dks13827 3
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DanG 1
QuoteFirst off, the money that Romney made his investments with were most likely already taxed at the 35% corp rate
Using that logic, my salary was first taxed at the 35% corrporate rate, too. So should I only pay 15% on it?
- Dan G
rushmc 23
QuoteQuoteFirst off, the money that Romney made his investments with were most likely already taxed at the 35% corp rate
Using that logic, my salary was first taxed at the 35% corrporate rate, too. So should I only pay 15% on it?
On Capital gains ?
Yes
And you do
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
DanG 1
Once again in English, please.
I do not pay the capital gains rate on my salary, if that's what "And you do" is supposed to mean. If you're reporting your salary as capital gains, you should expect a call from the IRS eventually.
- Dan G
I do not pay the capital gains rate on my salary, if that's what "And you do" is supposed to mean. If you're reporting your salary as capital gains, you should expect a call from the IRS eventually.
- Dan G
rushmc 23
QuoteOnce again in English, please.
I do not pay the capital gains rate on my salary, if that's what "And you do" is supposed to mean. If you're reporting your salary as capital gains, you should expect a call from the IRS eventually.
And Romneys isnt sallary either (for the most part)
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
DanG 1
Apparently people are confusing the issues of "what is" and "what should be". My point is not that Romney is breaking the current law with the amount of tax he's paying. My point is that the tax code should be changed so everyone pays on the same scale, regardless of how their income is derived.
- Dan G
- Dan G
rushmc 23
QuoteApparently people are confusing the issues of "what is" and "what should be". My point is not that Romney is breaking the current law with the amount of tax he's paying. My point is that the tax code should be changed so everyone pays on the same scale, regardless of how their income is derived.
I agee he is not breaking the law
I disagree that the law should be changed
Doing so would hurt more than just the rich
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
wmw999 2,452
We could take care of this "taxed more than once" issue very easily. If the government, on issuing new money, simply keeps 35% of what they issued, then there would be no need for taxes, ever.Quotealready taxed at the 35% corp rate
Wendy P.
There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown)
shah269 0
QuoteMy point is that the tax code should be changed so everyone pays on the same scale, regardless of how their income is derived.
SHUT UP YOU COMMUNIST!
STAND THERE LOOK UP AND OPEN YOUR MOUTH SO YOU CAN BE TRICKLED ON LIKE A GOOD AMERICAN!
Well no worries...
One day I hope to have money stored in the Cayman Islands
http://news.yahoo.com/romney-parks-millions-offshore-tax-haven-160547876--abc-news.html
Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven.
GOD I LOVE THIS GUY!
Please sir piss on us please piss on all of us! Piss down so that we may drink up and one day hope and dream of having an equitable tax code that does not fuck the middle class up the ass!
Infact please screw the pissing on us...just piss in our asse!
Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.
The only thing that falls from the sky is birdshit and fools!
The only thing that falls from the sky is birdshit and fools!
normiss 803
billvon 2,998
.thumb.jpg.4bb795e2eaf21b8b300039a5e1ec7f92.jpg)
>And Romneys isnt sallary either (for the most part)
True. Much of it is interest income from Cayman Islands bank accounts and capital gains from appreciation of stock in Cayman Island funds. He has $8 million in 12 Cayman Islands funds and another somewhat mysterious investment there that is worth between $5 and $25 million. (This should come as no surprise; his company, Bain Capital. once set up 138 secret accounts in the Caymans for investors who wanted to avoid US taxes.)
So I guess the lesson for people who do not want to pay much in taxes is:
1) Make lots of money
2) Move that money out of the US and invest it in foreign tax havens
3) Keep some of it secret
True. Much of it is interest income from Cayman Islands bank accounts and capital gains from appreciation of stock in Cayman Island funds. He has $8 million in 12 Cayman Islands funds and another somewhat mysterious investment there that is worth between $5 and $25 million. (This should come as no surprise; his company, Bain Capital. once set up 138 secret accounts in the Caymans for investors who wanted to avoid US taxes.)
So I guess the lesson for people who do not want to pay much in taxes is:
1) Make lots of money
2) Move that money out of the US and invest it in foreign tax havens
3) Keep some of it secret
rehmwa 2
QuoteMy point is that the tax code should be changed so everyone pays on the same scale, regardless of how their income is derived.
I good with that.
A flat rate that EVERYONE pays. All sources of income taxed at that rate.
After a settling in period, the market then picks winners and losers - any type of "encouragement" (such as targeted deductions, lower rates for investments, etc) are just hidden subsidies.
mortgage interest deduction - subsidy for housing market
401k's essentially a subsidy for wallstreet
15% tax on investment income (vs full income tax) essentially a subsidy for wallstreet
payoff to solyndra? essentially a subtle hidden subsidy to solyndra - ok, maybe not so subtle
no reason for that - government shouldn't be picking winners and losers - the market should
...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants
normiss 803
This is news?
Channman 2
QuoteI hope my effective tax rate will be 15% one day!
That way I can spend more on stuff and help the ecomy grow and grow and grow.
I LIKE money...No, I LOVE money, it helps me buy things.
QuoteApparently people are confusing the issues of "what is" and "what should be". My point is not that Romney is breaking the current law with the amount of tax he's paying. My point is that the tax code should be changed so everyone pays on the same scale, regardless of how their income is derived.
wow - an orthodox flat taxer!
But now you'll hear people insist that it's unfair to tax everyone at the same rate - it's a regressive tax.
kallend 2,027
QuoteWe could take care of this "taxed more than once" issue very easily. If the government, on issuing new money, simply keeps 35% of what they issued, then there would be no need for taxes, ever.Quotealready taxed at the 35% corp rate
Wendy P.
Best way I've yet seen to emphasize the silliness of that argument.
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
QuoteQuote
It certainly could be, if the laws stayed the same and you saved properly for retirement. Many middle class retirees form a portfolio of bonds (potentially muni) and dividend paying stocks to form an income stream that is taxed at the low rate and does not require drawing down the principle.
Right, some animals are more equal than others. Being a rich pig gets you preferential treatment.
Being a smart pig too. What's the difference between lottery winners and those who built their millions organically? The former are likely to declare bankruptcy in a few years.
As said prior - if the dividend and/or capital gains rates increase, the smart will change their behavior to optimize return and minimize taxes. This change may have consequences (starting with lower trading volumes, ie liquidity) that may tarnish the presumed gain.
QuoteQuoteSeriously
Get some help
What part of the above offended you?
The sarcasm regarding being trickle on or that their capital investments are utilized to fund growth in third world countries and thus kill jobs here in the US?
It's the lack of meaningful discourse that offends. Instead it's just a piss rant. But at least you didn't seem to make up any facts in it.
GeorgiaDon 362
OK in principle. But how do you suggest dealing with the fact that other governments subsidize targeted industries to enable them to capture international markets. Does the US just cede every industry that China or whoever decides to "invest" in? Also isn't our military system just a big government subsidy for certain industries? How many aerospace companies do you think would survive if it weren't for our "need" to maintain a military bigger than the rest of the world combined?Quotepayoff to solyndra? essentially a subtle hidden subsidy to solyndra - ok, maybe not so subtle
no reason for that - government shouldn't be picking winners and losers - the market should
Don
_____________________________________
Tolerance is the cost we must pay for our adventure in liberty. (Dworkin, 1996)
“Education is not filling a bucket, but lighting a fire.” (Yeats)
Tolerance is the cost we must pay for our adventure in liberty. (Dworkin, 1996)
“Education is not filling a bucket, but lighting a fire.” (Yeats)
rehmwa 2
QuoteBut now you'll hear people insist that it's unfair to tax everyone at the same rate - it's a regressive tax.
no, a simple (no deductions, etc) flat tax rate is a progressive tax (the more you make the more you pay.)
A tax where everyone pays the same "amount" not the same "rate" is an example of a regressive tax. And that's only regressive interms of percent of income. But usually we define progressive and regressive in terms of percent of income, not actually contribution.
edit: clarified
...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants
DanG 1
Quotewow - an orthodox flat taxer!
Please note, I said same scale, not same rate. I think it is reasonable to have different rates at the very low end, to make sure people can afford basic necessities like food, clothing, shelter, and healthcare. Once your income rises above the subsistence level, I'm fine with a flat tax.
- Dan G
Is it hard to understand ?
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