Romney Releases Tax Data

You know,


back in the day, my father was a major "food broker" for moon pies. I remember as a kid having boxes of those damn things in the house. It was the staple food item during the summer time. I have NO idea how i didn't end up being a fatass. Thank you Lord for my genetic makeup! lolol.


did you ever get the double decker's?

moon_pies_chocolate.jpg



I was also, what Broker did your Dad work for?
 
If you think a Black guy who got where Obama is didn't EARN his then you really are blind to the realities of this world.

I don't remember seeing anything I mentioned about him being black as differentiating EARNING or being GIVEN/BORROW...If the guy was white it would be exactly the same thing, so that statement holds little water in my bucket. So I'm curious WHO really was color-blind, and who wasn't when it comes to Obama...

romney is an idiot, If he thinks that the middle class are those that make 250,000 and above he is totally out of touch with reality, He giving is to his church and probably for political reasons, Mitt go home to your mansion and stay the heck out of trying to run our country. Thanks you mitt for releasing ONE year of taxes. woopppeeee. what took you so long.? All capital gains (which is passive income you don't work for it) and he pays less than someone busting their behinds and can pay over 30%. passive income should be taxed at a higher rate than income your actually work for.

E, I'm semi-shocked that you don't understand the inherent risk of investing and captial gain taxes. When you invest money (that you have already paid income taxes on once), unlike wages you risk 100% of the principal (ask anyone who has ever lost money in the stock market). I've earned and paid Capital Gains in years when my investment TANKED TO HALF IT'S ORIGINAL VALUE/INVESTMENT, as capital gain is charged in the year it's earned when your investments buy/sell within their funds.

Moreover, where the heck do you think investment captial comes from to start new businesses? Normally, the PRIVATE SECTOR (unless you really believe the government is better at it can we say SOLYNDRA?) That's right, YOU and ME (well, maybe just me) thru investments are the SEED CAPITAL for most business starts in this country. If you raise Capital gains too high, you strangle new business capital. Capital gains are the way they are to ENCOURAGE investment, to ENCOURAGE saving, to ENCOURAGE people to lift THEMSELVES up the ladder. But then again, that's the inherent difference between liberals and conservatives, so I should expect it.

Is that "passive income that I didn't actually work for" the same idea that Obama has about "I didn't earn it", because I sure as heck earned, and am risking 100% of it...


Where do you get this information? Capital gains have not been taxed before don't know why people keep saying this.:banghead: It is totally wrong. If you buy apple stock for 10.00 and sell it for 20.00 that results in a capital gain of 10.00. This 10.00 has never been taxed before and is what is taxed at 15%. It's as simple as that. If you but apple at 10 and just hang on to it and it is worth 20 now there is no tax. It becomes an unrealized gain. That's why people make unwise decisions because they have misinformation that they don't bother to confirm. My point was that passive income (income you don't physically do anything to earn) should be taxed higher that income earned through non-passive means...

Again, I already paid approx 30% percent tax to get the cash to BUY that $10 stock in the first place, so my 'sweat equity' was $13. that Apple stock, isn't worth 20 UNTIL YOU SELL IT. It may also be worth 5 when you sell it, and you just lost your initial investment you already paid income tax on to purchase in the FIRST PLACE.

So, I hope you can understand how much umbrage people take when someone says "You didn't earn that"...
 
This proves one thing absolutely 100%: Harry Reid is a stinking yellow dog PoS LIAR and should resign immediately.


Really, come on, just say how you really feel :laugh:

No really I'm pretty sure he was holding back, at least a little :whistle: :laugh:

If you think a Black guy who got where Obama is didn't EARN his then you really are blind to the realities of this world.

I dont care if he's a black guy, white guy or a little green dude with antenna's on his head. The guy is a post turtle. Whats a post turtle you ask? Ever seen a turtle on top of a fence post and wondered "how the hell did he get there"....well there ya go.

I think Obama does have a good education and I think he speaks very well. He and his wife have done well for themselves prior to his campaign in 08. I also think he's made promises that he could never keep if he wanted to or not, many of which were the foundation of his campaign. I think there's a lot of value in some of what he wants to do and I think there's plenty of harm he can and has done to the country if allowed to continue. Most of all I wonder how the hell a JR senator from IL with no real political clout or experience at a national level with really one term in Congress can wind up the President of the USA. If you honestly can sit there and think that he's just *that awesome* you must have the kool aid on a IV drip. I want to know who the people are behind his election, politically and financially. I honestly do not know who would have won between Hillary and Obama had he not been black, I suggest perhaps the outcome would have been different. Anyone that doesn't think race plays into things is just living in fantasy land. Someone or some group of people saw a man that they could puppeteer into the White House. Yes he stood in front of people and gives his speeches but there most certainly are people behind him, strong and powerful people that got him where he is today. Maybe it was the illuminati or maybe it was just the millions of people that liked his message of changing washington politics. But its the group of people behind him, that got him where he is that scares me the most. We do not know who it is, we do not know what their agenda is and we do not know what level of influence they are given.

I dont particularly like Romney either but at least he has a national level presence, you know a lot more about his career and its a little clearer who is helping him along his path.

Regardless of who's in the White House, we'll never get the change everyone seems to want with the current crop of lifers in the Congress....and that's definitely a place that needs some cleaning up.
 
What I want to know is WHEN exactly is the press gonna ask Harry why he is a no good liar? Oh, and yes I'm holding back :)
 
I don't remember seeing anything I mentioned about him being black as differentiating EARNING or being GIVEN/BORROW...If the guy was white it would be exactly the same thing, so that statement holds little water in my bucket. So I'm curious WHO really was color-blind, and who wasn't when it comes to Obama...



E, I'm semi-shocked that you don't understand the inherent risk of investing and captial gain taxes. When you invest money (that you have already paid income taxes on once), unlike wages you risk 100% of the principal (ask anyone who has ever lost money in the stock market). I've earned and paid Capital Gains in years when my investment TANKED TO HALF IT'S ORIGINAL VALUE/INVESTMENT, as capital gain is charged in the year it's earned when your investments buy/sell within their funds.

Moreover, where the heck do you think investment captial comes from to start new businesses? Normally, the PRIVATE SECTOR (unless you really believe the government is better at it can we say SOLYNDRA?) That's right, YOU and ME (well, maybe just me) thru investments are the SEED CAPITAL for most business starts in this country. If you raise Capital gains too high, you strangle new business capital. Capital gains are the way they are to ENCOURAGE investment, to ENCOURAGE saving, to ENCOURAGE people to lift THEMSELVES up the ladder. But then again, that's the inherent difference between liberals and conservatives, so I should expect it.

Is that "passive income that I didn't actually work for" the same idea that Obama has about "I didn't earn it", because I sure as heck earned, and am risking 100% of it...




Again, I already paid approx 30% percent tax to get the cash to BUY that $10 stock in the first place, so my 'sweat equity' was $13. that Apple stock, isn't worth 20 UNTIL YOU SELL IT. It may also be worth 5 when you sell it, and you just lost your initial investment you already paid income tax on to purchase in the FIRST PLACE.

So, I hope you can understand how much umbrage people take when someone says "You didn't earn that"...

Hey look I totally understand investments and capital gains and the market. It is not money that has already been taxed!!! The only thing that is taxed is the GAIN. So I think you don't understand. If you lose money you get to write it off so the tax payer(ME) is subsidizing your investment. If you use your logic everything you buy is taxed twice. When you go to the store you use the money (that has been taxed) and buy something and you pay a sales tax. so that logic makes no sense. When I said earned I don't mean the money use to buy the initial investment I'm talking about the GAIN!!. Back in the day when capital taxes were 25% there was NO shortage of investors so that argument holds no water with me. Matter of fact that is how it was in the good old from Ronald Reagan thru Bill Clinton. Capital gains tax 25% at which time the DOW was at 15000. Market was booming with plenty of investors. Back to my initial statement..As you said you paid 30% to get the cash to buy the investment. So why should romney only pay 14% on his millions an millions of dollars. You pay more tax than Romeny and your defending this...WOW!
 
So why should romney only pay 14% on his millions an millions of dollars. You pay more tax than Romeny and your defending this...WOW!


so you're cool with a flat tax across the board then...right? Top to bottom as well, EVERYONE is liable. Not just the super powerful but also the "poor" that are currently exempt from paying taxes?


It makes sense, rational, and is as "fair" as it's going to get IMO. No one wins because everyone loses a little so it has a little "redistribution" that should work for the Obama-ites as well.
 
so you're cool with a flat tax across the board then...right? Top to bottom as well, EVERYONE is liable. Not just the super powerful but also the "poor" that are currently exempt from paying taxes?

No it should be some kind of percentage. This a very complicated issue. The poor are not exempt from all taxes. They still have to pay Social Security and mediicare taxes. There are no exemptions for FICA for poor people. The rich stop paying these taxes after the first 110,100. Did you know that out of the top 400 thats right 400 top earners 6 paid no income tax at all? GE made billions and billions of dollar and paid no taxes. But you don't hear or want totalk about that. The only thing we here is Poor people pay no taxes.

Mitt Romney’s offshore accounts in foreign tax havens raise serious questions. Mitt Romney owned a shell corporation registered in Bermuda, had a Swiss bank account, and keeps millions of his income offshore in the Cayman Islands. What we don't know is why. The American people don’t know, because Romney refuses to release more of his tax returns—going against the standard set by presidential candidates for the past 30 years. ???
 
IF I SELL my investment, at a loss, I get to write it off, at $3000 a year off my gross income. That a whopping $930 at 31% tax rate a year. Whooptee do. I'm still using loss carryforward from money I lost 15 years ago...

Mitt made his money, invested it wisely, and is living off the interest (and paying Capital gain on it too). Heck, I'm not jealous, I aspire if I'm lucky enough and work hard enough to DO THE SAME. Better that I live off what I MADE than the inefficient government giving it to me!

P.S. GE Made billions holding it outside the country, and like Warren Buffet has an army of lawyers and accounts to keep from paying taxes, funny how the Chairman of GE is a big Obama supporter! Oh, and Obama gave GE a waiver from Obamacare....
 
No it should be some kind of percentage. This a very complicated issue. The poor are not exempt from all taxes. They still have to pay Social Security and mediicare taxes. There are no exemptions for FICA for poor people. The rich stop paying these taxes after the first 110,100. Did you know that out of the top 400 thats right 400 top earners 6 paid no income tax at all? GE made billions and billions of dollar and paid no taxes. But you don't hear or want totalk about that. The only thing we here is Poor people pay no taxes.

Mitt Romney’s offshore accounts in foreign tax havens raise serious questions. Mitt Romney owned a shell corporation registered in Bermuda, had a Swiss bank account, and keeps millions of his income offshore in the Cayman Islands. What we don't know is why. The American people don’t know, because Romney refuses to release more of his tax returns—going against the standard set by presidential candidates for the past 30 years. ???



I'm not questioning your interest but can you explain to me, from your viewpoint, why a clean simple flat tax is no good? I just would like to hear the other side of the coin. To me, holding everyone equally accountable to be taxed on the income you make seems totally fair? I just wonder where there is a breakdown? It's a %, so it hurts everyone equally (so to speak). It cuts out the opportunity for fat cat loopholes which even though i support fat cats, haha, I think they need the loopholes cut out. Creating regulation only creates more loopholes IMO. haha




This quote really reinforces my views and probably why I like the simplicity of a flat tax.
This is how to explain how the rich (something most of us aspire to be) pay income taxes.
10 Men and a Bar Tab

Suppose that every day, ten men go out for beer and the bill for all ten

comes to $100.

If they paid their bill the way we pay our taxes, it would go something

like this:

The first four men (the poorest) would pay nothing. The fifth would pay

$1. The sixth would pay $3. The seventh would pay $7. The eighth would

pay $12. The ninth would pay $18. The tenth man (the richest) would pay

$59.

So, that's what they decided to do.

The ten men drank in the bar every day and seemed quite happy with the

arrangement, until one day, the owner threw them a curve.

'Since you are all such good customers, he said, 'I'm going to reduce the

cost of your daily beer by $20. Drinks for the ten now cost just $80. The

group still wanted to pay their bill the way we pay our taxes so the

first four men were unaffected. They would still drink for free. But

what about the other six men - the paying customers?

How could they divide the $20 windfall so that everyone would get his

'fair share?'

They realized that $20 divided by six is $3.33. But if they subtracted

that from everybody's share, then the fifth man and the sixth man would

each end up being paid to drink his beer. So, the bar owner suggested

that it would be fair to reduce each man's bill by roughly the same

amount, and he proceeded to work out the amounts each should pay.

And so: The fifth man, like the first four, now paid nothing (100%

savings). The sixth now paid $2 instead of $3 (33%savings). The seventh

now pay $5 instead of $7 (28%savings). The eighth now paid $9 instead of

$12 (25% savings). The ninth now paid $14 instead of $18 (22% savings).

The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before. And the first four continued

to drink for free. But once outside the restaurant, the men began to

compare their savings.

'I only got a dollar out of the $20,'declared the sixth man. He pointed

to the tenth man,' but he got $10!' 'Yeah, that's right,' exclaimed the

fifth man. 'I only saved a dollar, too. It's unfair that he got ten times

more than I!' 'That's true!!' shouted the seventh man. 'Why should he get

$10 back when I got only two? The wealthy get all the breaks!' 'Wait a

minute,' yelled the first four men in unison. 'We didn't get anything at

all. The system exploits the poor!'

The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for drinks, so the nine sat

down and had beers without him. But when it came time to pay the bill,

they discovered something important. They didn't have enough money

between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our

tax system works. The people who pay the highest taxes get the most

benefit from a tax reduction. Tax them too much, attack them for being

wealthy, and they just may not show up anymore. In fact, they might start

drinking overseas where the atmosphere is somewhat friendlier.

David R. Kamerschen, Ph.D.

Professor of Economics, University of Georgia

For those who understand, no explanation is needed. For those who do not

understand, no explanation is possible.
 
IF I SELL my investment, at a loss, I get to write it off, at $3000 a year off my gross income. That a whopping $930 at 31% tax rate a year. Whooptee do. I'm still using loss carryforward from money I lost 15 years ago...

Mitt made his money, invested it wisely, and is living off the interest (and paying Capital gain on it too). Heck, I'm not jealous, I aspire if I'm lucky enough and work hard enough to DO THE SAME. Better that I live off what I MADE than the inefficient government giving it to me!

WOW! Your still writing off losses from 15 years ago....man you need a better invetment broker :laugh: Maybe Romney can help you??? Also maybe you missed the part of how rich Romney's daddy was. I'm sure that gave him an up on things. Parent welfare.
 
WOW! Your still writing off losses from 15 years ago....man you need a better invetment broker :laugh: Maybe Romney can help you??? Also maybe you missed the part of how rich Romney's daddy was. I'm sure that gave him an up on things. Parent welfare.

I already fired that investment advisor, but yes it was a large amount.

Parent Welfare? What a sec, now we are now insulting and looking down on parents who, after scrimping and saving their entire lives, IN SPITE OF the taxes they paid, both income AND inheritance, manage to leave something for their Children? As compared to others who may have selfishly squandered it? I suspect that EVERY PARENT on this board HOPES they manage to leave something for their children; I sure do, and guess what, it may make my child a productive member of society who puts INTO the system rather than LIVING off it.

The inheritance tax is the worst and most penalizing tax in the entire system (but that is a different subject to debate entirely).
 
I wonder if people really understand what capital gains really are and why he is being taxed at a lower rate.....


Makes you wonder if people understand that he's already been taxed for that money once before....it's just the govt's way of bending over those fortunate enough twice.

Oh well. Time to jump back on my idiot stool. Carry on!

People DON'T really understand taxes in general. That the #1 issue with a tax code that's not flat and 72,000 pages long. Flat tax anyone? :)
 
That's why it's so easy to sent up a headline "ROMNEY PAYS 14.1% TAXES" instead of "ROMNEY PAID $2MIL and GAVE 4MIL In taxes) and a lot of unknowledgeable voters go nuts...even the ones that aren't paying any, and those that are getting cash rebates on taxes they NEVER PAID IN THE FIRST PLACE..
 
Show me you can control spending, and I'll let you raise my taxes some. Not sure either party can do it, but I'd bet on the Conservatives before the Liberals ANY DAY.
 
I already fired that investment advisor, but yes it was a large amount.

Parent Welfare? What a sec, now we are now insulting and looking down on parents who, after scrimping and saving their entire lives, IN SPITE OF the taxes they paid, both income AND inheritance, manage to leave something for their Children? As compared to others who may have selfishly squandered it? I suspect that EVERY PARENT on this board HOPES they manage to leave something for their children; I sure do, and guess what, it may make my child a productive member of society who puts INTO the system rather than LIVING off it.

The inheritance tax is the worst and most penalizing tax in the entire system (but that is a different subject to debate entirely).

You sure like to put words into my mouth (that's not sanitary :laugh:) My point was that he was very fortunate to be born into a very rich family. Off course you want to take care of your own. My point is he had a LOT of HELP! It may make your child productive, and I hope so to, but there are many RICH KIDS who just squander all of their parents inheritance. They don't know the value of a dollar. They sit there with their trust funds and look down on those struggling and working hard every day when in fact they never worked a day in their lives. Living off of interest and capital gains is not working!! Those are the ones I can't stand. those who are self righteous and think that their s^&t don't stink.
 
The inheritance tax is the worst and most penalizing tax in the entire system (but that is a different subject to debate entirely).

Well Hell, I'll be, there is finally something we agree on.:cheerleader:
 
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