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Fri Nov 9, 2012, 05:35 PM

Shouldn't the Mitt Romney "loopholes" be an issue?

And shouldn't we go for an overall tax reform bill? Isn't something wrong when someone like Mitt can make $20 million dollars a year and not pay any taxes, when he shelters it in the Mormon Church or in tax havens overseas? Shouldn't this be fixed before we start asking everyone else to sacrifice? How much more do we need to know before they get off their asses and do something ?

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Reply Shouldn't the Mitt Romney "loopholes" be an issue? (Original post)
kentuck Nov 2012 OP
BlueStreak Nov 2012 #1
unblock Nov 2012 #2
kentuck Nov 2012 #3

Response to kentuck (Original post)

Fri Nov 9, 2012, 06:05 PM

1. Yes, absolutely. And what are they actually talking about?


Moving the top marginal rate back up to the pre-Bush level.

That does absolutely nothing. The 0.1%ers pay nothing at that top rate. The issues are:

1) Sheltering income entirely through offshore accounts and/or complex tax structures

2) Laundering income to pay tax at the special billionaire's rate of 15% (capital gains)

Have we heard Obama say one single word about any of those things?

I have not. He is going to be just as tough on billionaires as he was on Wall Street. In other words, it is all bullshit. Just populist talk to make his base think we accomplished something.

I hope to be proven wrong on this, but we've been down this path before with this guy.

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Response to kentuck (Original post)

Fri Nov 9, 2012, 06:08 PM

2. certainly the minimum tax is broken. millions who simply have a mortage in a high tax state pay

while rmoney pays a pittance on dividends.

does he even pay social security/medicare? i don't know if he even gets ordinary income at all, maybe speaking fees?

the minimum tax was never intended as a widespread revenue raised, it was meant to prevent people like rmoney from abusing the system and paying less than some decent minimum. instead, he pays about HALF of that minimum while millions of people pay to avoid the shame that should be his.

personally, i think we should tax all income, regardless of where it's earned. so no more hiding it in the caymans, no more waiting around for people to "repatriate" it. if it's income, it's taxed. you can still get a credit for foreign tax paid, but that's it. no tax deferral for keeping the money overseas.

then, the minimum tax needs to be fixed so (a) it doesn't affect nearly as many people and (b) it does take into account all income. rmoney pays 13%, a disgracefully low percentage already, but that's 13% on just the PORTION of his income that was taxable! so much of his money isn't even taxable. the minimum tax should somehow take that into account -- you shouldn't be able to defer taxes on hundreds of millions in the name of retirement. after some point, money should be taxed.

also, all income should be taxed the same. not only is it a sick slap in the face to tax hard working labor income at a higher rate than lazy dividend collecting, it's just asking for the economy to play games trying to take income in one form rather than the other.

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Response to kentuck (Original post)

Fri Nov 9, 2012, 06:14 PM

3. And why should reform of these "loopholes" be tied to anything else?

They shouldn't exist.

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