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Thread: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax Plan

  1. #31
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    Re: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax P

    Obama Lied and you got laid off.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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    Re: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax P

    Quote Originally Posted by apdst View Post
    It'll work...if it actually yields more tax revenue.

    Taxing an income group at 80% will probably result in one of two things: 1) they will do a better job of hiding their money and/or 2) It will demotivate people to make that much money.

    A better plan would be to get the hell out of the way of the private sector, let them make more money that will be taxed at the current rate. That's a 100% fool-proof way to create more tax revenue.
    Trouble is they dont work. They only collect income from ownership of corps.

    So the only way for them to pay less taxes, is to own less. And keep idle cash.

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    Re: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax P

    Quote Originally Posted by Lutherf View Post
    No, it wouldn't work.

    Some of you folks seem to be missing the fact that the wealthy tend to derive their income from sources which are substantially more flexible than those of wage earners. If a "rich guy" gets a W-2 it's usually for a relatively small portion of his income. The rest of the stuff can be moved around they are far more able to decide for themselves how much income they choose to show.
    They can move it al lthey want.

    USA taxes are based on CITIZENSHIP. Not location of the persons body........

    Look up 877A taxes too LOL

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    Re: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax P

    Quote Originally Posted by 274ina View Post
    yes 50% at $200k and 95% for mega rich.

    Average. 80%.
    What's mega rich to you? $201k? You sure you want to leave anything at all to those bastards? I'm sure they won't mind working, investing, inventing, creating, risking capital only to give it all to the government.

    Tell me you're a Poe and not serious.

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    Re: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax P

    Quote Originally Posted by 274ina View Post
    union people make more than college ones.

    SO organizing is better than education.........
    ****, on your ridiculous plan, welfare would be better than working. What happens when there's nobody left to foot the bill? It does make a certain sense that you'd want to dissuade education, though.
    Last edited by X Factor; 10-09-12 at 02:26 AM.

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    Re: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax P

    Quote Originally Posted by 274ina View Post
    They can move it al lthey want.

    USA taxes are based on CITIZENSHIP. Not location of the persons body........

    Look up 877A taxes too LOL
    That's not what I'm talking about.

    If my income is primarily derived from the disposition of assets and pass through earnings from business holdings I can shift most of that stuff around so that I don't receive taxable income. For example, my primary source of income is a manufacturing company organized as a subchapter S corp. I receive $350,000 salary and have pass through earnings of $1,000,000. Now I know that I'll get slaughtered on taxes because President Chavez just decided to raise the tax rate to 80% on anybody who makes more than $200k so I sell off $1,000,000 dollars worth of stock that has only appreciated 1% over the past 2 years and buy into a real estate partnership where we're building a new office complex but I choose to only participate if I can claim 100% of the losses over the first 2 years of the project and won't receive any of the profits for that period. Since we're just building the place there is a $1,500,000 loss this year and I claim it all.

    Now what happened?

    I received the following "income":
    $350,000 salary
    $1,000,000 from the sale of stock
    $1,000,000 pass through earnings from the S Corp
    for a total of $2,350,000

    Now when I do my taxes I show the $350k income but since the stock only gained $100k I only have to claim $100k of that million and since the Partnership loss of $1.5 mil offsets the $1 mil of pass through from the S corp I actually show a $500k loss on pass through earnings and end up with an AGI of NEGATIVE $50k. I pay no tax, have an NOL carrying forward and am a partner in a real estate investment that I hope will sell for far more than my $1,000,000 investment all while pocketing $2.35 mil.

    Not bad, huh?

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    Re: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax P

    Quote Originally Posted by 274ina View Post
    yes 50% at $200k and 95% for mega rich.

    Average. 80%.
    You understand why that won't work. Right?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax P

    Quote Originally Posted by 274ina View Post
    Trouble is they dont work. They only collect income from ownership of corps.

    So the only way for them to pay less taxes, is to own less. And keep idle cash.
    Who doesn't work?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax P

    Quote Originally Posted by haymarket View Post
    It would be difficult to attempt to minimize the importance of the economist beyond what it already is.
    And yet...you keep trying.

    Go figure.
    TANSTAAFL

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    Re: Princeton Economist: Obama Campaign Is Misrepresenting My Study on Romney's Tax P

    Quote Originally Posted by Mycroft View Post
    Do you think the lean of the publication takes away from the statement from the professor...whom Obama is inaccurately quoting? I mean...dude...a Princeton economist is telling you that Obama is misrepresenting his own study. It doesn't matter if it was reported by the Weekly Standard or ABC.

    What email are you talking about? The one the Professor sent to Weekly Standard? It's quoted in the article. Or, do you believe Weekly Standard put that guy's name to what they say is his email? And it's not his?

    Come on, dude...you can do better than this, eh?
    The professor, Harvey Rosen , was on Bush's economic team. I think HIS comments are politically directed to discredit the President during the campaign time only.
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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