The Rich Get Richer

[CJ7]

an aside, and since Buffet was mentioned earlier, I remember him saying "for me to pay 15% and my secretary to pay 35% isnt right"

be that as it may ...

[CJ7]

everyone knows Romney is Daddy War-Bucks ... everyone knows he has offshore accounts

Romney himself said releasing his returns " would do more harm than good" to his campaign ..

I believe him .... nonetheless, its too late either way.

do I care?

naaaah,

[Texas Contrarian]

Originally Posted by Doove

You all assume he did nothing illegal. Hasn't TTH pointed out that there was an amnesty for tax cheats to settle up by 2009? And Romney won't release anything prior to 2010.

If i was running for President, and admitted to cheating on my taxes in my 2009 tax return, i wouldn't release it either.

I mentioned that (the Treasury's offshore accounts amnesty program of 2009) earlier (post #45). It's sheer speculation, but a lot of people in the financial world think it's a real possibility.

It's hard to believe that Romney, apparently having thought for many years about seeking the presidency, would have conducted his affairs in such a manner that something like this would ever come up.

But it's also difficult to understand why, if there isn't anything embarrassing enough to be virtually disqualifying, he would suffer the damage associated with non-release of his returns.

Originally Posted by CJ7

an aside, and since Buffet was mentioned earlier, I remember him saying "for me to pay 15% and my secretary to pay 35% isnt right"...

Buffett actually pays about a 15% rate on a slice of income that's less than one-tenth of one percent of his net worth. On the rest, he pays nothing since Bershire Hathaway does not pay a dividend and he virtually never realizes capital gains. The tax rate he pays on his total wealth accumulation is about as close to zero as you can possibly get.

Originally Posted by joe bloe

Buffett is a joke. He can pay as much tax as he wants. He can pay 100% if he wants. All his public statements lamenting his low tax rates are silly. Buffett's company, Berkshire Hathaway, has been fighting the IRS in court for years over a billion dollars in back taxes...

The case involves NetJets, a Berkshire subsidiary. From what I understand, case law on the issue is rather murky. Yeah, it looks like raw hypocrisy -- but I'm not sure that Berkshire Hathaway's attorneys don't have a couple of good points regarding this one.

[joe bloe]

Originally Posted by CJ7

an aside, and since Buffet was mentioned earlier, I remember him saying "for me to pay 15% and my secretary to pay 35% isnt right"

be that as it may ...

Buffett is a joke. He can pay as much tax as he wants. He can pay 100% if he wants. All his public statements lamenting his low tax rates are silly. Buffett's company, Berkshire Hathaway, has been fighting the IRS in court for years over a billion dollars in back taxes.

http://www.newsmax.com/Headline/buff...9/01/id/409520

http://www.huffingtonpost.com/2011/0..._n_941099.html

[CJ7]

Originally Posted by joe bloe

Buffett is a joke. He can pay as much tax as he wants. He can pay 100% if he wants. All his public statements lamenting his low tax rates are silly. Buffett's company, Berkshire Hathaway, has been fighting the IRS in court for years over a billion dollars in back taxes.

http://www.newsmax.com/Headline/buff...9/01/id/409520

http://www.huffingtonpost.com/2011/0..._n_941099.html

I wasnt the first to mention Warren, I just quoted "the joke" you wish you could be

[joe bloe]

Originally Posted by CJ7

I wasnt the first to mention Warren, I just quoted "the joke" you wish you could be

I'm not sure why it's relevant that you weren't the first to bring up Buffett; but then, why should this post be any different than all the rest of your posts.

Of course we all wish we were as rich as Buffett. I don't doubt his intelligence or his ability to make money. What makes him a joke, is his complaining about not paying enough taxes, while at the same time, fighting with the IRS so he can pay lower taxes. Even you should be able to see how absurd that is.

[CJ7]

Originally Posted by joe bloe

I'm not sure why it's relevant that you weren't the first to bring up Buffett; but then, why should this post be any different than all the rest of your posts.

Of course we all wish we were as rich as Buffett. I don't doubt his intelligence or his ability to make money. What makes him a joke, is his complaining about not paying enough taxes, while at the same time, fighting with the IRS so he can pay lower taxes. Even you should be able to see how absurd that is.

relevence is in the reading ... did you bother?


his complaint was three tax cuts during 2 wars, and the effect the costs said tax cuts would have on the economy

not paying attention were you?

[Texas Contrarian]

Originally Posted by joe bloe

What makes him a joke, is his complaining about not paying enough taxes, while at the same time, fighting with the IRS so he can pay lower taxes. Even you should be able to see how absurd that is.

A far bigger issue than the NetJets fight, as I mentioned in my first post, is the corporate holding company dividend tax exclusion, whereby Buffett has saved big money every single year for many years relative to what he would have paid if he owned all that stock individually, rather than through a tax-sheltering vehicle.

I have found that even in the world of finance and investments, relatively few people realize that. You never see any mention of it in the media.

Of course, most media myrmidons are busy falling all over themselves in efforts to zealously agree with Buffett's pronouncements that the wealthy should pay more taxes, even though he obviously has no intention of doing any such thing.

[joe bloe]

Originally Posted by CJ7

relevence is in the reading ... did you bother?


his complaint was three tax cuts during 2 wars, and the effect the costs said tax cuts would have on the economy

not paying attention were you?

Why doesn't he pay higher taxes since he thinks he ought to?

[CJ7]

Originally Posted by joe bloe

Why doesn't he pay higher taxes since he thinks he ought to?

did you really ask that question ?

damn joe, thats about as sophomoric as it gets?

[Fast Gunn]

So just knowing the difference between earned and investment income makes this alright with you?

Do you really think that Romney was interested in starting businesses in order to improve the general economy?

He was at Bain Capital solely to make money for himself and his cronies while sniffing out ailing companies like a hungry pack of hyenas and then selling the carcass after he had the pleasure of firing the people.

He proudly admits that he likes firing people probably as much as a scavenger likes devouring prey.

. . . Is that why you think that he deserves such a killer tax break?

Originally Posted by texasjohn1965

Do you understand the difference in earned and investment income?
INVESTMENT is what starts businesses, and helps the country grow. A tax break on investments lures investors into providing the funds to keep the country growing. The rich risk their own money (gamble) on what they hope will give them the best return. Eliminate the benefit, and the smart money will stop investing.

I am sure Mittens would love to swap tax liability with you. He pays 13% on many millions of dollars. You pay 25-30 percent on what he considers pocket change.

[Guest123018-4]

P.S. As for those dumb-fucks who don't contribute anything, but still have the audacity to ask how much I paid in Federal income taxes, well, let me tell you, it was more than twice what Romney paid!

Really, and how do you know how much he paid and when? Are you pissed that you are not as smart as Romney or that you were unwilling to take the same risks he did with his money in order to claim the legal deductions and lower tax rate.
The are no "hidden" loopholes. There are no "loophole". There is only the tax code and that is the letter of the law. Being smart by using the rules to your advantage is not illegal.

IN my opinion, once I have earned my money and paid my taxes on it, it should be mine to do with as I see fit especially if I wish to send it out of the country. It is after all MY money and the government should not be able to decide what I can and cannot do with it.

I also don't think that paying a "paltry" million or so bucks should be considered not a fair share, but then again we probably have a BIG difference of opinion about what is "fair".
This is probably most apparent in how I perceive those that give nothing back to the government but only take. This is like when I see parents and their spawn fucking off an education that is paid for with my tax dollars and they want more free shit because they weren't given a "chance". How about when the President says yo don't have to work for your welfare don't you think that is not being fair when I have to work to pay for their welfare?
I see people making choices in life that do not lead to the ladder of success and then want me to foot the bill for making the wrong choices in life.

If a man can keep the leeches from sucking his blood, I applaud him.

[theaustinescorts]

Originally Posted by texasjohn1965

Because his money comes from investments.

You can achieve the same tax rate. Quit your job, invest your money, and the profit from your investment will be taxed at the same low rate.

Since 1994 capital gains have been taxed at only a 15% rate thanks to Newt Gingrich and his buddy Bill Clinton.

If you have deductions than that comes off the 15%.

And of course the reason for this ultra-low rate is because despite the fact that there's trillions of dollars in new money sloshing all around the world looking for a place to be invested the malfactors in the Republican party have conned Americans into believing that the country is short of "investment," and direly needs to reward people for putting their money into hedge funds and derivatives...

LOL!!!!!!!!!!!!!!

What a Con!

[CuteOldGuy]

FastGoon, the only reason, and I repeat, the ONLY reason people go into business is to MAKE MONEY. It's not a crime, and it is not a character flaw. Most of the companies purchased by Bain Capital succeeded or lasted longer than they would have normally. Sometimes, if a company is not making money, it needs to close. That happens. In fact, that is the only thing you can do with a company that is losing money.

Like an old car. You might make some money if you sell off the parts. You're an idiot if you think Romney started Bain Capital to go around and buy businesses just to close them. Tell that to Staples, or Baskin-Robbins (Where Barack and Michelle first kissed), or Dominoes Pizza. And as far as firing people, if they aren't doing the job, then fire them. No one who is productive, and doing a necessary job at a cost that is less than what the employee makes for the company will be fired. Only for insubordination would that happen.

Sometimes struggling companies are overstaffed, and the boss doesn't have the balls to trim the labor force to where it's manageable and profitable. If firing some employees will save the company, then yeah, that might be fun. Not the firing of the employees, but saving the company can be fun.

Even Bill Clinton respected what Romney did with Bain Capital. You're an idiot demagogue to repeat the Obamatic Lie Machine printout on Bain Capital. Research, and learn a little for your yourself. You might not sound so stupid.

[WTF]

Originally Posted by CaptainMidnight

A far bigger issue than the NetJets fight, as I mentioned in my first post, is the corporate holding company dividend tax exclusion, whereby Buffett has saved big money every single year for many years relative to what he would have paid if he owned all that stock individually, rather than through a tax-sheltering vehicle.

I have found that even in the world of finance and investments, relatively few people realize that. You never see any mention of it in the media.

Of course, most media myrmidons are busy falling all over themselves in efforts to zealously agree with Buffett's pronouncements that the wealthy should pay more taxes, even though he obviously has no intention of doing any such thing.

Have you read Perfectly Legal by DKJ?

http://www.amazon.com/Perfectly-Legal-Campaign-Rich---Everybody/dp/1591840694/ref=sr_1_3?s=books&ie=UTF8&qid =1345248325&sr=1-3

Originally Posted by joe bloe

Why doesn't he pay higher taxes since he thinks he ought to?

joe ,

Do you understand human nature? His point is that everybody in that tax bracket should pay, not just those that want to.

Fuc, why not just have a tax system where you only pay if you'd like?

How moronic! Get your head out of the Tea Nuts ass and start thinking logicial.