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Thread: Romney reveals he pays about 15% in taxes(edited)

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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by Catawba View Post
    Why the super rich pay a lower tax rate ~
    Warren Buffett is a hypocrite.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by MaggieD View Post
    Warren Buffett is a hypocrite.
    Thanks for your opinion. You have anything at all to back it up???
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by Catawba View Post
    Thanks for your opinion. You have anything at all to back it up???
    As far as my opinion goes, yep, I sure do. He challenges Congress to contribute to the U.S. Treasury...says he'll match it. He crows about how people who make over $1 million a year should pay more taxes. If he really wanted to make a difference, he'd be the world's strongest advocate for tax reform -- not simply raising rates.

    Oh, and let's not forget that the third-richest man in the world takes a salary of only $100,000 in order to minimize his taxes.
    Last edited by MaggieD; 01-19-12 at 03:38 PM.
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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by Meathead View Post
    First of all, the money has already been taxed (post 351) and as investment there is no guarantee that the money will make money in the first place. Investment, to various degrees is a crap shoot. What is the incentive for people to invest knowing that if money is lost, there will be no compensation (as it should be), but if there is profit more than a third of that will be withheld for the sake of bigger government. Only a fool would put a stake in anything unless there was no chance of loss. Thus, investment would be largely limited to low-yield bonds which would deliver little in capital gains and taxes. I ain't rocket science
    You do realize that for most of the last 100 years the max LTCG rate was closer to 30% than 15%, right? It's been as high as 39.9% ... under Ronald Reagan. It didn't seem to destroy the economy.

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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by MaggieD View Post
    As far as my opinion goes, yep, I sure do. He challenges Congress to contribute to the U.S. Treasury...says he'll match it. He crows about how people who make over $1 million a year should pay more taxes. If he really wanted to make a difference, he'd be the world's strongest advocate for tax reform -- not simply raising rates.

    Oh, and let's not forget that the third-richest man in the world takes a salary of only $100,000 in order to minimize his taxes.
    Just because you disagree with his opinion on tax policy doesn't make him a hypocrite.

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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by AdamT View Post
    Just because you disagree with his opinion on tax policy doesn't make him a hypocrite.
    It's not because I disagree with him. For the most part, I don't. But he doesn't go far enough. His play to Congress is simply grandstanding. There he sits taking a mere $100,000 in salary in order to avoid the tax consequences of salary v capital gains while at the same time berating Congress for not raising taxes on the rich. When you take advantage of legal loopholes, and then put yourself out there as such an advocate for higher taxes, that, to me, is hypocritical.
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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by MaggieD View Post
    It's not because I disagree with him. For the most part, I don't. But he doesn't go far enough. His play to Congress is simply grandstanding. There he sits taking a mere $100,000 in salary in order to avoid the tax consequences of salary v capital gains while at the same time berating Congress for not raising taxes on the rich. When you take advantage of legal loopholes, and then put yourself out there as such an advocate for higher taxes, that, to me, is hypocritical.
    Seems to me you're just assuming that the purpose behind the low salary is tax avoidance. Do you think there might also be a business purpose that benefits his company? Would it help their bottom line if they paid him $62 million in cash?

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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by AdamT View Post
    Seems to me you're just assuming that the purpose behind the low salary is tax avoidance. Do you think there might also be a business purpose that benefits his company? Would it help their bottom line if they paid him $62 million in cash?
    You may give him that benefit of the doubt, I don't. I hardly think paying him an average CEO's salary (Fortune 500 companies) of $11 million a year would put even a tiny ding in Berkshire Hathaway. They spent $900 million in advertising for their GEICO brand alone.

    Here's How GEICO Makes Berkshire Hathaway Money - Business Insider
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    Re: Romney reveals he pays about 15% in taxes(edited)

    Quote Originally Posted by MaggieD View Post
    As far as my opinion goes, yep, I sure do. He challenges Congress to contribute to the U.S. Treasury...says he'll match it.
    He has matched it (even with someone who contributed before his challenge):

    'Impressed' and 'Delighted' Warren Buffett Matches GOP Rep's Deficit Donations

    So where is the hypocrisy?
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    So he admits to paying 15% on money he invested that he was already taxed 30% on?
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