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Thread: Romney Avoids Taxes

  1. #1
    Kinda lame IRL isa2o3's Avatar
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    Default Romney Avoids Taxes

    He pays around 15% and did not release his tax records. I thought this was interesting. He is working the system yet running for presidency .



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    What is interesting about someone doing something perfectly legal to avoid taxes? EVERYONE does it. Rich people just have more expensive lawyers and accountants to tell them how much to put where to end up with the lowest possible tax rate.

    Nothing wrong with paying a 15% tax rate when you make your money on capital gains.

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    magical negro/photog .blank cd's Avatar
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    ME: "Hi, IRS? I'm just calling to tell you I'm only gonna pay you 15% income tax this year"

    IRS: "Oh Really? Would you like the classic black and white striped jumpsuit, or the new hip orange one?"

    Perfectly ok.

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    Quote Originally Posted by .blank cd View Post
    ME: "Hi, IRS? I'm just calling to tell you I'm only gonna pay you 15% income tax this year"

    IRS: "Oh Really? Would you like the classic black and white striped jumpsuit, or the new hip orange one?"

    Perfectly ok.
    Romney likely doesnt pay INCOME taxes. He probably pays CAPITAL GAINS taxes. Look it up, the differences are extraordinary.

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    Quote Originally Posted by BanginJimmy View Post
    Romney likely doesnt pay INCOME taxes. He probably pays CAPITAL GAINS taxes. Look it up, the differences are extraordinary.
    I heard him do an interview this afternoon where he explained exactly that. He doesn't work and draw a salary, his income comes from capital gains etc. World of difference.

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    John Paul II, wat!? blaknoize's Avatar
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    Capital Gains is very different from Income, but I do not agree with the fact that when we work, we make less than someone else who just has money making money for itself. I am not literate enough in the Gains/Income tax difference to make an argument; but I can't understand how any of our hard or soft labor should be taxed more than money simply compounding on itself.

    We all work very hard for what little we make, yet those who happen to have more will always work less and make more. The poorest are the hardest working in America while the richest can relax and the only difference between me and someone else is how many zero's attached to their accounts.

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    magical negro/photog .blank cd's Avatar
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    Quote Originally Posted by BanginJimmy View Post
    Romney likely doesnt pay INCOME taxes. He probably pays CAPITAL GAINS taxes. Look it up, the differences are extraordinary.
    I know what capital gains are

    No income tax huh? Even better. I work my ass off and pay 25% taxes, he makes a couple phone calls to some brokers and investors and pays less than 15.

    Seems fair

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    magical negro/photog .blank cd's Avatar
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    Quote Originally Posted by blaknoize View Post
    Capital Gains is very different from Income, but I do not agree with the fact that when we work, we make less than someone else who just has money making money for itself. I am not literate enough in the Gains/Income tax difference to make an argument; but I can't understand how any of our hard or soft labor should be taxed more than money simply compounding on itself.

    We all work very hard for what little we make, yet those who happen to have more will always work less and make more. The poorest are the hardest working in America while the richest can relax and the only difference between me and someone else is how many zero's attached to their accounts.
    You're exactly right bro. You don't have to be a tax professional to realize the disconnect there

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    Quote Originally Posted by .blank cd View Post
    I know what capital gains are

    No income tax huh? Even better. I work my ass off and pay 25% taxes, he makes a couple phone calls to some brokers and investors and pays less than 15.

    Seems fair
    You can pay 15% too, you just have to RISK AKA INVEST IT. Invest all your money and live off capital gains and you too can pay 15%.

    Investment isn't guaranteed, its not always certain you make money. You can lose your ass too.

    So we reward investors who take risks with a lower tax rate on profits they make.

    You can't compare income with capital gains, that just shows how little you understand taxes
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    Quote Originally Posted by blaknoize View Post
    Capital Gains is very different from Income, but I do not agree with the fact that when we work, we make less than someone else who just has money making money for itself. I am not literate enough in the Gains/Income tax difference to make an argument; but I can't understand how any of our hard or soft labor should be taxed more than money simply compounding on itself.

    We all work very hard for what little we make, yet those who happen to have more will always work less and make more. The poorest are the hardest working in America while the richest can relax and the only difference between me and someone else is how many zero's attached to their accounts.
    You're buying into bullshit.

    The filthy rich will always pay less, interest on 100 million is more than interest on 1000$.

    As a whole poor people pay LESS in INCOME TAXES that wealthy, we have a progressive system.

    Capital gains is geared for investors and people who create jobs and drive the economy.
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    And I bet you $100 you don't pay 25% in taxes.

    That's in the 100,000$+ income bracket
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    magical negro/photog .blank cd's Avatar
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    Quote Originally Posted by Vteckidd View Post
    Capital gains is geared for investors and people who create jobs and drive the economy.
    You still believe that? Lol

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    Wtf do you think capital gains means.

    Capital=investment

    Capital GAINS means profit from investment

    We provide incentives for people to invest in our economy, we realize it's a risk, so if they risk their capital, we reward their gains with a lower tax rate.

    I'm invested heavily in our stock market mostly through mutual funds.

    How much have you invested?
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    Again if you want to take the SAME RISK AS ROMNEY, YOU CAN INVEST YOUR ENTIRE PAYCHECK every week.

    Then you can be rewarded with lower taxes on whatever profit you make

    Warren buffet does the exact same thing
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    I think the candidates for the 2012 election are all corrupt morons.


    Still trying to decide if I believe Ron Paul is legit or not. I really wanna say he's the best option..
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    ballin on a budget RL...'s Avatar
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    People who make 100K get taxed 28% by the federal government. But most middle class workers get taxed 25% by the fed gov. That's not taking into account the state tax we pay, medicare, medicaid, and social security as well. It adds up to be a lot more than just 25%.

    Here's a link to our federal progressive tax brackets.
    http://en.wikipedia.org/wiki/US_Inco...come_tax_rates


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    Quote Originally Posted by Vteckidd View Post
    Wtf do you think capital gains means.

    Capital=investment

    Capital GAINS means profit from investment

    We provide incentives for people to invest in our economy, we realize it's a risk, so if they risk their capital, we reward their gains with a lower tax rate.

    I'm invested heavily in our stock market mostly through mutual funds.

    How much have you invested?
    I was more concerned with the "create jobs and drive the economy" part. They've all debunked that Job creator myth and the economy driver myth. But that's whatever. If you still believe the investors are the economy drivers, and that we are rewarding them, then you also have to accept we are rewarding those people who orchestrated the collapse of our economy with a tax haven OR that those people aren't really "economy drivers"

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    Quote Originally Posted by metalmatt47 View Post
    I think the candidates for the 2012 election are all corrupt morons.


    Still trying to decide if I believe Ron Paul is legit or not. I really wanna say he's the best option..
    He atleast seems like the less corrupt out of the group. I knew romney was rich, but damn I didn't know he was worth billions.


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    Who cares if he's rich? Obama is a multi millionaire , so was McCain, so was john Kerry, etc.

    Romney isn't worth billions, john Kerry is worth more than Romney, its hundreds of millions.

    And most workers pay the 15-25% rates, you're forgetting about the deductions and credits. Also income is taxed progressively,

    Look at effective tax rates
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    magical negro/photog .blank cd's Avatar
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    Quote Originally Posted by metalmatt47 View Post
    I think the candidates for the 2012 election are all corrupt morons.


    Still trying to decide if I believe Ron Paul is legit or not. I really wanna say he's the best option..
    Paul is definitely the lesser of the GOP clowns, but he's not without his faults. The only reason I like Paul is because he helped uncover the secret 16 trillion dollar fed bailout of the banks.

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    Quote Originally Posted by .blank cd View Post
    I was more concerned with the "create jobs and drive the economy" part. They've all debunked that Job creator myth and the economy driver myth. But that's whatever. If you still believe the investors are the economy drivers, and that we are rewarding them, then you also have to accept we are rewarding those people who orchestrated the collapse of our economy with a tax haven OR that those people aren't really "economy drivers"
    People who invest create jobs, people who don't, well....don't.

    Its not a myth, Romney expanded and created jobs with investment from bain capital, so any profit he made we tax at a lower rate.

    You can keep generalizing, offering no facts, and ignoring my questions, still doesn't mean you're right
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    Quote Originally Posted by .blank cd View Post
    Paul is definitely the lesser of the GOP clowns, but he's not without his faults. The only reason I like Paul is because he helped uncover the secret 16 trillion dollar fed bailout of the banks.
    You're 10 years too late, feds been doing this for years.

    Ron Paul is a multi millionaire too fyi.
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    magical negro/photog .blank cd's Avatar
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    Quote Originally Posted by Vteckidd View Post
    You're 10 years too late, feds been doing this for years.

    Ron Paul is a multi millionaire too fyi.
    I wasn't generalizing or ignoring anything. It's a myth. I offered up all the facts in another thread.

    You mean they've been doing that 16 trillion dollar bailout in 2008 for 10 years now?

    And I said that was the only reason I liked him. It looks as if I'll be forced to vote for a multimillionaire this election season unfortunately. I think I'll be writing people in until we get a selection that better represents the people of the US

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    Quote Originally Posted by .blank cd View Post
    And I said that was the only reason I liked him. It looks as if I'll be forced to vote for a multimillionaire this election season unfortunately. I think I'll be writing people in until we get a selection that better represents the people of the US
    Cain was the best choice we have had in decades but some stupid crap forced him out. Not saying he was perfect, just the best choice we have had.

    As I have said before, I would vote for Hillary before I would vote for Obama so count me in that group that will vote GOP only because it is a vote against Obama.

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    You never offer any facts, you regurgitated left wing rhetoric and talking points.

    Rich people create more jobs than poor
    people who invest capital create jobs

    That's just fact. Capital gains is geared towards investors, to risk their money to expand our economy
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    Quote Originally Posted by BanginJimmy View Post
    Cain was the best choice we have had in decades.
    Exactly. We need a president who's not afraid to admit he doesn't know the capitol of Uzbekibekibekistanstan. Lol

    With all secret affairs aside, he really wasn't the brightest crayon in the box.

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    Quote Originally Posted by Vteckidd View Post
    You never offer any facts, you regurgitated left wing rhetoric and talking points.
    You're right. If we're calling facts "left wing rhetoric and talking points", then yes. I am guilty as charged.

    Quote Originally Posted by Vteckidd
    Rich people create more jobs than poor
    people who invest capital create jobs

    That's just fact. Capital gains is geared towards investors, to risk their money to expand our economy
    So then you agree with me that we reward those who caused the 2008 financial collapse with a tax haven?

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    Quote Originally Posted by RL... View Post
    People who make 100K get taxed 28% by the federal government. But most middle class workers get taxed 25% by the fed gov. That's not taking into account the state tax we pay, medicare, medicaid, and social security as well. It adds up to be a lot more than just 25%.

    Here's a link to our federal progressive tax brackets.
    http://en.wikipedia.org/wiki/US_Inco...come_tax_rates
    You can see how on paper it's kinda progressive, but in practice it's pretty REgressive. The table stops at 35%/$350k+. It doesn't continue to progress past that. Also most millionaires don't pay income tax, they pay capital gains tax @ +-15%. All told, wealthy people pay a far less percentage than poor people.

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    Quote Originally Posted by .blank cd View Post
    So then you agree with me that we reward those who caused the 2008 financial collapse with a tax haven?
    Before you can say this you have actually define the cause. IMO, the cause was very high leverage, mainly in the housing and mortgage sectors. That can be traced back to Fannie and Freddie. The fact that Fannie and Freddie were out of control can be traced back to Barney Frank and other Dems who refused to allow reforms to Fannie and Freddie.

    There are a LOT more people that added to the problem, and all of them SHOULD have seen the collapse coming if they are actually as smart as they say they are. I'm not relieving them of any guilt, I'm just saying that those in Congress who blocked reform deserve a lion's share of the blame.

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    Quote Originally Posted by .blank cd View Post
    You can see how on paper it's kinda progressive, but in practice it's pretty REgressive. The table stops at 35%/$350k+. It doesn't continue to progress past that. Also most millionaires don't pay income tax, they pay capital gains tax @ +-15%. All told, wealthy people pay a far less percentage than poor people.
    The top 1% of income tax payers make a little less than 20% of the earned income, yet pay about 40% of the income taxes.


    As an aside, what do you think the tax brackets should look like?

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    Quote Originally Posted by .blank cd View Post
    With all secret affairs aside, he really wasn't the brightest crayon in the box.
    I disagree. He wasnt bright enough in the ways of politics to actually run for President, but Cain is a very intelligent businessman.


    The affair was doomed to end his run, but I have no faith in the sexual harassment claims. IMO when he paid those settlements out, he made a business decision. It cost less to pay them off than lawyers would cost to defend against the claims.

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    Quote Originally Posted by BanginJimmy View Post
    As an aside, what do you think the tax brackets should look like?
    I think they should be stretched out more than they are to include people that make up to 1 mil. But with capital gains taxes the way they are, you're still not going to affect people making more than that. I don't think you should have a break because you "invest" "create jobs"(I use that term loosely) and you may or may not have an impact on the US economy, because when the bubbles burst (that investors create) and our currency becomes worthless (like it has), it has a profound impact on those less fortunate and virtually ZERO impact on investors. So I think we should jack up capital gains to at the VERY LEAST 35%. If you're an "investor" and a "job creator" and you want to carry the responsibility of "creating jobs" and "taking risks" with your money, then you should step up and take the responsibility of the tax burden, because if you want to claim responsibility for an economic boom, you have to also claim responsibility for its collapse under the same circumstances.



    Quote Originally Posted by BanginJimmy
    I disagree. He wasnt bright enough in the ways of politics to actually run for President, but Cain is a very intelligent businessman.
    So as long as he can handle his money, you think he'd make a good leader of a country. Remember, the POTUS represents the US.

    Businessman, maybe. Intelligent, yet to be seen.

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    Quote Originally Posted by Vteckidd View Post
    Look at effective tax rates
    Nice how this point has been completely overlooked. There's a difference between what a tax table says and what someones effective tax rate actually is after all deductions and credits.

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    What tax did Romney avoid exactly? I'm all for tax reform but as long as he is following the tax code, I can't blame Romney for having a too low tax rate.

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    Quote Originally Posted by bu villain View Post
    What tax did Romney avoid exactly? I'm all for tax reform but as long as he is following the tax code, I can't blame Romney for having a too low tax rate.
    Guess he's thinking about income taxes.

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    But he didn't avoid anything, he followed the law.
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    Poor people can get tax breaks too, it isn't hard.

    I write off thousands of dollars each year of my income through my "photography business". I have zero problems with someone getting out of taxes, or finding a way to get into a lower bracket. I would encourage everyone to attempt to do so.

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    Quote Originally Posted by .blank cd View Post
    less fortunate

    I quit reading right here. Saying rich people are more fortunate than poor people implies that the only reason rich people are rich is because they got lucky. It implies that rich people didnt get rich by their own hard work and sacrifice.


    Outside of a very small percentage of Americans, being poor in this country means you screwed yourself.

    Quote Originally Posted by Brookings Institute
    Our research shows that if you want to avoid poverty and join the middle class in the United States, you need to complete high school (at a minimum), work full time and marry before you have children. If you do all three, your chances of being poor fall from 12 percent to 2 percent, and your chances of joining the middle class or above rise from 56 to 74 percent. (We define middle class as having an income of at least $50,000 a year for a family of three.)
    That quote is from this book: http://www.amazon.com/gp/product/081...SIN=0815703228

    Another quote from the book referenced, this is in the authors words, not a part of the brookings study as far as I know.
    Quote Originally Posted by Ron Haskins
    Higher marriage rates among the poor would benefit poor adults themselves, their children, and the nation … According to the U.S. Census Bureau, children living in single-parent families are about five times as likely to live in poverty. There’s also a high probability they’ll drop out of school, get arrested, be involved in teen pregnancy themselves, have more mental health problems, and be less likely to be employed or in school as young adults. Indeed, parents themselves are physically and psychologically better off when married than single.

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    Bumping this up for the Whorelounge thread.


    I also dont want my excellent previous post to go without a response.

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ImportAtlanta is a community of gearheads and car enthusiasts. It does not matter what kind of car or bike you drive, IA is an open community for any gearhead. Whether you're looking for advice on a performance build or posting your wheels for sale, you're welcome here!
Announcement
Welcome back to ImportAtlanta. We are currently undergoing many changes, so please report any issues you encounter with the site using the 'Contact Us' button below. Thank you!