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I'm by no means a Romney supporter (nor generally a supporter for the R party). I voted for Obama for what his campain stood for.
Now that that's out of the way, i have a problem with the way Romney's taxes are in question. If he made 40M in two years and paid his taxes based on the US laws, what's the problem? if you want him and/or people like him to pay 'more' taxes, you must change the laws....not frown upon someone who pays based on the existing tax laws.
(ps. Simply on its own, giving 4.1M to a church makes him an idiot in my book)
Last edited by Thinking-man; 01-24-2012 at 11:36 AM..
What's most interesting is that Newt thinks Romney should have had to pay no taxes...Newt wants to get rid of the capital gains tax completely, yet he is trying to paint Romney as a rich, greedy 1%-er for not paying more in taxes.
Romney wants to keep the rate the same for people making over $200,000 per year (and wants to eliminate it for those making less than that).
As far as the money he gave to his church, it shows that he is a man of principles who can be counted on. I do not believe in organized religion, but I think Romney giving money to his church is a positive and absolutely not a negative.
BTW, the "over $40M" figure is misleading. That was for two years, not one.
Location: In a Galaxy far, far away called Germany
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Romney has done nothing shady with his taxes that we have heard. It is all above board and - as CNN is reporting - he is paying what 80% of Americans pay. He would have to pay a much higher rate if this was income (a rather precise technical term here for tax purposes) instead of Capital gain.
I don't see where people begrudge Romney for being rich. The effect tax rate, just exemplifies why there is a bit of "class warfare" going. Nobody is saying he did anything illegal, it's just that he represents the basic problem. The System, including Tax laws are geared to expanding that inequality as much as possible. That makes people mad. With Mitt, you have to wonder why he is trying very hard to keep more years of his tax information from being exposed. I suspect, there are several years where his effective rate was far less than 13%. He definitely would not want that visual to come out.
The only people I find that have problem that the rich not paying their "fair share" is those who does not pay any tax themselves.
As a working middle class, I am simply tire of paying tax. If my tax money is going to the community, I am less mad. But my tax money going to war, aid to foreign government, at the same time our own government is broke.
Then we have to deal with nonsense like EPA, DOEd, DOE, TSA, SEC, CFTC and the list go on. None of these alphabets agencies accomplished anything they are setup to do and they cost many billions each year to run.
Just look at the SEC, when did it stop anything? Did he stop Enron? WorldCom? Madoff?
How about the Dept of Ed? Did our kids get any smarter?
How about dept of engergy? When it was started, our import about 30% of the oil. Fast forward 30 years and many billions spend, we are now import 50%.
The only people I find that have problem that the rich not paying their "fair share" is those who does not pay any tax themselves.
As a working middle class, I am simply tire of paying tax. If my tax money is going to the community, I am less mad. But my tax money going to war, aid to foreign government, at the same time our own government is broke.
Then we have to deal with nonsense like EPA, DOEd, DOE, TSA, SEC, CFTC and the list go on. None of these alphabets agencies accomplished anything they are setup to do and they cost many billions each year to run.
Just look at the SEC, when did it stop anything? Did he stop Enron? WorldCom? Madoff?
How about the Dept of Ed? Did our kids get any smarter?
How about dept of engergy? When it was started, our import about 30% of the oil. Fast forward 30 years and many billions spend, we are now import 50%.
Speaking of Middle Class, doesn't Mitt tout all the "Middle Class" jobs at Sports Authority? You know, the only jobs at Sports Authority that actually are Middle Class, are the Store Managers. Probably the same is true at the other Companies that have "thousands and thousands of Middle Class jobs".
The problem is not the marginal tax rate. As Gingrich said, we should all pay 15% taxes. Even having capital gains from "investments" taxed at a lower rate is not the problem. The problem is that Romney is the poster child for tax loopholes. His income from services performed at Bain (what would be "wages" subject to ordinary tax rates, social security/medicare taxes) is being deferred via IRC Sec. 83b and transformed into income from capital gains. Instead of "wages," Bain gives Romney a future interest in "profits" of the fund instead of current cash. The IRS has fought taxing the profits attributable to the performance of services for years with little success. This is the issue known as "carried interest." Romney has taken advantage of other tax loopholes such as getting charitable deductions for amounts contributed to the family private foundation that does not immediately give monies to charitable donees (and parties friendly to Romney decide who are the ultimate charitable donee recipients). In conclusion, Romney is the poster child for tax reform.
Should we blame Romney for tax loopholes? No, but then again Romney is an unlikely instrument to cause change in the tax law since he has such vested interests in the status quo. This is why he should NOT be President.
When it come to tax, I only trust the Ron Paul tax plan, which is at 0%.
Most of you don't understand how complex our tax code is. In short, it cannot be fixed. It has to be scarped.
Just look at the last time congress made tax to the tax code, The Tax Reform Act of 1986. It was sold to the people that it will make tax simplify. Anyone who know anything about tax or have read any book on tax know the Tax Reform of 1986 has nothing to do with simplification. The pre-1986 tax was more straight forward. The reform made the tax more complicated.
Then we have another 25 years or more laws and cases added to it.
It's just more of the Democrats' class warfare rhetoric. They hate and want to punish success. Nothing new.
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