View Poll Results: Are Ronmey's undisclosed tax returns equal in importance to Obama's college records?

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  • Yes. Obama's college records are of equal value to Romney's tax returns

    19 20.00%
  • No. Its just the best political come back the GOP can come up with under the circumstances

    42 44.21%
  • Neither tax or college records matter in the election.

    22 23.16%
  • Other

    12 12.63%
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Thread: Are Romney's undisclosed taxes equally relavant to Obama's college records?

  1. #181
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    Re: Are Romney's undisclosed taxes equally relavant to Obama's college records?

    Quote Originally Posted by OhIsee.Then View Post
    Some stuff from
    Lid Blowing Off Romney Tax Secrecy - Business Insider

    A second issue that has been raised is that various Bain entities converted management fees to carried interest (via Ryan Grim).

    While people know that the carried interest loophole (which makes management compensation into capital gains) exists and is legal, the issue raised by Professor Victor Fleischer of University of Colorado Law School is that private equity firms have come up with a way to make fees that are unarguably management fees subject to ordinary income (35% tax) into capital gains (15% tax) by "waiving" the fees in exchange for virtually certain future profit, so that the extremely slight economic risk is disproportionately small compared to the tax gain. Fleischer argues that this is flat out illegal and concludes: "Mitt Romney has not paid all the taxes required under law." Not all experts agree. We can look forward to more argument on this issue in coming days. Even if it is legal, it is morally even less defensible than the carried interest loophole.

    In the end, we are still left with the fact that the tax system for the 1% is different from that for the rest of us. Whether Romney releases more tax returns or not, that issue is not going away. And the drip, drip, drip of new information makes me think he will eventually cave in.

    Read more: Lid Blowing Off Romney Tax Secrecy | Angry Bear - Financial and Economic Commentary
    Perhaps the good Professor should sue Romney. Somehow, I don't think he's going to convince any Law Enforcement Agency to take up the case if they haven't already.
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  2. #182
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    Re: Are Romney's undisclosed taxes equally relavant to Obama's college records?

    Quote Originally Posted by Mycroft View Post
    Perhaps the good Professor should sue Romney. Somehow, I don't think he's going to convince any Law Enforcement Agency to take up the case if they haven't already.
    This has been posted several times by others and me. When the IRS catches somebody he is usually offered amnesty. For the offence that is being mentioned most often, the IRS offered amnesty and lower fines if he and the people that did his taxes would correct the return and pay a fine. No law enforcement agency involved. This is typical, not an exception.

  3. #183
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    Re: Are Romney's undisclosed taxes equally relavant to Obama's college records?

    Quote Originally Posted by OhIsee.Then View Post
    This has been posted several times by others and me. When the IRS catches somebody he is usually offered amnesty. For the offence that is being mentioned most often, the IRS offered amnesty and lower fines if he and the people that did his taxes would correct the return and pay a fine. No law enforcement agency involved. This is typical, not an exception.
    shrug...

    I would consider the IRS to be a law enforcement agency...especially in light of tax violations.

    At any rate, I've seen no indication that they were ever concerned about Romney's methods for reducing his tax exposure.
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    Re: Are Romney's undisclosed taxes equally relavant to Obama's college records?

    Concerning Romney, the American ju$tice $y$tem i$ working the $ame a$ it ever did.. The golden rule of justice is that those who have the gold are given preferential treatment.

  5. #185
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    Re: Are Romney's undisclosed taxes equally relavant to Obama's college records?

    I can't believe you don't have an option for Obama's transcripts being more valuable than Romney's tax returns. We all know what are in Romney's tax returns. He made a hell of a lot of money, paid a hell of a lot in taxes, but the overall percentage if you take out corporate taxes was probably about the same as the average for the middle class, which is slightly lower than Buffett's rich secretary.

    What we don't know is how Obama choomed his way through Occidental and got into Columbia. Then how he failed to even make honors at Columbia and got into Harvard. THAT would be an interesting story.
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  6. #186
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    Re: Are Romney's undisclosed taxes equally relavant to Obama's college records?

    Quote Originally Posted by OhIsee.Then View Post
    Some stuff from
    Lid Blowing Off Romney Tax Secrecy - Business Insider

    A second issue that has been raised is that various Bain entities converted management fees to carried interest (via Ryan Grim).

    While people know that the carried interest loophole (which makes management compensation into capital gains) exists and is legal, the issue raised by Professor Victor Fleischer of University of Colorado Law School is that private equity firms have come up with a way to make fees that are unarguably management fees subject to ordinary income (35% tax) into capital gains (15% tax) by "waiving" the fees in exchange for virtually certain future profit, so that the extremely slight economic risk is disproportionately small compared to the tax gain. Fleischer argues that this is flat out illegal and concludes: "Mitt Romney has not paid all the taxes required under law." Not all experts agree. We can look forward to more argument on this issue in coming days. Even if it is legal, it is morally even less defensible than the carried interest loophole.

    In the end, we are still left with the fact that the tax system for the 1% is different from that for the rest of us. Whether Romney releases more tax returns or not, that issue is not going away. And the drip, drip, drip of new information makes me think he will eventually cave in.

    Read more: Lid Blowing Off Romney Tax Secrecy | Angry Bear - Financial and Economic Commentary
    Forgoing fees with the hope that you are building the company enough that it will still pay you after you step away from management duties is not risky?? I love professors who have no clue how business works. Seriously? What a crapload. Oh, and by the way, I think that's one loophole Romney would get rid of in his tax plan. I don't think Obama's even been able to figure out it exists.
    Get informed: UNICEF foreign adoption policy is killing orphans and the US gives $132 million to UNICEF every year. Stop the madness.
    For the best news and commentary on the 2012 election from the GOP perspective, visit www.whitehouse12.com.

  7. #187
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    Re: Are Romney's undisclosed taxes equally relavant to Obama's college records?

    Quote Originally Posted by Mycroft View Post
    shrug... I would consider the IRS to be a law enforcement agency...especially in light of tax violations.
    Then someone on the street that sees a crime is a law and reports it is a law enforcement agency?

    At any rate, I've seen no indication that they were ever concerned about Romney's methods for reducing his tax exposure.
    Who is the "they" you are talking about, the IRS? I haven't eather. It just that the companies that were doing the things that Bain was doing, e.g. multiple accounts in Cayman Islands, are done to skirt the intent of US tax law and sometimes to hide illegal tax dodges. One thing I pointed to was taking a trivial salery from your Cayman copany but gettin a set up buy on stock at a low price instead. Almost legal.

  8. #188
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    Re: Are Romney's undisclosed taxes equally relavant to Obama's college records?

    Quote Originally Posted by friday View Post
    I can't believe you don't have an option for Obama's transcripts being more valuable than Romney's tax returns. We all know what are in Romney's tax returns. He made a hell of a lot of money, paid a hell of a lot in taxes, but the overall percentage if you take out corporate taxes was probably about the same as the average for the middle class, which is slightly lower than Buffett's rich secretary.

    What we don't know is how Obama choomed his way through Occidental and got into Columbia. Then how he failed to even make honors at Columbia and got into Harvard. THAT would be an interesting story.
    I don't see how either really matters in the election. I'd rather see them release pages of explanations on how they are going to help restore America's greatness; that would be a document worth reading and analyzing
    "The trust of the innocent is the liar's most useful tool." : Stephen King

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  9. #189
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    Re: Are Romney's undisclosed taxes equally relavant to Obama's college records?

    Quote Originally Posted by OhIsee.Then View Post
    This has been posted several times by others and me. When the IRS catches somebody he is usually offered amnesty. For the offence that is being mentioned most often, the IRS offered amnesty and lower fines if he and the people that did his taxes would correct the return and pay a fine. No law enforcement agency involved. This is typical, not an exception.
    Indeed. To actually bring the justice department in requires something like deliberate tax evasion for several years, large amounts owed and refusal to pay.

    Wesley Snipes for example. Most people aren't dumb enough to actually resort to tax evader claims like the government has no right to tax.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  10. #190
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    Re: Are Romney's undisclosed taxes equally relavant to Obama's college records?

    Quote Originally Posted by TheLastIndependent View Post
    I don't see how either really matters in the election. I'd rather see them release pages of explanations on how they are going to help restore America's greatness; that would be a document worth reading and analyzing
    Does this include how to successfully overcome a party that declares that it will do anything to make the president unsuccessful like the Republicans announced and did to Obama?
    Last edited by OhIsee.Then; 08-26-12 at 12:27 PM.

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