My opinion is that Obama's records are far more important.
Yes. Obama's college records are of equal value to Romney's tax returns
No. Its just the best political come back the GOP can come up with under the circumstances
Neither tax or college records matter in the election.
My opinion is that Obama's records are far more important.
“Tyranny is defined as that which is legal for the government but illegal for the citizenry.”
― Thomas Jefferson
Of course not. We already know Obama was in the top ten % in his Harvard law class.
Romney blew off his mouth that he should be pOTUS as he "understands" the economy based on his personal experience.
He paid 13% on only a small portion of his income and has illegal income and income without any taxes paid in offshore accounts and this is all with the past 15 years. He is a poseur and a fraud.
And one law professor, Victor Fleischer of the University of Colorado, has found a tax-avoidance trick used by the funds that is illegal.
As expected, the Bain funds appear to have employed pretty much every sophisticated tax-dodging scheme in the book, including:
creating "blocker" corporations that allow the funds to avoid business taxes,
entering into credit-default swaps that allow the funds to avoid dividend taxes, and, of course,
taking advantage of the ludicrous "carried interest" tax loophole that allows private-equity and hedge-fund managers to treat their performance fees as capital gains instead of ordinary income and thus pay a tiny fraction of the taxes on them that normal professionals would pay
All of these tricks rely on legal technicalities and sophisticated techniques to avoid taxes. For practical purposes, none of them are available to average taxpayers, because they require considerable sophistication and expense to set up and maintain
Read more: http://www.businessinsider.com/law-p...#ixzz24fw5TIwV
Last edited by Turin; 08-26-12 at 12:46 PM.
And one law professor, Victor Fleischer of the University of Colorado, believes he has found a tax-avoidance trick used by the funds that is illegal."
Belief does not make it a fact. (if one beliefs pig fly, does not make it so).
Now when the IRS and the courts finds Romney guilty of tax avoidance, you have something. Till then, just a poltical hack article.
"...How can any logical-thinking person give a damn about Romney’s taxes while not asking any questions regarding our current president’s past?" --Scott Paulson.
’2016: Obama’s America’ Movie Is Disturbingly Necessary « CBS Chicago
This tax issue is just a distraction from so many more important issues that should be talked about in an election year. And the people pushing for the release of some tax forms are starting to sound like the so-called "birthers". There are a lot of disturbing facts about the current President that make this tax issue extremely minor and meaningless, yet some people are just looking the other way about the President's past and record as President.
"The trust of the innocent is the liar's most useful tool." : Stephen King
"Commerce with all nations, alliance with none, should be our motto." Thomas Jefferson
So you don't have to go anywhere to read a bit of what was expected given that Romney's Bain was operating many corporations from the Cayman Islands:
Bain Capital's tax breaks: Are they legal?
August 25, 2012
(MoneyWatch) Gossip website Gawker released 950 pages of Bain Capital records Thursday, shedding light on two controversial campaign issues: Mitt Romney's financial portfolio and the sometimes aggressive strategies used by Bain Capital, which he founded, and other private equity firms to reduce taxes that partners pay on income from their investments.
The document dump will stoke the political fires, as partisans call attention to documents such as Bain Capital Fund VII, a $515 million Cayman Island-based limited partnership in which Ann Romney has at least $1 million, according to financial disclosure forms. In the words of the writer, John Cook, the documents "reveal the mind-numbing, maze-like, and deeply opaque complexity with which Romney has handled his wealth, the exotic tax-avoidance schemes available only to the preposterously wealthy."
Reaction ranged from an angry Bain statement decrying the release of confidential documents to a yawn from a Fortune blogger who claimed this was old news to an accusation by a Colorado University law professor who argued that the documents revealed evidence of an illegal tax dodge. What's not in dispute: The documents show that Bain, like other private equity firms, goes to great lengths to reduce its tax liability, and they show how tax loopholes are available to wealthy investors that less affluent, salaried workers can't use.
What tax rate would Romney pay?How the Ryan plan would affect you Campaign 2012: Complete coverage
To understand why someone like Mitt Romney, who is worth an estimated $250 million, can pay a tax rate in the range of 13 percent (the top income tax rate, 35 percent, applies to that portion of income over $388,350, for married couples filing jointly), it helps to understand how private equity fund partners are paid. Fund managers earn a management fee, typically 2 percent of assets under management, and a share of the profits, typically 20 percent. (This structure, often referred to as 2 and 20, is also used in hedge funds, and that's why it's better to manage a hedge fund than invest in one.) In some cases, Bain charged 2 and 30.
The 2 and 20 structure makes for a nice tax deal: While the 2 percent management fee is taxed as ordinary income, the 20 is treated as a long-term capital gain, which is taxed at 15 percent. In private equity lingo, the income from profits is called "carried interest." Many people, including Warren Buffett, have criticized the tax treatment of carried interest, arguing that it's simply compensation, and ought to be taxed as such. President Obama has called for a change in the law that would treat carried interest as income. Not surprisingly, private equity investors guard their tax break fiercely. In a widely reported remark in 2010, one of the biggest names in private equity equated such a tax hike with Nazism. "It's war. It's like when Hitler invaded Poland in 1939," said Blackstone chairman and co-founder Steve Schwarzman, who has a net worth of $5.5 billion, according to Forbes.
Here's where the fun begins. Not satisfied with only paying low rates on the carried interest, private equity partners, and their tax advisors, have come up with a tax strategy to pay the lower tax rate on their 2 percent management fee as well. The recently revealed Bain documents show that Bain Capital has used a strategy, known as management fee conversion, to convert their fees into carried interest. Also known as a management fee waiver, the strategy has been popular among private equity firms for years, and is dissected in this 2007 article in a tax journal. (page 18, for the intrepid)
Bain Used Strategy
The documents released yesterday suggest Bain used the fee waiver strategy. In the financials for Bain Fund X, the managers state that in 2009, they waived $89 million of the $214 million in fees owing that year. They further state that they waived a total of $338 million of fees for years up to and including 2009. In the financials for Bain Fund VII, the managers admit to having waived fees in the past.
It quacks like a duck, it looks like a duck, it's in a flock of ducks, gee, I wonder if it's a duck.
Last edited by OhIsee.Then; 08-26-12 at 02:27 PM.
Business Insider is hardly a hack publication. He used "believes" because Romney will not allow anyone to look into his financial dealings/ returns/offshore accounting except for only one year when he knew he would be running for POTUS.
Romney not only hid millions in order to avoid paying taxes at even the percentage a middle class American would he used questionable methods for others to move companies assets offshore and dismantle American economy.
Gingrich was right about something ... it is unprecedented in America that we would have such a secretive candidate who not only is hiding his maneuvering of millions he made simply by taking a slice of the pie by sheltering other uber rich people to move companies out of our country and for them to also avoid paying the same percentage in taxes that middle class hard working American pay.
Again. If Romney accepted amnesty the IRS stops
taking the next step, which is proceeding to prosecutors, he pays a fine and
the taxes he owes with an amended return.
This has been posted several times by others and me. When the IRS catches somebody usually 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.
Last edited by OhIsee.Then; 08-26-12 at 04:35 PM.