Should Romney give more to Uncle Sam?
The presidential candidate's tax avoidance strategy may be immoral, but it's not illegal.
The Internal Revenue Service estimates that about $5 trillion in assets are held worldwide in tax havens, which costs Uncle Sam about $100 billion in revenue annually. Romney, like most rich people, takes advantage of scads of loopholes that are not available to most folks. But at least he pays taxes. More than 10,000 American households earning more than $200,000 in 2009 paid no taxes at all. U.S. corporations avoid billions more through loopholes, some with names that sound like Elmore Leonard novels, such as "Double Irish With A Dutch Sandwich."
Though the Times points out that Romney failed to disclose a $3 million Swiss bank account, that is less of a big deal than it sounds. The IRS requirements for revealing foreign bank accounts are so confusing that the agency has given three amnesties since 2009 to enable taxpayers to come into compliance. These efforts have netted the IRS more than $4 billion.
For one thing, people generally don't invest solely to create jobs. Employment is a byproduct of the process. Remember, one of the ways that the rich are different is that they can easily afford to pay higher taxes. Many either pay a low tax rate on a large percentage of their income because it comes from dividends or pay no taxes at all because their money is parked in tax havens or tax-free investments, such as municipal bonds. If taxes are cut on the wealthy, more money will flow into their bank accounts. Given that companies learned to do more with less as the economy tanked, it's highly unlikely that a significant amount of money will trickle down much further.
In defense of the little people, WE DON'T HAVE LOBBYISTS on our side to garner the same benefits!!!
NO, because I think he is following the law and doing everything legally. The question should be, do I think the tax code needs to be corrected? The answer is YES! However, I am one that studies the code and will take full advantage of anything that will lower my tax bill legally. I have never put money in a CD because of the tax code. All of my money, with the exception of an emergency fund, goes into qualifying dividend paying stocks. Because of the tax code my income from qualified dividends is taxed at the 15% rate where income from CD's would be taxed at 25%. Also my average dividend rate for 2011 was 5.82% and average CD rates were about 1.5%. Folks it is called financial planning.
Why is the news media so interested in Romney paying more tax? Shouldn't they be more interested in Warren Buffett paying all his back taxes? Google "Buffett owes back tax" and you will see why he is such an Obama supporter. Could it be that he supports Obama so The President will call off the IRS?
Do you really think that Congress, out of it's good-heart, will press for tax reform to help the middle class? I don't - except for Bernie Sanders who always fights for the middle class. We need to get Big Money influence out of government!!!
Lets talk about corporate welfare, shall we? G.E. in 2010 had a profit of $14.1 BILLION. (5.1 Billion from US operations) Taxes paid? 0. Tax credit $3.2 Billion. Lobby money? 2.7 Million. I won't even go into the failed companies that recieved green fund capital.
Funny, the left doesn't mention this kind of corporate welfare. BTW, to top it all off, according to GE's own records and statements, it had 125,000 U.S. manufacturing jobs in 2000 compared to 50,000 in 2010. ...the companies touting themselves as champions of the factory worker (General Electric) or being touted by the president (Master Lock) are dubious poster children for an American manufacturing renaissance. GE has brought back a little work from overseas, and they have hired back a small percentage of the workers they laid off over the past decade at their American factories. But GE has also recently closed more than 20 factories, shifted avionics and radiology businesses to China, and pushed for public policies that will allow them to continue that course. And Obama's choice for the Jobs Council is GE's own Jeffrey Immelt. Nice!
Another liberal news media pro-obama article. MSNBC believes Obama is God!!
Everyone has the right to reduce their taxes as much as possible as long as it is legal. You have no obligation to pay more than the laws say.
Don't begrudge someone because they have done well in life. Given the same chance in life, most would do the same things. (btw, I am not in the 1%. ;)
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Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
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