17 Aug 12
Every time Romney talks about his taxes it just brings up more questions.
He says he hasn't paid less than 13% in the last 10 years.
Why did he limit his statement to within 10 years? Now people are going to wonder if he paid less than 13% more than 10 years ago.
Harry Reid made the allegation that in some years Romney paid no taxes. Is that allegation false within 10 years or all years?
Am I the only one who is curious about this?
17 Aug 12
Originally posted by Metal BrainWho cares? Unless he did something illegal, why is it a bad thing to take advantage of tax loopholes that exist? If the loopholes he drove a truck through are bad, then close 'em. That's Congress' job, not the taxpayer's. I thought those rebates we got in the mail a few years ago were a terrible idea. But you can bet your sweet behind that I cashed my rebate check.
Every time Romney talks about his taxes it just brings up more questions.
He says he hasn't paid less than 13% in the last 10 years.
Why did he limit his statement to within 10 years? Now people are going to wonder if he paid less than 13% more than 10 years ago.
Harry Reid made the allegation that in some years Romney paid no taxes. Is that allegation false within 10 years or all years?
Am I the only one who is curious about this?
Warren Buffet cost the government billions by transferring his assets to charity. His effective estate tax rate is going to be much lower than 13%; and with the other side of his mouth he's whining about how the rich don't pay enough taxes. And nobody seems to give a damn about that. At least Romney isn't legally evading taxes and then complaining about people who do the same.
I can't for the life of me see what's morally or ethically wrong with legally taking steps to minimize your tax bill. Now, if he did something illegal, that's a different story. But until someone can show that, all of this is a lot of hot air.
17 Aug 12
Originally posted by sh76You do not think that someone who is running for the presidency on a platform of everyone pulling together, should be questioned about whether or not he has pulled his weight in terms of contributing to the communal coffers?
Who cares? Unless he did something illegal, why is it a bad thing to take advantage of tax loopholes that exist? If the loopholes he drove a truck through are bad, then close 'em. That's Congress' job, not the taxpayer's. I thought those rebates we got in the mail a few years ago were a terrible idea. But you can bet your sweet behind that I cashed my rebate ch ...[text shortened]... s a different story. But until someone can show that, all of this is a lot of hot air.
At the very least he has left himself open to the accusation of hypocrisy, but I dont think anyone is talking illegality. However if the electorate are going to vote (to some degree) on the basis of the candidates character then their financial dealings are clearly fair game.
17 Aug 12
Originally posted by sh76Can you tell me how someone can legally amass $100 million in an IRA? Thanks.
Who cares? Unless he did something illegal, why is it a bad thing to take advantage of tax loopholes that exist? If the loopholes he drove a truck through are bad, then close 'em. That's Congress' job, not the taxpayer's. I thought those rebates we got in the mail a few years ago were a terrible idea. But you can bet your sweet behind that I cashed my rebate ch ...[text shortened]... s a different story. But until someone can show that, all of this is a lot of hot air.
17 Aug 12
Originally posted by kevcvs57How is it hypocrisy for Romney, who believes and advocates low taxes for the rich, to try to lower his tax bill? Even if he advocated high taxes, I don't know if it would be hypocrisy to try to lower his own tax bill.
You do not think that someone who is running for the presidency on a platform of everyone pulling together, should be questioned about whether or not he has pulled his weight in terms of contributing to the communal coffers?
At the very least he has left himself open to the accusation of hypocrisy, but I dont think anyone is talking illegality. However i ...[text shortened]... e) on the basis of the candidates character then their financial dealings are clearly fair game.
Incidentally, even though Romney paid little in terms of effective tax rates, he certainly pulled his own weight, and the weights of many other people in paying what he did pay.
17 Aug 12
Originally posted by sh76According to Romney’s disclosure documents, the candidate has between $20.7 million and $101.6 million parked tax-free in his IRA
Like I said, if he did something illegal, that's a different matter.
I didn't catch anything about him having $100m in an IRA. Do you have a link to that?
http://www.huffingtonpost.com/2012/07/17/romney-ira_n_1681179.html
17 Aug 12
Originally posted by no1marauderIt's certainly a legitimate question, though explosive stock growth could account for that kind of IRA balance.
According to Romney’s disclosure documents, the candidate has between $20.7 million and $101.6 million parked tax-free in his IRA
http://www.huffingtonpost.com/2012/07/17/romney-ira_n_1681179.html
IRA contribution deductions have to be reported on one's tax return, so it's hard for me to immediately see how he could have funded the IRA illegally.
Incidentally, most IRAs aren't exactly tax-free. While the growth is not taxable, distributions are taxable (except in the case of the Roth IRA, though the contribution limits are quite low and so I doubt this refers to a Roth; it's probably a SEP or a converted 401K).
17 Aug 12
1 edit
Originally posted by sh76Romney is calling Harry Reid's allegation false. If it is not a false allegation Romney is a liar and Harry Reid is not promoting slander as implied by Romney.
Who cares? Unless he did something illegal, why is it a bad thing to take advantage of tax loopholes that exist? If the loopholes he drove a truck through are bad, then close 'em. That's Congress' job, not the taxpayer's. I thought those rebates we got in the mail a few years ago were a terrible idea. But you can bet your sweet behind that I cashed my rebate ch s a different story. But until someone can show that, all of this is a lot of hot air.
That is why some people care.
17 Aug 12
Originally posted by Metal BrainI seriously doubt that Reid's allegation that Romney paid no taxes for 10 years is true. It seems almost inconceivable to me.
Romney is calling Harry Reid's allegation false. If it is not a false allegation Romney is a liar and Harry Reid is not promoting slander as implied by Romney.
That is why some people care.
17 Aug 12
Originally posted by sh76Because he is asking Americans to pull together, whilst standing away from the rope and filing his nails, and if the allegations are true, some very dodgy tax returns.
How is it hypocrisy for Romney, who believes and advocates low taxes for the rich, to try to lower his tax bill? Even if he advocated high taxes, I don't know if it would be hypocrisy to try to lower his own tax bill.
Incidentally, even though Romney paid little in terms of effective tax rates, he certainly pulled his own weight, and the weights of many other people in paying what he did pay.
http://www.youtube.com/watch?v=716qbOv3a4M
Originally posted by Metal BrainUh, wrong...
Reid never said that Romney didn't pay taxes for 10 years.
He said at least 1 year.
http://www.politifact.com/truth-o-meter/statements/2012/aug/06/harry-reid/harry-reid-says-anonymous-source-told-him-mitt-rom/
Senate Majority Leader Harry Reid, D-Nev., touched off a firestorm last week after he claimed that an unnamed investor in Mitt Romney’s company, Bain Capital, told him that Romney hadn’t paid any taxes for 10 years.
In a July 31, 2012, interview with the Huffington Post, Reid attacked Romney for refusing to publicly release tax returns prior to 2010. Reid said, "His poor father must be so embarrassed about his son," referring to George Romney's decision to release 12 years of tax returns when he ran for president in the late 1960s.
Reid told the website that about a month earlier, a person who had invested with Bain Capital called his office and said, "Harry, he didn't pay any taxes for 10 years."
...
Reid has said Romney paid no taxes for 10 years. It was no slip of the tongue. He repeated the claim on at least two more occasions, at one point saying that "the word is out" when in fact it was only Reid who put that "word" out.
Reid has produced no evidence to back up his claim other than attribution to a shadowy anonymous source. Romney has denied the claim, and tax experts back him up, saying that the nature of Romney's investments in Bain make it highly unlikely he would have been able to avoid paying taxes altogether -- especially for 10 years.
Reid has made an extreme claim with nothing solid to back it up. Pants on Fire!
Pants on fire, Senator Reid.
17 Aug 12
Originally posted by sh76How can that possibly rate as a "Pants on Fire"? There's no evidence that what Reid said isn't true i.e. that an unnamed investor in Mitt Romney’s company, Bain Capital, told him that Romney hadn’t paid any taxes for 10 years.
Uh, wrong...
http://www.politifact.com/truth-o-meter/statements/2012/aug/06/harry-reid/harry-reid-says-anonymous-source-told-him-mitt-rom/
Senate Majority Leader Harry Reid, D-Nev., touched off a firestorm last week after he claimed that an unnamed investor in Mitt Romney’s company, Bain Capital, told him that Romney hadn’t paid any taxes for 10 ye ...[text shortened]... h nothing solid to back it up. Pants on Fire!
Pants on fire, Senator Reid.
Romney could show that the claim isn't true very easily, but refuses to.
17 Aug 12
Originally posted by sh76Obviously he hasn't taken any deductions from his IRA which every tax expert says is bizarrely large.
It's certainly a legitimate question, though explosive stock growth could account for that kind of IRA balance.
IRA contribution deductions have to be reported on one's tax return, so it's hard for me to immediately see how he could have funded the IRA illegally.
Incidentally, most IRAs aren't exactly tax-free. While the growth is not taxable, distributio ...[text shortened]... e quite low and so I doubt this refers to a Roth; it's probably a SEP or a converted 401K).
There's no way of resolving if the IRA was funded illegally or if he didn't declare all contributions without seeing his tax returns. He is stonewalling about the IRA as well as the returns.