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No, I understand what you're saying, it is YOU who is not getting what I am saying. I am not talking about finding or keeping a job. I am saying one does not actually punch a clock without a guarantee of getting paid for those hours. People who invest do not have any guarantee of getting a return and can lose what they put in.
I am not going around on this topic with you anymore.
Much of the money mittens makes isn't the capital gains he earned from money he put at risk. It is a thing called carried interest. He made money, that he only had to pay 15%, of the risk OTHERS took.
Last edited by buzzards27; 01-18-2012 at 10:40 AM..
You bring in a man who has the reputation for fixing things that are broken. The reason he is wealthy is because he was incredibly successful at doing that. So he puts all that money in Long Term Investments. Federal Law says he has to pay 15% on all money he earns on those investments. That law exists to encourage folks that have a lot of money to invest it. Apparently it's good for the economy.
So how does this kill him if he's not breaking any laws?
Granted that middle-class America will resent that 15% figure, but if you were in his place, what would you do differently?
Obama has often said things like, "People like me can afford higher taxes." Has he ever actually overpaid? The IRS is okay with people overpaying voluntarily you know. I just don't know anyone crazy enough to actually do it.
Once the middle class take a close look at the tax games mittens has been playing he will become the poster child for corporate greed and excesses.
I am just now learning what "CARRIED INTEREST" and now with these off shore funds I gotta begin to learn about "BLOCKER CORPORATIONS" and just what they block..... My guess is they allow income production while blocking taxation. Wonder what his REAL effective tax rate is with the off shore stuff.
And to be fair...I'm not against the rate Romney is paying. I just think the tax rate should come down for everyone else as well. I don't understand why the guy working manual labor for a living should have more taken out of his check than the guy who sits back and passively watches money flow in.
The whole argument about investors being risk takers so they should pay less is absurd. It's not like Romney is taking $200 million dollars and sticking it in the latest biotech small cap.
great post! I am not against what he is paying either, I just think income should not be differentiated between earned and passive. Hey lets bring all of our income taxes down to 15%
You bring in a man who has the reputation for fixing things that are broken. The reason he is wealthy is because he was incredibly successful at doing that. So he puts all that money in Long Term Investments. Federal Law says he has to pay 15% on all money he earns on those investments. That law exists to encourage folks that have a lot of money to invest it. Apparently it's good for the economy.
So how does this kill him if he's not breaking any laws?
Granted that middle-class America will resent that 15% figure, but if you were in his place, what would you do differently?
Obama has often said things like, "People like me can afford higher taxes." Has he ever actually overpaid? The IRS is okay with people overpaying voluntarily you know. I just don't know anyone crazy enough to actually do it.
No, the middle class is not going to like the blocker corporations he employed to pay ZERO taxes on his off shore income.
This is exactly the class warfare that people need to decide if they want to persist or not. This exactly plays into the narrative for this election. The other GOP rivals are silly and stupid to make a big deal over this now. Why? Because their tax plans would make the rich pay less (Newt's plan charges 0% on capital gains, Ron Paul wants 0% income tax, Rick Perry wants a 'flat tax' of 10% + deductions, Santorum drops the capital gains to 12% and lowers the top tax rate). So, if they want to spend part of Thursday's debate arguing that Romney pays too little, then it will be comical to watch. Out of their plans, Romney's would actually promote a higher tax rate for himself.
No, the middle class is not going to like the blocker corporations he employed to pay ZERO taxes on his off shore income.
Um, he doesn't have to do anything so fancy as that to get to 15%. He only has to make the vast majority of his income off of long term investments. Tax brackets for that are 0%, 0%, 15%, 15%, 15%.
If he has anything set up like overseas accounts, then yes that will ruin him. But unless you have some information the rest of us don't, that's 100% speculation.
I'd love it if life were more fair. But if Romney gets at or close to 15% legitimately and legally, I don't see that ruining him.
You bring in a man who has the reputation for fixing things that are broken. The reason he is wealthy is because he was incredibly successful at doing that. So he puts all that money in Long Term Investments. Federal Law says he has to pay 15% on all money he earns on those investments. That law exists to encourage folks that have a lot of money to invest it. Apparently it's good for the economy.
So how does this kill him if he's not breaking any laws?
Granted that middle-class America will resent that 15% figure, but if you were in his place, what would you do differently?
Obama has often said things like, "People like me can afford higher taxes." Has he ever actually overpaid? The IRS is okay with people overpaying voluntarily you know. I just don't know anyone crazy enough to actually do it.
thats why itll kill him. that and bain are 2 huge negatives that can be thrown at romney all day long by obama, and it will hurt.
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