IRS Capital Gains On Trial!

didn’t romeny already pay taxes when he earned this income.  this is the second time he’s getting taxed, this time on the interest or gains from the instruments he purchased with the originally-taxed income.

on the other hand, it may help him to see how much he actually pays in taxes as opposed to talking  about %. 

It`s time to find out how all the rich in congress are paying taxes. My guess is we will find most are like Charlie Rangel. Exposing just a few of them should shut them up.

 Right Kerry
Right Pelosi
Right Reid.

A friend of my keeps saying that those who earn more should pay higher taxes. I have to remind him that when he stops taking tax breaks for his mortgage, kids and for filing jointly with his wife – and is then actually paying his fair share like I do – he can make those comments. Until then, he needs to pipe down.

John, you haven’t seen Romney’s tax return so you don’t factually know why he’s paying 15%.  Playing the ‘free enterprise card’ is pretty much the same as playing the race card.  That was a DNC ad?  But it’s mostly a compilation of news reports, including a FOX news clip, and it’s mostly flat facts.  I point this out because a lot of the Romney defense I’ve seen is unconvincing.

Envy, jealousy, and anti-capitalist hate. Seriously, is this now acceptable political discourse?  By all reports, his money was legally earned, legally saved, declared, and taxes paid. 

Anyone taking this line of attack against Romney discredits themselves.

I have a nieghbor like that. I told him we should take eveyones earnings  on our street and at the end of the year we divide it evenly amongst participants. Hell no, he said Mr. so and so makes way less than me, that wouldn`t be fair.
 My neighbor won`t talk to me now.

“The US is in the category that will grow 1.4% at best in 2012.”

I thought Mr. Johnson said we were going into a double dip.

The average growth forecasts of private economists for the U.S. in 2012 are much better. Things are actually looking better recently and forecasts are likely to revised up.

The WSJ’s recent annual survey of 54 leading economists puts their average U.S. GDP forecast at:

2.4% in 2012.

Breaking it out:

4Q11 3.1%
1Q12 2.2%
2Q12 2.3%
3Q12 2.4%
4Q12 2.6%

2.8% in 2013
3.1% in 2014

http://online.wsj.com/public/page/economic-forecasting.html

It has been debated for years whether it is fair that the 15% capital gains tax is fair. There is little academic research that suggests that a lower capital gains taxes encourages more investment. The rate went from 28% to 20% under Clinton. It was higher under both H.W. Bush and Clinton (it was 20% under Reagan) and their is no evidence that there was any more or less investment during those presidencies than during the GW Bush or Obama presidencies. All the lower capital gains tax does is increase both the income and wealth disparity in this country.

Romney likely pays less than the 15% capital gains rate. He has a lot of his money parked overseas in the Caymans (Google it). Most of his investments remain with Bain and Bain parks most of their investments in the Caymans.

Very patriotic to have a President putting his money overseas to avoid paying taxes, what little taxes he pays. If this was Obama or a Democrat doing this, this issue alone would immediately kill his candidacy.

I think you need to understand the term “carried interest”. It is a way that private equity investors avoid paying taxes twice. Google it.

The fact that his income tax return reports his interests in the
Caymans is by definition proof that he is abiding by US laws. The issue
is when people harbor income, accounts or entities offshore and fail to
report them and fail to include the income earned on offshore
investments when appropriate. Mitt appears to be following all the
rules, so I’m not sure where the issue is.  I`m really getting disgusted with your lack of knowledge about the economy and taxes. Don`t you EVER get tired of being wrong.It really is embarrassing.

PA, I am sorry to inform you that BO is a one-term POTUS. This stuff coming out now is a good thing..Mitt has lots and lots of time to counter it. Nothing looks illegal so far. Now, go back and look at BO’s taxes and look at how little he ‘shares’ or donates. When all is said and done..Mitt will win on this issue.

From your own link:

Economists are split on whether the Federal Reserve will take
further action this year, as they forecast slow but steady improvement
in economic growth and employment through 2012.
In the latest
Wall Street Journal survey, 30 of the 54 participating economists, not
all of whom answer every question, say the central bank will refrain
from another round of large-scale bond buying in 2012.

Oooops !!!

Democrats receive more Bain Capital dollars than Republicans

Democrats have accepted more political donations than Republicans
from executives at Bain Capital, complicating the left’s plan to attack
Mitt Romney for his record at the private equity firm.
During the
last three election cycles, Bain employees have given Democratic
candidates and party committees more than $1.2 million. The vast
majority of that sum came from senior executives.
Republican candidates and party committees raised over $480,000 from senior Bain executives during that time period.

http://thehill.com/homenews/senate/205025-dems-receive-more-bain-dollars-than-gop

Look its time we visit and rewrite the tax code making it simpler and more equitable for everyone . That is the point everyone needs to focus on…. Not the rest of this bullshit…

“The fact that his income tax return reports his interests in the Caymans is by definition proof that he is abiding by US laws”

I am sorry can you educate me on which US Law(s) you are referring to?

All this hullabaloo about Romney’s taxes is typical. It’s nothing less than class warfare.

Sure, some might have an issue with a multi-millionare paying a lower tax rate than ordinary workers. But criticizing Romney for following the law which the tax code set up is insanity. It’s a typical ploy by the Democrats. Attack your opponent for benefiting (perhaps unfairly) for laws which you created or have refused to reform.

If Dems and far-leftists in general had any scruples (you can stop laughing now) at all, they would put the blame where it deserves to be. Geez, do I live in a fantasy world or what?

All this hullabaloo about Romney’s taxes is typical. It’s nothing less than class warfare.

Sure, some might have an issue with a multi-millionare paying a lower tax rate than ordinary workers. But criticizing Romney for following the law which the tax code set up is insanity. It’s a typical ploy by the Democrats. Attack your opponent for benefiting (perhaps unfairly) for laws which you created or have refused to reform.

If Dems and far-leftists in general had any scruples (you can stop laughing now) at all, they would put the blame where it deserves to be. Geez, do I live in a fantasy world or what?

I agree. And if Romney is smart he will address this front and center during tonight’s debate.

Yes, I remember when I, a nobody, discovered that I had shared more of my income for charitable donations than O and Biden.  These people just want to share our money, not theirs.

Personal income tax laws in many
high-tax regimes (including the US
and EU) does not differentiate
between offshore banks interest,
domestic banks interest and interest
earned from onshore banks abroad in
international banking accounts.

In the case of US persons, citizens
are required to declare any offshore
bank accounts – which may or may not be
numbered bank accounts – they may have.
Although offshore banks may decide not
to report income to other tax
authorities, and have no legal
obligation to do so as they are
protected by bank secrecy, this does not
make the non-declaration of the income
by the tax-payer or the evasion of the
tax on that income legal.

Since he reported these accounts on his tax return, no American tax laws were broken.

If they came up with some sort of flat tax, it would be fair. That is until it dawns on the 47% that pay NO income tax.

Media Myth Debunked: 97 Percent of Americans Pay Less Tax Than Romney’s 15 Percent
 
In the days following Presidential candidate Mitt Romney’s admission
that he pays around 15 percent in federal income taxes, the Obama-loving
media have been in a full-court press claiming this is less than what
most Americans pay.

According to last year’s report
from the Internal Revenue Service, as a percentage of Adjusted Gross
Income, 97 percent of 2009 filers paid less than 15 percent:

Read more: http://newsbusters.org/blogs/noel-sheppard/2012/01/19/media-myth-debunked-97-percent-americans-pay-less-romneys-15-percent#ixzz1jusDMxWr

“Media Myth Debunked: 97 Percent of Americans Pay Less Tax Than Romney’s 15 Percent”

Nobody is claiming that Romney pays a lower tax rate than 97% of Americans. Nice strawman. Give us a quote of anyone actually saying that in the media.That Newsbusters article you reference quotes no one in the media as saying that 97% of Americans pay less than Romeny. It is complete BS.

Many are saying Romney pays a much lower tax rate than most Americans, which is true, particularly those in the middle class, who he wants to tax even proporational more with his tax plan and who will suffer from Romney wanting to reduce both medicare and social security benefits.

Not sure what your point is. Great you give a quote that says the economy will grow next year. I give you the results of the growth expectatons above. 2.4% growth in 2012. That is a far cry from a double dip.

By the way a good jobs claim number today. The good economic news continues.

But he’s rich! And that is not acceptable. Unless you have a “D” after your name.

He’d better. The hysteria is growing. Over nothing. But WTF, it’s not as if the media drumming up a nothing story for the Dems is anything new.

So anyone who questions how much taxes one pays or the income and wealth inequality in this country is displaying “anti-capitalist hate”. Complete BS.

Romney is the one who puts himself out there as creating 100,000 jobs at Bain. It is completely fair to critique if he really was a job creator and how he actually made his money (was it on the backs of the companies he pushed into bankruptcy).

Not everything in the “capitalist” system is positive. Your laisse-fair certainly failed us by creating this big economic downturn.

It is also completely fair to question whether we want an out-of-touch 1%er to occupy the WH.

Hiding behind this catch-all of “anti-capitalist hate” is BS. Reminds me of when anyone questions the Iraq war they were unpatroitic.

I guess you are looking for a nation of blind sheep that stay in line and ask no questions of their corporate masters.

Does Warren Bufffet display “Envy, jealousy, and anti-capitalist hate.”?

Lucky you!

But Harp, it’s only bad to be rich if you are a Republican. It’s that old double-standard hypocrisy the Dems do so well. And so often.

Lame.

U.S. corporations and individual put their money overseas to hide income and profit and to pay less taxes.

Whether Romney is doing everything within the law is irrelevant. It is completely unpatriotic to take advantage of all the U.S. provides you and then to not pay your taxes or the same taxes as everyone else. It is a character and moral issue.

Not something we want in a President.

Whatever he paid, he paid it legally. If the Dems don’t like the laws why the hell didn’t they do something about it when they had the White House, The House and the Senate?

Maybe because their millionaires and billionaires didn’t want to pay more that the law required any more than the GOP millionaires and billionaires did.

The hypocrisy – it burns!

I`m sure you were just as outraged when Kerry ran for office.

After all, one time presidential hopeful John Kerry sent
about $25,000 offshore around 1983 as demonstrated by some documents
uncovered by the Boston Globe.
 

What is you always say

GOOGLE IT !!!

Housing starts are down.

I guess you missed that stat.

Dems have already taken 500 billion out of medicare and I might add, spent it in 2 different places.

GOOGLE IT !!!

Housing starts fell in December as groundbreaking on rental property
posted a big decline, splashing some cold water on hopes the still-weak
housing sector could boost economic growth this year.
The Commerce Department said starts fell 4.1 percent to a seasonally adjusted annual rate of 657,000 units.
Economists polled by Reuters had forecast housing starts edging down to a 680,000-unit rate in December.
Starts of buildings with five or more units dropped 27.8 percent to a 164,000-unit rate, the biggest drop since February.
Tempering the overall decline, groundbreaking on single-family buildings rose 4.5 percent to a 470,000-unit rate.
Permits fell 0.1 percent to an annual rate of 679,000 units.
“Housing
continues to bounce along at the bottom, suggesting that housing is not
going to recover for several years to come. If we are relying on
housing to drive this recovery it seems we will continue on this tepid
path for a very long time,” said Lindsey Piegza, an economist at FTN
Financial in New York.

I think you need to check your own facts. As part of the ACA bills, their is a reduction in Medicare payments of about $500 bn to Providers, but no actual reduction in Medicare itself. A very big difference. No cut in benefits, but only a cut in costs.

did not miss that one at all….  the lower number was based on rental units. rental units construction had been on a tear recently and was elevated, so it coming off a bit is no big deal. Read the first sentence of your own quote above.

Nothing new in the overall housing starts report today. Stock market up again today.

However, the housing market IS signalling that it has bottomed. Check out the stock prices of home builders.

I was not particularly fond of Kerry, although he clearly would have been a better President than Bush.

Kerry is worth a hundred million plus as well (because of his wife) so I hardly think sending $25,000 offshore in 1983 is comparable to parking a big part of your wealth and income overseas as possibly Romney is doing.

It’s acceptable, but why must it be a prerequisite?

That was then.

Now they call us “terrorists”.

Don’t forget Bernake’s white paper recomending developers buy up bulk mortgages of foreclosures, that along with most banks refusing to do a mortgage on less than 75K will ensure many low income neighborhoods will become section 8 public housing

giggles

This election shouldn’t even focus on taxes, because both parties will force identical plans through, after a week-long “bank holiday”.

Fair to whom?

He has his issues in this space.
http://www.huffingtonpost.com/2010/07/23/john-kerry-saves-500000-b_n_656985.html

“BOSTON (AP) — Massachusetts Sen. John Kerry is docking his family’s
new $7 million yacht in neighboring Rhode Island, allowing him to avoid
paying roughly $500,000 in taxes to the cash-strapped Bay State.

If the “Isabel” were kept at the 2004 Democratic presidential
nominee’s summer vacation home on Nantucket, or in Boston Harbor near
his city residence, he would be liable for $437,500 in one-time sales
tax. He would also have to pay $70,000 in annual excise taxes.”

As Rick Perry said; there’s a difference between venture capitalism and vulture capitalism. Bain Capital is a part of the problem in this country, not the solution. 

Why is it only “class warfare” when the 99% fight back? As Warren Buffet has said… class warfare has already been going on for decades and his class (the super rich) is winning. 

Reaganomics is to blame. 

So what? Everyone knows that these corporations try to buy off politicians on both sides of the aisle that doesn’t protect Mitt Romney from his crimes as a vulture capitalist. 

Mr. Bronwyn….what is fair. Many people (mostly dems) talk about fair share but none, yet to date, have actually defined what is fair. This is similar to the question, ‘Have you stopped beating your wife?”

Go away, little man.