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DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Romney paid a shitload of... » Reply #3

Response to snooper2 (Original post)

Sat Aug 4, 2012, 02:04 AM

3. Pretty much anyone who has a portfolio, even just a mutual fund, will somewhere along the way

end up paying some foreign taxes. Usually this is paid by the mutual fund company on gains from sales of foreign stock within the mutual fund.

Basically that means that money earned and taxed at the source is treated as a deduction so that there will not be double taxation The money was basically earned outside of the US and so it has been taxed at the source.

Now not all foreign taxes are deductible.

But in the case of Romney, it looks as if he had a bunch of investments overseas that performed well in 2010.

I've been doing taxes since the 1980's, nothing any where this extensive, but I have had some clients over the years who have had 40-50 page tax returns. But 200+.... That's a lot of paper work...

If you look at it, and take away the Social Security Tax on line 56, you still have someone who earned 21,646,507 and paid 2,980,618 (you don't include Social Security payments as part of income tax rates), Romney paid %13.77 tax on 21,646,507.

Now I have a lot of clients who make more than 150,000 a year and I can tell you they pay at least 20% on their earned income.

Poor schlubs like most of us on this board, pay income tax higher than people who make a living from investing. If you want to know why this country is fucked up it's because those people who own things are treated more favorable than the people who work for a living.

And that, my friends, is why this country has become as stratified as it is.

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