receipt, due to the difficulty of ascertaining the present value of an interest in future profits.[8] Instead, the partner is taxed as the partnership earns income. In the case of a hedge fund, this means that the partner defers taxation on the income that the hedge fund earns, which is typically ordinary income (or possibly short-term capital gains), due to the nature of the investments most hedge funds make. Private equity funds, however, typically invest on a longer horizon, with the result that income earned by the funds is long-term capital gain, taxable to individuals at a maximum 15% rate. Because the 20% profits share typically is the bulk of the manager's compensation and because this compensation can reach, in the case of the most successful funds, enormous figures, concern has been raised, both in the U.S. Congress and in the media, that managers are taking advantage of tax loopholes to receive what is effectively a salary without paying the ordinary 35% marginal income tax rates that an average person would have to pay on such income.
To address this concern, U.S. Representative Sander M. Levin introduced H.R. 2834 on June 22, 2007, which would eliminate the ability of persons performing investment-adviser or similar services to partnerships to receive capital-gains tax treatment on their income. [9] On June 27, 2007, Henry Paulson said that altering the tax treatment of a single industry raises tax policy concerns, and that changing the way partnerships in general are taxed is something that should only be done after careful consideration of the potential impact, although he was not speaking only about carried interest.[10] The U.S. Treasury Department addressed carried interest specifically in testimony before the U.S. Senate Finance Committee in July of 2007.[11] U.S. Representative Charles B. Rangel included a revised version of H.R. 2834 as part of the "Mother of All Tax Reform" and the 2007 House extenders package.
A line item on taxing carried interest at ordinary income rates was included in the Obama Administration's 2008 Budget Blueprint.[12] On April 2, 2009, Congressman Levin introduced a new and substantially revised version of the carried interest legislation as H.R. 1935.[13] Proposals were again made by the Obama Administration for the 2010[14], 2011[15] and 2012[16] budgets.

Most of Romneys money comes from Bain Capital carried interest. This isnt interest from something Romney purchased in the past with his own money, this a cut of the profits from his companys earnings thats he is paid in compensation for work he did, in other words a salary. He only pays tax on it one time and its 15%.

[Papa_Complex]

Originally Posted by EpyonXero

This isnt interest from something Romney purchased in the past with his own money, this a cut of the profits from his companys earnings thats he is paid in compensation for work he did, in other words a salary. He only pays tax on it one time and its 15%.

Then it's a loophole that really needs to be closed; take a $100K salary and then $20M in stocks. It should be a taxable benefit, with investment style taxation after the initial hit.