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Romney and his less than average tax rate

X3pilot

X3pilot

Texans fan - LOL
Aug 13, 2007
5,860
1
SoMD
So he posted his returns and turns out as one of America's most wealthiest people, he pays about half the tax rate that I do as an average American tax payer (31%). Is this important for a presidential candidate in relation to his or her ability to be chief executive? Is it a good thing since he obviously knows how to mange money for a profit or a bad thing since he has no concept of what ordinary constituents do or how they live?

Romney paid $3M in federal income tax in 2010

I think this bothers me the most:

For example, Romney keeps some of his personal fortune in investments that are domiciled in the Cayman Islands, where many international investors shelter their income from American taxes. Romney aides say he doesn't use the funds to avoid or put off paying the appropriate taxes.
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Thoughts?
 
Straya

Straya

Monkey
Jul 11, 2008
863
3
Straya
I am not evading tax in any way, shape or form. Now of course I am minimizing my tax and if anybody in this country doesn't minimize their tax they want their heads read because as a government I can tell you you're not spending it that well that we should be donating extra.
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Kerry Packer 1991
 
chillindrdude

chillindrdude

Turbo Monkey
Jan 18, 2002
1,852
23
Northern VA, a peckerwood with too many guns
what he did is all probably legal with a good tax attorney/accountant.

it's not about him being rich or successful. it just looks bad to your base when his potential constituents are paying a tax rate in the 30s, while his is half that (at least). how many jobs has his low tax rate create? did he buy a whole sh!tload of consumer goods that would translate to jobs?

the answer is that
1) trickle down economics is bullsh!t
2) most of the money he saved either went back into his bank account or to the mormon church

and he ONLY released his 2010 statements? really?!?! like one f-ing year of return is gonna be representative of his tax burden for the last 10yrs. i will bet $10,000 that some years he probably paid less than 10% in taxes.
 
Pesqueeb

Pesqueeb

bicycle in airplane hangar
Feb 2, 2007
40,299
16,739
Riding the baggage carousel.
According to an NPR report I heard this morning, Romney did manage to tithe his 10% to the good people at the Church of Later Day Saints. Something to the tune of 7 million dollars over the last two years, all of which is a write off as well.
 
Beef Supreme

Beef Supreme

Turbo Monkey
Oct 29, 2010
1,434
73
Hiding from the stupid
What should bother people is that Romney is running on a tax platform that would allow him and others like him to pay much less in taxes than they currently do. Being self employed, I paid a higher percentage of my income in payroll taxes alone in 2010 than Romney paid in total.

Those that feel they are getting screwed are probably correct. For some reason that I cannot understand, far too many are completely incapable of figuring out who is screwing them.
 
$tinkle

$tinkle

Expert on blowing
Feb 12, 2003
14,591
6
ok, how about "even if he flies to the caymans where he puts his cash in a pile on the beach & sticks his dick in it while playing the osmond's greatest hits & funneling a pepsi, so fvcking what?"

a personal fortune is exactly that
 
ohio

ohio

The Fresno Kid
Nov 26, 2001
6,649
24
SF, CA
Don't hate the playa, hate the game. Any of us that were pulling in 43M a year we would hire the same accoutants to use the same fully legal tax filing methods.

Lots of reasons to dislike Romney, but making money and paying taxes according to the rules aren't either of them in my book.
 
Westy

Westy

the teste
Nov 22, 2002
54,397
20,187
Sleazattle
Mitt clearly has worked really hard for that money, why should the government punish him for his efforts.
 
Westy

Westy

the teste
Nov 22, 2002
54,397
20,187
Sleazattle
ohio said:
Don't hate the playa, hate the game. Any of us that were pulling in 43M a year we would hire the same accoutants to use the same fully legal tax filing methods.
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One thing I have learned over the past few years, Taxes are unavoidable if you earn your money with a 9-5. Taxes are highly avoidable if you earn money by not working for it.
 
M

Mike B.

Turbo Monkey
Oct 5, 2001
1,522
0
State College, PA
ohio said:
Don't hate the playa, hate the game. Any of us that were pulling in 43M a year we would hire the same accoutants to use the same fully legal tax filing methods.

Lots of reasons to dislike Romney, but making money and paying taxes according to the rules aren't either of them in my book.
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How about Mitt and his buddies paying lobbyists millions upon millions to craft the laws allowing them to pay such low tax rates, particularly on capital gains? Poor people have crappy lobbyists.
 
mattmatt86

mattmatt86

Turbo Monkey
Feb 9, 2005
5,347
10
Bleedmore, Murderland
ohio said:
Don't hate the playa, hate the game. Any of us that were pulling in 43M a year we would hire the same accoutants to use the same fully legal tax filing methods.

Lots of reasons to dislike Romney, but making money and paying taxes according to the rules aren't either of them in my book.
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Mike B. said:
How about Mitt and his buddies paying lobbyists millions upon millions to craft the laws allowing them to pay such low tax rates, particularly on capital gains? Poor people have crappy lobbyists.
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It's a combination of these two things.

If Romney (insert anyone making 1+ mill a year) works within the loose and ambiguous tax laws to keep as much of their money as possible who's to fault them? If any of you think you wouldnt try the same tactics if you made that much money you're either stupid or kidding yourself.

The problem arises because these millioniares now have more to give to lobbyists to keep the laws ambiguious so they can continue to pay less taxes and make more money to give to lobbyists. Its a cycle that doesn't have any indications of changing anytime soon.
 
HAB

HAB

Chelsea from Seattle
Apr 28, 2007
11,580
2,006
Seattle
ohio said:
Don't hate the playa, hate the game. Any of us that were pulling in 43M a year we would hire the same accoutants to use the same fully legal tax filing methods.

Lots of reasons to dislike Romney, but making money and paying taxes according to the rules aren't either of them in my book.
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Beef Supreme said:
What should bother people is that Romney is running on a tax platform that would allow him and others like him to pay much less in taxes than they currently do.
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These. I don't care that he has taken steps to minimize the tax he pays, legally. I would too. That's fine. His ranting about how XX% of Americans don't pay income tax while proposing to make it even easier for people of his wealth to pay less, that's what I have a problem with.
 
ohio

ohio

The Fresno Kid
Nov 26, 2001
6,649
24
SF, CA
HAB said:
These. I don't care that he has taken steps to minimize the tax he pays, legally. I would too. That's fine. His ranting about how XX% of Americans don't pay income tax while proposing to make it even easier for people of his wealth to pay less, that's what I have a problem with.
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Agreed.
 
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