Wed Jan 2, 2013, 10:19 AM
jpak (31,027 posts)
17 replies, 1506 views
Obama caved and raised Mitt Rmoney's taxes (Original post)
Response to jpak (Original post)
Wed Jan 2, 2013, 10:25 AM
BlueStreak (8,377 posts)
3. It just means Romney will work a little harder to shelter more of his income
There wasn't a single paragraph, not a single word in that agreement that deals with the real problem of the untra-rich, which is their ability to pay ZERO TAXES on most of the income through complex sheltering schemes.
That $600Bn of revenue is bogus. The 0.1% will just pay their lawyers and accountants a little mroe to get more aggressive in sheltering their money.
Response to msanthrope (Reply #5)
Wed Jan 2, 2013, 12:33 PM
bongbong (5,436 posts)
15. Yes and no
If you've got lots of dough, capital gains are arguably easier to hide than ordinary income.
The basic plan is to create more corporations (shells) that interact with the profitable existing corporation(s) you own to lower the tax bite. Why do you think Flip-Flopper and his wife own/control dozens of shell corporations? This is repeated thousands of times thruout corporate America.
The question of "who will pay more, and who will pay less?" should actually be re-phrased as "Are the costs of setting up shells, hiring tax-avoidance advisors, etc small or large relative to the taxes you will save by doing it?"
Response to bongbong (Reply #15)
Wed Jan 2, 2013, 01:59 PM
BlueStreak (8,377 posts)
17. Exactly right. I suspect most of the people at DU who are ignorant about this
were not adults when Enron happened. Enron was just a small indicator of the corporate shell games that had become a huge industry of (marginally) legal tax evasion.
But that is no excuse. Even if a person didn't learn any lessons from Enron, they certainly have every opportunity to look at all the "Son of boss", "blocking corporations" and other tax evasion games that Romney plays. And again, it isn't about Romney. This is how ALL the 0.1% operate.
The marginal tax rate, and largely the dividend and cap gains rates, really don't mean much. When you can hide your money from ANY taxation, the rate doesn't matter.
Eventually they will want to get their money out of those sham corporations and other shelters, but they figure can hold on a few years until the political climate is more favorable for creating new loopholes for them.
Response to rateyes (Reply #11)
Wed Jan 2, 2013, 10:59 AM
ecstatic (21,408 posts)
12. +1000. That disgusting snake
is only interested in taking from this country. The day he's forced to contribute will be the day he moves to another country.