Romney says he pays about 15 percent in income tax

[Papa_Complex]

Originally Posted by Homeslice

But if the investment is just a CD only paying 2% APR, it isn't worth it.

What is the top tax braket, 38% or something? So a 2% CD here in America would net you about 1.2% instead of 2%. Not something worth crying about, unless you are talking about several million dollars in that CD. And parking that much in a CD is dumb, IMO. It should be in stocks, bonds, or real estate. Hell, you could easily average 2-5% a year in tax-free municipal bond funds here in the US.

You miss my point. By being held offshore, it's already yielding 38%.

[Homeslice]

Originally Posted by Papa_Complex

You miss my point. By being held offshore, it's already yielding 38%.

On the return. Not the principal.

If the offshore account earns 2%, he's earning 2% instead of the 2% - (2% * 0.38) he'd earn in the US.

Which means 2% instead of 1.2%.

[pauldun170]

Whats with all this fucking math bullshit?
I don't visit this forum for fucking math.

[Homeslice]

Originally Posted by pauldun170

Whats with all this fucking math bullshit?
I don't visit this forum for fucking math.

phag

[pauldun170]

Originally Posted by Homeslice

phag

I have one question for Romney.
"Hey brah...do you support the right of the people to teabag?"

[Sean]

What? You don't pay income tax on your wealth, you pay it on your income. Uninvested funds don't earn income, so you're not "making" 38% on anything.

Frankly, I'd be less inclined to vote for him if he was paying 40% on his investment portfolio, because it would show a lack of understanding of the tax system.

[Papa_Complex]

Originally Posted by Sean

What? You don't pay income tax on your wealth, you pay it on your income. Uninvested funds don't earn income, so you're not "making" 38% on anything.

Frankly, I'd be less inclined to vote for him if he was paying 40% on his investment portfolio, because it would show a lack of understanding of the tax system.

And how do you get that $1,000,000.00 in the first place?

[Sean]

Originally Posted by Papa_Complex

And how do you get that $1,000,000.00 in the first place?

That he's (theoretically) already paid taxes on? Do we have that data or are you speculating with no information?

[Papa_Complex]

Originally Posted by Sean

That he's (theoretically) already paid taxes on? Do we have that data or are you speculating with no information?

Speculating, with as much information as you have.

[shmike]

Originally Posted by Sean

What? You don't pay income tax on your wealth, you pay it on your income. Uninvested funds don't earn income, so you're not "making" 38% on anything.

Frankly, I'd be less inclined to vote for him if he was paying 40% on his investment portfolio, because it would show a lack of understanding of the tax system.

Originally Posted by Sean

That he's (theoretically) already paid taxes on? Do we have that data or are you speculating with no information?

Give it a rest, Sean.

According to TWFix...

Anybody making over $375k or worth over $1 million:

Made their money without paying taxes.
Hide their wealth in offshore accounts.
Have been known to renounce citizenship to avoid taxation.
They also rape babies and infected your Grandmother with AIDS.