Romney’s Tax Returns Shed Light On Benefits Only Available To Some
Like venture capitalistas for instance... Tax law expert David Cay Johnston fills us in on how Willard "Mittens" Romney and the family are doing really, really, good paying little or no taxes as a percentage of his income, while other of us ordinary types make up the difference.
“A successful manager like Romney gets a share of the profits he produces and Congress allows the manager to be taxed the same way people who had capital at risk is– at this very low 15 percent rate,” Johnston said.
“It’s called a profits interest. Romney doesn’t have an ownership interest, he doesn’t have any stock, but he has a right to receive income and that produces big benefits for him especially in terms of passing income down to his sons.”
Yes isnt it nice to be soooo rich....give kids 100 million bucks and not have to pay a penny of taxes on it. He has no clue on how the ordinary person lives! He already has said he doesnt worry about the poor...what kind of president will he make when he has no feelings or heart?
ReplyDeleteUnfortunately both Democrats and Republicans know how to manipulate their finances so they pay as little taxes as possible
ReplyDeleteI'm trying to understand how one gets an income from a company without owning stock or working for it. How, in any economic system, can this make sense?
ReplyDeleteThat's the empathy problem here, Marty. I'm sure Mitt Romney is a good neighbor--but he appears clueless as to the life of ordinary people. And there's no period in this guy's life where he hasn't been insulated from most people's lives.
ReplyDeleteAs in having a severe illness like FDR's polio or John Kennedy's poor health or he and George HW Bush's time in a war.
Empathy-strapped people who can give enormous amounts of money tax-free to family members are NOT what we need in places of power right now.
You're right, Fred, which is why we desperately need campaign finance reform, and to restore the progressive income tax to the finance-capital crowd.
ReplyDeleteIt comes from having too much money to corrupt too many members of Congress and/or needing too much money to run for office for starters, Bill.
ReplyDeleteFor all the kicking and screaming coming from the ring-wing talking heads about "class warfare" and "income re-distribution," that one phrase says everything you need to know about our current national plight.
ReplyDeleteThe country is facing austerity and economic malaise exactly because the rich are getting a relatively-free ride while the rest of working America has to pull the weight for these freeloaders.
Did Romney cheat on his taxes?
Most of those who took a good look at the 550 pages-worth of documents say "probably not," but how he and others in the 1% managed to GET those sweet tax breaks and tax rates illustrates exactly the problem with letting lobbyists and political money write tax laws...
.. because it's always about the money.
The man's a crook .... have him arrested Doug, bloody lowlife tax dodger that he is, definitely not fit for public office.
ReplyDeleteThus far Doug I don't see much from anyone within the Republican Party. It is baffling that of recent times that there have not been limitations for candidates that run.
ReplyDeleteWhat I am getting at is that up here the leader - Prime Minister can only accept a certain amount of money and there are limits with the campaigning process. As well, he or she has to advocate from all business matters while in office.
I don't know why this was never considered within America as it is rather hypocritical that the only ones which can run for office are that one percent of society. If there were in earlier days new laws put in place to some extent it would disallow these practices and perhaps serve for a better campaign process cents wise. Romney seems to be the one which shall come to be the leader of the Republicans.
I still believe that if there were rules and regulations as mentioned it would service this theme in which all are wishing to have but I would wager that if Donald Trump would have announced at this point that he was running for office – he might very well have been on top. As he could be decisive and although he speaks his mind at least he does not scheme it under polidiculous political radar. I didn’t see any politicians perform during the Super Bowl and within these times – I am surprised that some of them didn’t wager in.
Romney would have done well with Madonna within her performance.
Just kidding but ironically within the NFL they do have limitations as to what is and what is not allowed. Yet it does serve as a point factor within going the distance within this political race.