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Romney uses little known tax dodge to avoid taxes

PeteEU said:
Impressive ..... no wonder there is such a huge deficit :)
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At least I'm doing it legally...unlike the lovely citizens of Greece who create illegal markets to avoid taxation.
 
tessaesque said:
My effective rate was under 6% last year. So Romney obviously failed to pay less than "anyone and everyone".

Hyperbolic whiny nonsense is always going to be viewed as nothing more than hyperbolic whiny nonsense. It's rather sad, really, to see people resort to such idiotic fallacies in their attempts to denigrate a candidate they dislike.
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Thanks for going on the record of approving of the most unpatriotic candidate in history, especially since he is running against the Black man, we know who you guys are...LOL

Lots of bigots in this country, and racists...too bad, thought we were making progress, guess not
 
tessaesque said:
At least I'm doing it legally...unlike the lovely citizens of Greece who create illegal markets to avoid taxation.
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Not a big difference tbh. That the US has a corrupt political class that makes such tax legislation possible, while spending like drunk sailors (both sides do it!) is no different than Greeks revolting against a corrupt political system by refusing to pay taxes. But saying that, the Greeks have a very long history of tax evasion going back to when that was a way of resisting the Ottomans.

A countries tax system should not only be fair but deliver revenue that is needed to run the government. At the moment it is not, and even cutting government drastically wont change that.
 
tessaesque said:
Trying to make Romney some evil villain because his tax preparers and financial advisers managed his money and tax obligations legally and to Romney's benefit is just idiotic grasping.
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Not when you are running for the top job of the land.... it is a clear avenue of attack against the candidate, ESPECIALLY when the candidate refuses to release tax returns...

Yes it shows how corrupt and screwed up the tax system is, but there is nothing in the Romney platform (or Obama for that matter) that will actively change things on this front.... because both (but Romney the most) benefit from such a corrupt system.
 
Chickenhawks said:
McCain took SArah over Willard because of this, McCain knew that these returns would paint Willard as the least patriotic candidate in history

but you guys here seem fine with it...intersting
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Following the law is unpatriotic? Interesting stretch.
 
Typical responses - rich guy avoids millions in taxes and he's a good business man. poor guy avoids $1500 bucks in taxes and he's a parasite because he paid no federal income taxes. So if Romney gets his rate down to .00000001% (but not zero of course) he must be the best business man ever right?

Do I blame Romney? No, but I find it extremely hypocritical when the "within the law argument" only applies to those at the top.

MaggieD said:
Deep breaths, Hawk, deep breaths. Romney did not break any laws. Do you take deductions you're entitled to? Or do you leave money, on purpose, on the table?

Don't blame Romney. Blame our tax codes. Something Romney has said he will work on if elected.

Bloomberg's rapidly losing my respect right now. They're rumor mongers.
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We know absolutely NOTHING about how Romney plans to fix the tax code and without details it's just hot air. We do know that he plans to drop his bracket by 7 points and only drop the lowest bracket by 2 points. But it's cool - if me makes it law he'll just be acting within the law.
 
Chaddelamancha said:
I don't think that is the argument. It's how he plans on changing it that is the issue.
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If he or anyone else puts in a flat tax, it would be level.

I don't know how or if Romney will change it. I do know that in 4 years - 2 of them with control of both houses of Congress - Obama didn't change it.
 
Taxes are an interesting topic. Worth discussing. But in a cloud of hyper-partisanship, it's pretty boring.

In the meantime, I suggest everyone here take their deductions regardless of your political affiliation.

If tax law seems to favor the rich, it's because they paid for the lobbyists that helped create these laws. Most of us can't afford lobbyists because the amounts we pay are relatively neglible in the overall context.

Boo-hoo.:mad:
 
Chickenhawks said:
You cannot run for president if you have spent your entire life dedicated to paying less in taxes than anyone and everyone else
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Our 2011 household income was low 6-figures and we paid an effective rate less than half of Romney.
Not surprisingly, you bit down hard on the bigoted, partisan rhetoric w/o thinking.
 
tessaesque said:
Romney's taxes are prepared by a team of highly trained, well informed tax specialists. Romney is not sitting there glossing over thousands of pages of tax codes looking for ways to decrease his tax obligation.

Furthermore, ANYBODY who uses a CPA for their tax preparation will find that their taxes have been manipulated in the same way that Romney's were....that is to say, the preparer used their advanced knowledge of federally and state-crafted legislative tax code to ensure that the tax liability of their client was as minimal as possible.

Hell, I do it myself using TurboTax every year. I itemize the **** out of my deductions. And why? Because if the law exists that allows me a deduction, I'm going to take advantage of it. Anybody who says they wouldn't is probably lying.
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Not quite. To use an intentionally defective grantor trust is tax planning -- and very elaborate tax planning. It doesn't happen because a CPA notices a deduction and takes it. Moreover, Romney had to create the trust. So he was knee deep in it.
 
MaggieD said:
Deep breaths, Hawk, deep breaths. Romney did not break any laws. Do you take deductions you're entitled to? Or do you leave money, on purpose, on the table?

Don't blame Romney. Blame our tax codes. Something Romney has said he will work on if elected.

Bloomberg's rapidly losing my respect right now. They're rumor mongers.
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Uhhh Romney wants to reduce taxes on the filthy rich like himself and increase taxes on the middle class by eliminating deductions (deductions don't really affect the top bracket because of AMT).

So no, Romney is not going to fix the tax schemes he used to pay lower taxes. He's going to make them worse.
 
TheNextEra said:
The right's version of hope and change, Romney 2012.
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Given that The Obama continued, if not expanded, virtually all of the GWB policies/actions He ran against in 2008, that should apply to the Dems as well.
 
H. Lee White said:
Given that The Obama contined, if not expanded, virtually all of the GWB policies/actions He ran against in 2008, that should apply to the Dems as well.
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Except he didn't. Tea Party Occupied Congress did. If Obama had his way, the top bracket would be paying a higher rate, and the rest of us a lower rate. But the GOP held that hostage.
 
H. Lee White said:
Given that The Obama continued, if not expanded, virtually all of the GWB policies/actions He ran against in 2008, that should apply to the Dems as well.
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I never said it didn't.

It seems America as a whole will never wake up and realize that the duopoly of the Dem/Rep beast is the biggest threat to America. It's always pointing the finger at the other side and the problem continues on.
 
H. Lee White said:
Do you voluntarily not take all the deductions and credits that are available to you?
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That's hardly relevant to Romney, since only centimillionaires can take advantage of IRA stuffing and IDGTs.

If your claim is that Romney didn't know he was undervaluing the LLC interests he was stuffing in his IRA, or that he didn't know what a IDGT is, you have got to be kidding.
 
head of joaquin said:
Except he didn't. Tea Party Occupied Congress did.
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Really.
Specifics, please:
What GWB policies, run against in 2008, did the TEA party not allow The Obama to end?
And.... what's your excuse for Him failing to end those polices before Jan 2011?
Please make sure you rederence the fact that Obama;s Tax Cuts for the Rich were passed by a dem-controlled Congress.
 
Chickenhawks said:
Thanks for going on the record of approving of the most unpatriotic candidate in history, especially since he is running against the Black man, we know who you guys are...LOL

Lots of bigots in this country, and racists...too bad, thought we were making progress, guess not
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Just to clarify...you're calling me a racist bigot?
 
Ikari said:
Damned it....I need to move out of New Jersey.
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No state taxes or county taxes here. Property taxes are based on what county you live in, and you don't pay property tax yearly on anything but your home/land.
 
H. Lee White said:
Really.
Specifics, please:
What GWB policies, run against in 2008, did the TEA party not allow The Obama to end?
And.... what's your excuse for Him failing to end those polices before Jan 2011?
Please make sure you rederence the fact that Obama;s Tax Cuts for the Rich were passed by a dem-controlled Congress.
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Jesus.

Your claim was that Obama continued Bush's disastrous policies.

False.

1. Obama passed Obamacare, a revolution in health care opposed tooth and nail by the conservative zombies.

2. Obama ended the disastrous war in Iraw.

3. Obama passed a stimulus bill -- opposed to a man by Tea Party Occupied Congress.

4. Obama tried to close Gitmo -- Tea Party Occuped Congress refused to fund the closing.

5. Obama tried to raise taxes on the top bracket -- Tea Party Occupied Congress held tax cuts for working people hostage.


Now, you've been rebutted. Response?
 
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