Romney, Bain dancing at outer boundaries of tax law
“Big business is doing fine in many places – they get the loans they need, they can deal with all the regulation. They know how to find ways to get through the tax code, save money by putting various things in the places where there are low tax havens around the world for their businesses.”
– Mitt Romney
And as we’re confirming through leaked internal Bain documents, Romney’s statement this week to a group of wealthy donors amounts to expert testimony. When it comes to “find(ing) ways to get through the tax code, sav(ing) money by putting various things in the places where there are low tax havens around the world,” such as Switzerland, Luxembourg and the Caymans, Romney knows his stuff.
Those leaked documents also have cast light on a highly controversial and perhaps illegal strategy used by Bain Capital to slash the tax burden of Romney and its other partners.
It works like this:
Private equity partners such as Romney are traditionally paid a fee of 2 percent of the capital that investors give them to manage. It is, by any definition, earned income identical in nature if not in amount to the income that most American workers collect in their paycheck. And by law, it also ought to be taxed as earned income.
At Bain, however, they have managed to wave a magic wand over that management fee, utter some arcane tax-lawyer mumbo-jumbo and convert earned income into capital gains, which is then taxed at 15 percent instead of the 35 percent that people in top tax brackets are by law supposed to pay on earned income. (The process is explained here in more technical language by the Wall Street Journal.)
In 2008, a study of the technique by Gregg Polsky, a tax-law professor at the University of North Carolina, concluded that it is “extremely aggressive and subject to serious challenge by the IRS…. The tax result, if this technique is successful, is the conversion of current ordinary income into deferred capital gains. ”
Victor Fleischer, a tax-law professor at the University of Colorado, is even more blunt:
“Unlike carried interest, which is unseemly but perfectly legal, Bain’s management fee conversions are not legal. If challenged in court, Bain would lose. The Bain partners, in my opinion, misreported their income if they reported these converted fees as capital gain instead of ordinary income… Bottom line: Mitt Romney has not paid all the taxes required under law.”
(H/T to poster Common Sense)
– Jay Bookman
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199 comments Add your comment
Real Scootter
August 25th, 2012
12:09 pm
First?
Real Scootter
August 25th, 2012
12:09 pm
Welcome to the Occupation
August 25th, 2012
12:10 pm
Though this might be interesting to those of following things closely, to most voters this is just so much inside baseball. Until you address the fundamental issue that Americans have not been encouraged to really think about what it means that we tax labor punitively while all but abolishing taxes on capital, it won’t really make a lot of difference. The common voter is still going to lean GOP or not, and if those who do will still shrug and say “well, you can’t blame them for seeking out every tax advantage they can find”. Most voters more or less accept the idea that these players are borderline corrupt.
Welcome to the Occupation
August 25th, 2012
12:13 pm
Until the fundamental fact that the people have been taught to despise taxes as an unnecessary evil, they will still on some deep level – perhaps sub-rational – identify with these capitalists with whom they have nothing in common.
Common Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
12:17 pm
Remember all the tax shelters that ORDINARY people used a one time that the IRS ruled as illegal?
It seems that the wealthy’s tax shelters are still in play.
I don’t see how Romney can say he EARNED his income when he pays UNEARNED income taxes on it.
The tax laws need to be changed to tax ALL income at the SAME rates that is FAIR taxing.
JKL2
August 25th, 2012
12:18 pm
- They know how to find ways to get through the tax code,
Charlie Rangel says,”What?”
Who needs leaked documents when Harry Reid still has a phone…
Common Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
12:21 pm
who needs Liberal Pariah when we have some others here?
Keep Up the Good Fight!
August 25th, 2012
12:24 pm
So Mitt appears to be lying again when he claims to have paid all taxes legally required…. I am shocked.
Kamchak ~ Thug from the Steppes
August 25th, 2012
12:26 pm
Will this have legal consequences?
Doubtful.
Electoral politics?
That’s probably a different story.
And not coincidental that this story is breaking just prior to the R’s convention.
USMC
August 25th, 2012
12:28 pm
Obama’s brutal WAR on middle-class incomes. Negative $4,019…
http://online.wsj.com/article/SB10001424052702303822204577468750027784434.html#
While Jay Bookman works around the clock to proliferate the Party Propaganda, reality has deeper repercussions. Nice try though, Jay.
Real Scootter
August 25th, 2012
12:29 pm
Well,I don’t know if Romney is lying or not but I still wouldn’t trust him in an outhouse with a muzzle on his face.Whew!
Keep Up the Good Fight!
August 25th, 2012
12:31 pm
Kam, I suspect the legal consequences would be the start of some IRS investigations which would take some time and likely be spun by the GOP as “Obama’s IRS Storm Troopers” or similar nonsense by the same people who whine about others not paying taxes. But let’s hope that the IRS does do a real investigation, absent of politics, and let it conclude after the election, whoever wins. There are likely a lot more cheats in this one than Mitt.
Jay
August 25th, 2012
12:31 pm
As a rule, USMC, it is advisable to actually read a link before you cite it as evidence of your claim. In this particular case, the author of the linked piece cites not a single policy or decision by Obama that can be blamed for that decline in income.
Not a single one.
Common Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
12:33 pm
in the IT world income totally stagnated during 2000-2009 as the implosion of the financial industry was happening.
During that same time period H1b’s visas were still being issued at an alarming rate.
The middle class in that industry has been decimated and has not yet recovered.
Thank the BIG Business politicians for that.
Brosephus™
August 25th, 2012
12:37 pm
I read about this earlier. I’d say Romney’s digging himself into a deep hole. Between the gawker release and his interview which will hit newspapers tomorrow, he’s going to have a hard week in Tampa. All I can say is “Bless his heart.”
Gordon
August 25th, 2012
12:39 pm
Is it or is it not illegal? And if it was challenged in court and was found to be illegal, why is there a problem as long as Bain pays the taxes? There is no deception here, just a possible difference of opinion on the interpretation of the law.
This is not an indictment of Bain or Romney, it is an indictment of the ridiculous tax laws we have in the country. Bain hires tax lawyers to wade through that mess as do a lot of wealthy individuals and corporations. So what?
Nice Old Dawg
August 25th, 2012
12:39 pm
Eschew obfuscation…
THe Dems are trying to divert attention from the important Stuff with their not so slight of hand. Good ole boy cronyism and insider trading are making the Dems wealthy and no one even says a thing. But when an evil rich white guy does good, we have to search for the gotcha. Give it a rest. It is in the code and legal. Why not bark up the tree’s of Pelosi (insider trading), Rangel (tax evasion and non disclosure) and Harry Reid (I heard he is a pedophile and didn’t pay his taxes)……..
Brosephus™
August 25th, 2012
12:40 pm
As a rule, USMC, it is advisable to actually read a link before you cite it as evidence of your claim.
I hope you realize that, since you are the one advising that, he’s not going to read a single syllable from any link he posts from now on. What true “conservative” is going to take advice from a extreme far-leftist such as you, Jay?
Jay
August 25th, 2012
12:42 pm
I hope you realize that, since you are the one advising that, he’s not going to read a single syllable from any link he posts from now on.
So you’re saying nothing changes?
Common Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
12:43 pm
Gordon and Nice Old Dawg
whether it is legal or not.
Does it show that the wealthy have more benefits available to them than others? If so WHY?
the bottom line is fairness.
Keep Up the Good Fight!
August 25th, 2012
12:44 pm
The constant posts of “47% of the moocher class pay no taxes” but when it comes to Mitt “hey, you’re trying to divert attention” or “its the fault of the tax laws” or “we don’t really need to ask any questions here, move along.”
How sad.
Brosephus™
August 25th, 2012
12:45 pm
This is not an indictment of Bain or Romney, it is an indictment of the ridiculous tax laws we have in the country.
But it is an indictment of a candidate whose campaign is based on his actions while in control of Bain. It is also an indictment of the entire apparatus that clings to the notion of continuing to eviscrate our tax code in the name of tax cuts from people who are already screwing the country out of bona fide tax receipts.
Kamchak ~ Thug from the Steppes
August 25th, 2012
12:45 pm
Keep
Like you said an IRS investigation takes time, the election however is just a couple of months away. If the “lame stream media” is “in the tank” for Obama as it is suggested here on a daily basis, then this story would have legs like an Olympic athlete.
I suspect it’ll be more like, “Meh, rich people hide their asset/money all the time, no biggie.”
Brosephus™
August 25th, 2012
12:45 pm
Jay
Yuuuuuppppppp!!!!!
Gordon
August 25th, 2012
12:46 pm
Common,
Then get the tax laws changed. I think that’s a great idea. But don’t blame Bain or Romney for paying as little taxes as possible under existing law. Do you deliberately pay more taxes than you legally owe? I think it is a shame that anyone has to hire someone to do their taxes, and my daughter is a tax accountant.
Veteran Observer
August 25th, 2012
12:48 pm
Nice try Jay again! Governor Romney paid over $3million in taxes last year and donated $1 million to charity! The working people of America admire and celebrate his success and his generosity! We look forward to his first term as President so he can bring HOPE and CHANGE to everyone in this land! President Obama has failed because of his lack of experience and ability! The entire country knows it and will vote in November to end his administration and reenergize our economy and our country! It is sad to see the President and his minions like yourself reduced to attacking a successful man’s achievements because there is nothing that he has accomplished in his first term! The people will not be fooled again with his lies and false promises, our almost four year nightmare as a nation is about to end!
Jay
August 25th, 2012
12:48 pm
And I certainly don’t hear the conservatives saying “she’s only abiding by the law” when complaining bitterly about a food-stamp recipient buying steaks.
Don’t hear that at all. Wonder why the reactions are so different?
Gordon
August 25th, 2012
12:49 pm
Brosephus @12:45,
Why is it an indictment of Romney? Because he hires tax lawyers to pay as little tax as possible? I use TurboTax to help me find deductions. Should I be ashamed of myself for trying to pay legally pay less taxes?
Kamchak ~ Thug from the Steppes
August 25th, 2012
12:49 pm
And I certainly don’t hear the conservatives saying “she’s only abiding by the law” when talking about a food-stamp recipient buying steaks.
Don’t hear that at all. Wonder why the reactions are so different?
Wealth envy.
Orange12
August 25th, 2012
12:50 pm
Unrelated, but it appears as is the people of St Augustne are might miss out on paying hommage to “Chains Joe”. I bet they are going to be heartbroken. Then again, when Obama was snowing every one with that “Hope and Change” BS maybe he really meant “Hope and Chains”.
http://staugustine.com/police-report/2012-08-24
Skip
August 25th, 2012
12:51 pm
Gordon, I don’t have input into tax codes, people like Mitt do. It’s that simple.
Gordon
August 25th, 2012
12:51 pm
Jay,
I’ve never said such a person wasn’t abiding by the law. But I might have said they were making a poor decision. Is Romney making a poor decision here? I don’t see the logic in your analogy.
Common Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
12:53 pm
Gordon
Are you trying to make your daughter one of the unemployed?
Shame on you
I agree what Romney did was probably legal, but not fair to the ones who don’t have the same leverage.
Also, using foreign bank accounts allows those offshore banks to invest in areas that ARE TOTALLY ILLEGAL for US banks and then he can have the gains created by ILLEGAL investments.
Unless and until he releases his tax returns and they are vetted no one will know the truth.
Kamchak ~ Thug from the Steppes
August 25th, 2012
12:55 pm
I don’t see the logic in your analogy.
.
A
.
“steak
.
buying
.
welfare
.
queen”
.
is
.
not
.
running
.
for
.
the
.
office
.
of
.
President
.
of
.
the
.
United
.
States
.
of
.
America.
.
Geez….
Jay
August 25th, 2012
12:56 pm
“The working people of America admire and celebrate his success and his generosity!”
So tell me, Veteran Observer, what do YOU do for a living?
Gordon
August 25th, 2012
12:56 pm
Skip,
So now the problem is not that Romney shouldn’t be trying to pay less taxes, it is that the wealthy tend to have more influence on tax and other types of legislation than others. Okay, but that’s a different subject. One idea to help with that might be to eliminate tax deductions which is something Romney supports (though it is a fair argument that he hasn’t released enough details about this).
Anna B
August 25th, 2012
12:58 pm
Nice article Jay – I really appreciate the articles that the AJC has … you take on things that the “liberal” MSM seems to avoid. I’m learning a lot about the wealthy and their tax schemes this cycle, and the more I do, the more it stinks. Anyone who would elect R&R are really scary in this regard. We don’t need any more tax cuts for these people! They are not “job creators”, they are tax evaders! It’s disgusting to me that I have worked all of my life and pay higher taxes than these clowns like Romney who don’t even work for their money!
JamVet
August 25th, 2012
12:58 pm
As a rule, USMC, it is advisable to actually read a link before you cite it as evidence of your claim.
Not again?
My goodmess (sic on purpose), the ex-marine has a knack for opening wide and inserting both feet, doesn’t he?
But it’s all good, because he and the other Republiostriches love picking up the tab for their idolized tax dodgers like Mitt…
larry
August 25th, 2012
12:58 pm
But don’t blame Bain or Romney for paying as little taxes as possible under existing law.
It is, by any definition, earned income identical in nature if not in amount to the income that most American workers collect in their paycheck. And by law, it also ought to be taxed as earned income.
At Bain, however, they have managed to wave a magic wand over that management fee, utter some arcane tax-lawyer mumbo-jumbo and convert earned income into capital gains, which is then taxed at 15 percent instead of the 35 percent that people in top tax brackets are by law supposed to pay on earned income.
They are not paying as little taxes as possible under existing law. They are breaking the law. What i would like to know is why the IRS or SEC investigating Bain and Mr. Romney. They are getting all sorts of information and they are sitting on their hands.
Oh, and dont get me started on his IRA. How he could millions in it when tax law says you can only put 5,000 dollars in it per year ( as of 2010). And he says trust me?
Gordon
August 25th, 2012
1:00 pm
Common,
“Are you trying to make your daughter one of the unemployed?
Shame on you”
Absolutely not! Just got her off the payroll.
“I agree what Romney did was probably legal…”
That is all that matters to me in the context of this discussion.
“Unless and until he releases his tax returns and they are vetted no one will know the truth.”
Vetted by who? The political class? I assume they have been vetted by the Internal Revenue Service, and if they have a problem with them Mr. Romney will and his tax lawyers will have to deal with it.
Keep Up the Good Fight!
August 25th, 2012
1:01 pm
Seems some confuse deductions with unlawful tax avoidance schemes…. they are not the same.
Kam, I agree that the conned will dismiss it, but I hope the IRS does not. The trouble is often these tax collection battles take years but ultimately they bring in much more than they cost.
Brosephus™
August 25th, 2012
1:02 pm
Gordon
Did you not read what I posted?
Romney has made his managment of Bain a qualifier for him to become president. If his management has included any controversial or maybe even illegal behavior, does that not go to the credibility of the candidate? If Romney didn’t want to make himself the Bain candidate, then you would have a point.
Second, Romney has talked about giving more tax cuts to the wealthy when it’s quite obvious they have enough loopholes that another tax cut for them is practically meaningless. WHen you can say “abracadabra” and change earned income to carried interest, you’ve already got a 20% tax cut. Why do you need another one? Again, this goes to the credibility of the candidate.
We don’t need a tax cut champion in the White House. We need somebody who’s going to deal with reality and not hide behind vague statements to mask the fact that he is completely clueless. That means, we need someone other than Romney in the White House. GOP primary voters had ample opportunity to champion someone who could defeat Obama. Don’t blame me because you guys ended up with Joe Isuzu as your candidate. I didn’t vote for him in the primary. My pick had already withdrawn by GA’s primary.
TaxPayer
August 25th, 2012
1:02 pm
And Republicans will continue to defend Romney even if he is found to have cheated the IRS out of taxes that he legitimately owed and even if he cheated his own church out of their true tithe, etc. After all, they’re Republicans.
Gordon
August 25th, 2012
1:03 pm
Larry at 12:58 has settled it. Bain broke the law. Romney could have saved a lot of money if he had just checked with Larry instead of hiring a bunch of tax lawyers. Next subject….
Anna B
August 25th, 2012
1:03 pm
And I love the people who highlight Mitt’s “charitable” contributions as something important. He donated to the frickin Moman church, who should not even have tax free status (like many other churches) because they are highly involved in politics. If you don’t believe me, take a look at the prop 8 gay marriage ballot initiative in california recently (or, as I like to call it prop HATE). The mormon church put a great deal of money into financing a misleading advertising campaign. Now WHY should such an institution have tax free status?
Brosephus™
August 25th, 2012
1:04 pm
I assume they have been vetted by the Internal Revenue Service, and if they have a problem with them Mr. Romney will and his tax lawyers will have to deal with it.
And just where do you think the IRS people get hired when they leave the government? Do you not realize that GE’s Tax Dept is full of ex-IRS people? When you hire the enforcement, do you really think they’re going to bite the hand that will eventually feed them?
Common Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
1:04 pm
The working people of America admire and celebrate his success and his generosity
—————————————————————————-
The LDS celebrate his generosity others who the hell knows since the tax returns haven’t been released.
His success at offshoring jobs? at closing companies?
larry
August 25th, 2012
1:05 pm
What i would like to know is why the IRS or SEC investigating Bain and Mr. Romney.
That should read, what i would like to know is why isn’t the IRS or SEC investigating Bain and Mr. Romney.
Recon 0311 2533
August 25th, 2012
1:05 pm
Jay’s quoting Romney’s lead in to talking about where the hurt exists and it’s in the small business sector where Obama’s policies have hurt the most. This Bain Capital and Tax return drum beat has resonated about as much with voters as Obama’s blame Bush strategy.
Steve
August 25th, 2012
1:08 pm
What a crap article. Not one fact. If it were illegal, the IRS would be challenging it. Fair? Let’s simplify the tax code so it can’t be manipulated. But that doesn’t make Romney or bain’s activities immoral or illegal
Keep Up the Good Fight!
August 25th, 2012
1:08 pm
Charitable contributions are a deduction from taxes and have little to nothing to do with paying for the government….. but Mitt is trying to divert attention.
larry
August 25th, 2012
1:10 pm
It seems that Gordon has a little trouble telling the difference between tax avoidance and tax evasion.
Please read again…….
At Bain, however, they have managed to wave a magic wand over that management fee, utter some arcane tax-lawyer mumbo-jumbo and convert earned income into capital gains, which is then taxed at 15 percent instead of the 35 percent that people in top tax brackets are by law supposed to pay on earned income.
Didn’t Maddoff have tax lawyers ………… and Enron?
Gordon
August 25th, 2012
1:11 pm
Brosephus,
Most of what you wrote is political. I actually agree with some of that. I have reservations about the tax cuts Romney proposes because I haven’t seen the details on what would offset it.
Regarding Bain, it is the Obama campaign that has brought that up repeatedly, not Romney, in an obvious attempt to paint Romney as a cruel tyrant who crushes anyone in his way of making a buck. Romney has made the point that he is a successful businessman, and that experience might come in handy in running the economy. Both viewpoints are political positions.
Finally, I would not use the phrase “dealing with reality” if you are supporting Obama. He has no plan for dealing with runaway spending. His campaign is not “look at what I accomplished” or “here is what I am going to do”, it is “Romney is rich and rich people are mean”.
Common Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
1:11 pm
AND the banks offshore that BAIN and Romney have investments in have TOTALLY legal investments?
no one knows for sure but the Shadow
Vast Right Wing Conspiracy (aka "Knuckle-Dragger")
August 25th, 2012
1:14 pm
Still nothing on 10%, 11% unemployment? Still nothing on another $1 trillion plus deficit? Still nothing on $4/gallon gas? All you have to write about is Romney’s taxes? As he said, at least you are not asking him for a birth certificate.
You provide alot of entertainment value, but this is going to get pretty old by November.
Any businessman owes it to himself and his shareholders to minimize his tax bill. This is called “good business”, which I understand is a foreign concept to liberals. Check Newsweek, CNN, Solyndra, etc. I can drive my tax bill to “zero” by purchasing tax credits, if I am willing to also incur the risk.
Gordon
August 25th, 2012
1:18 pm
It seems Larry has a little trouble distinquishing between actual tax law decided in a court and an opinion written on a blog. He has mastered cut and paste however.
Bain is not trying to deceive anyone. Many times a tax lawyer will advise a client in a certain way and taxes are filed. Then the I.R.S. challenges the return, a court sides with the I.R.S., and the difference in taxes are paid. There is a difference in that and deliberately not reporting income. The difference is whether or not deception is involved. Where is the evidence of deception here?
TaxPayer
August 25th, 2012
1:23 pm
Only a Republican would consider it good business to lie and cheat.
Michael
August 25th, 2012
1:26 pm
Low tax haven around the world? He is boasting about tax evasion. Last I checked it was a crime. He’s one of those dumbest criminals alive. Saying here I am come arrest me.
TaxPayer
August 25th, 2012
1:26 pm
The truth about Republicans.
Recon 0311 2533
August 25th, 2012
1:28 pm
The difference is whether or not deception is involved. Where is the evidence of deception here?
Evidence…the left has never let lack of evidence stop them from putting out misinformation, disinformation and out right lies.
larry
August 25th, 2012
1:28 pm
So do you have any evidence that the I.R.S. has challenged any return from Romney or Bain for that matter ?
And what is your explaination for the 100 million dollars in his IRA, when you can only put 5,000 dollars per year in it ?
Real Scootter
August 25th, 2012
1:29 pm
“Only a Republican would consider it good business to lie and cheat”
N-GA
August 25th, 2012
1:32 pm
It cracks me up when some of the posters here talk about Bain’s/Romney LEGAL deductions, saying that if they were illegal then the IRS would have denied them.
IMO, most of the posters here who file itemized returns probably break some IRS rule or regulation regarding deductions, but routinely get away with it. They rationalize their behavior by claiming that “everyone does it, so why shouldn’t I?
Veteran Observer
August 25th, 2012
1:32 pm
Jay, I run a couple of businesses which employ 64 people and inject millions into the economy! I come from the middle class where my father worked and went to night school for 18 years to get a college degree to support our family! I went to college and got my degree by working three jobs and not borrowing a dime from my parents or the government! Finally, when I started my businesses, I did not pay myself for many years and routinely sacrificed and worked 12-15 hours a day and many weekends until the business established itself! Like Governor Romney, I donate a significant portion of my earnings, pay a goodly sum in taxes, and attempt to pay as little as possible so I can support my community better! The President’s ignorance of our free enterprise system is horrendous and does account for his many failures, but what can you expect from a person with his limited background from a rich family, sheltered and educated at Harvard, and no real world experience! I actually feel sorry for the man as Ted Kennedy pushed him into this and he has risen beyond his training and abilities!
Keep Up the Good Fight!
August 25th, 2012
1:33 pm
The evidence is in the returns and papers…… but hey, these are the same people that ignore evidence to demand birth certificates.
Keep Up the Good Fight!
August 25th, 2012
1:35 pm
what can you expect from a person with his limited background from a rich family, sheltered and educated at Harvard
We are talking Mitt here, right, I mean as long as we’re standing in line at the Whole Foods with those claims of millions that you did without roads, bridges, airports, etc.
TaxPayer
August 25th, 2012
1:36 pm
Republicans continue to support Romney even as the evidence continues to pile up against his suitability for any public office above dog catcher. Release the tax returns, Mitt, you cheat.
Recon 0311 2533
August 25th, 2012
1:36 pm
Well I’m certain that Jay’s expose along with assistance from the corporate tax experts here on his blog will result in a government investigation of Bain Capital and Mitt Romney, which will lead to Mitt’s incarceration in a Federal prison.
TaxPayer
August 25th, 2012
1:37 pm
Oops, did I say Mitt was qualified to transport dogs. My bad.
Brosephus™
August 25th, 2012
1:39 pm
Regarding Bain, it is the Obama campaign that has brought that up repeatedly, not Romney,
Bullcrap. Romney’s brought up his experience at Bain numerous times in regards to his ablity to govern the US as president.
Finally, I would not use the phrase “dealing with reality” if you are supporting Obama.
Have you heard me say I support Obama? Did you not read the part where I stated my choice had withdrawn by GA’s primary? Please deal with reality as I have no problem with it, but apparently you don’t actively read enough to say the same.
Brosephus™
August 25th, 2012
1:02 pm
GOP primary voters had ample opportunity to champion someone who could defeat Obama. Don’t blame me because you guys ended up with Joe Isuzu as your candidate. I didn’t vote for him in the primary. My pick had already withdrawn by GA’s primary.
Can you show where I claimed, hinted, or even inferred where I support Obama?
Jay
August 25th, 2012
1:40 pm
“Jay, I run a couple of businesses which employ 64 people and inject millions into the economy!”
Good for you, Veteran. I just wanted to know your credentials for speaking on behalf of “the working people,” as opposed to, say, the investing class. And I suspect I have my answer.
larry
August 25th, 2012
1:41 pm
From the Washington Post………..
One expert on private equity taxation, University of Colorado law professor Victor Fleischer, said Thursday in a blog posting that the records from one entity, Bain Capital Fund VII LP, a Cayman Islands-based offshore account, showed that the fund’s managers appear to have converted their fees from ordinary income to future capital gains. Such a maneuver, Fleischer said, would allow the income to be deferred and taken later at a lower 15 percent capital gains rate.
Larry
August 25th, 2012
1:41 pm
We all knew it was something that would not reflect well on Romney. Has anyone seen how much Ryan contributed to his Catholic church? If you are promoting cutting aid to the poor in this nation, your contributions better be something you can be proud of, or shame on you!
weetamoe
August 25th, 2012
1:42 pm
Let’s simplify the tax law. Everyone pays the same percentage–of either all income or just earned income depending on which is deemed more just (not *fair*). Abolish all deductions including mortgage and charitable. Remove any and all incentives for punitive taxation. Apply a means test for entitlements. Require a literacy test for voting. And everyone will then be sharing the sacrifice and Jay will no longer be forced to refer to some mythological republican hatin’ on some mythological fat lady for buying some undeserved piece of meat from some cow that was inhumanely slaughtered.
Brosephus™
August 25th, 2012
1:42 pm
IMO, most of the posters here who file itemized returns probably break some IRS rule or regulation regarding deductions, but routinely get away with it. They rationalize their behavior by claiming that “everyone does it, so why shouldn’t I?
Don’t forget about staffing and budget cuts directed at the IRS that has crippled their efforts at enforcing anything. The IRS is the only government agency that generates more money that it spends, which at one time was a 4 to 1 ratio. What better way to get away with things than to hamstring the very people who would catch you and prosecute you for doing those things.
Nice Old Dawg
August 25th, 2012
1:42 pm
Taxpayer and all the rest of you left wing bedwetters:
1) Tax avoidance is legal. So, why don’t all you Democrats pay extra if you want. NO ONE is stopping you.
2) The vast majority of charitable contributions come from republicans. Democrats are only generous with other peoples money.
3) Slobama is real anxious to get Romney to disclose his tax returns and be “Open”. Well, why is it that Obama has most EVERY document that relates to him sealed? Hypocrites, all of you. Pitooey on you…..
Kamchak ~ Thug from the Steppes
August 25th, 2012
1:43 pm
Good for you, Veteran. I just wanted to know your credentials for speaking on behalf of “the working people,” as opposed to, say, the investing class. And I suspect I have my answer.
Bait.
Cast.
STRIKE!
Redneck Convert (R--and proud of it)
August 25th, 2012
1:44 pm
Well, I wish Bookman and all the librul commies would just shut up about Romney’s taxes. If they keep going like this somebody’s going to start working on the tax code again and before you know it I won’t be getting a refund of $5,000 for the $400 the take out of my paycheck for federal income tax. My tax preparer Bubba says it’s all legal and a credit and something that has a fancy name that starts with a E. He tells me to take good care of little Nathan Zell George because he’s a kind of gold mine for me. Just the same, if they keep grumbling about Romney’s taxes he’ll still find a way to get around the rules but I’ll be paying taxes out of my rear end and they’ll even be taxing my pee.
Anyhow, let’s talk about something else, like how Obama is going to turn us over to the UN and take all our money and guns and make us wear powder blue helmets.
Have a good weekend everybody.
TaxPayer
August 25th, 2012
1:45 pm
Sheldon Adelson, the gambling magnate and major financial backer of the less-than-devout Mormon, Mitt, is under investigation. Based on what we have already learned about Mitt’s background, I actually would not be surprised to find out that he’s already been investigated and maybe even had to pay some hefty fines and back taxes in order to avoid a rather embarassing jail sentence like some others involved with such things as hiding money in Swiss bank accounts have had to deal with. Come clean, Mitt. Start by releasing those tax returns.
Brosephus™
August 25th, 2012
1:46 pm
Nice Old Dawg
TANF funds can be used for whatever. So, why don’t all you Republicans shut up about what people do with their welfare money. If you don’t like what they do with it, then hire them and pay them a living wage so they don’t need welfare.
That bullcrap can get thrown in both directions, hombre.
larry
August 25th, 2012
1:49 pm
http://www.washingtonpost.com/business/trove-of-newly-released-bain-fund-documents-offer-new-details-on-mitt-romneys-trust-holdings/2012/08/23/af557c38-ed9d-11e1-866f-60a00f604425_story.html
TaxPayer
August 25th, 2012
1:51 pm
Nice old dawg,
The topic here is Mitt and his suitability for the highest office in the land and the more that is revealed about his shady past–from his beginnings at Bain and acceptance of blood money from South America to his use of offshore accounts whose only value are in skirting US tax law in order to avoid paying taxes, legally or otherwise, and his outsourcing of jobs and use of corporate raider techniques designed to enrich himself at the expense of the working class, etc.,–the less suited he looks for the job. Then again, from a Republican’s perspective, those are all highly valued qualifications, I sure.
Kamchak ~ Thug from the Steppes
August 25th, 2012
1:52 pm
1) Tax avoidance is legal.
Yep, but political dynamite if you’re trying to get people to vote for you.
So, why don’t all you Democrats pay extra if you want. NO ONE is stopping you.
Tu Quoque
The fallacy of tu quoque occurs in our reasoning if we conclude that someone’s argument not to perform some act must be faulty because the arguer himself or herself has performed it. Similarly, when we point out that the arguer doesn’t practice what he preaches, we may be therefore suppose that there must be an error in the preaching, but we are reasoning fallaciously and creating a tu quoque.
2) The vast majority of charitable contributions come from republicans. Democrats are only generous with other peoples money.
Take out tithing and I wonder if that is still true
3) Slobama is real anxious to get Romney to disclose his tax returns and be “Open”. Well, why is it that Obama has most EVERY document that relates to him sealed? Hypocrites, all of you. Pitooey on you…..
Birthers.
Brosephus™
August 25th, 2012
1:53 pm
Y’all have fun. It’s too beautiful outside to sit here and watch people play dodgeball trying to defend Joe Isuzu.
TaxPayer
August 25th, 2012
1:53 pm
And nice old dawg, if I’m a left wing bedwetter, it is only because you are sleeping under me and I do not want to deprive you of your cherished trickle down even as you sleep.
ken
August 25th, 2012
1:55 pm
GE did not pay taxes and you say nothing. I’ll bet GE bends laws also. Also, do you think former Democratic Gov Corzine will ever go to trial ? I don’t think so !!!!!!!!!!!!!!
Hawkeye
August 25th, 2012
1:56 pm
Romney is a joke. The country has alreaddy been ‘BUSH Wacked’, now they want to continue the same – with ROMNEY!!!!!
No one on eigher side is addressing the real problem. The solutions are the same. I could go on, but a samll voice in this large forrest of special interest do not want to hear it.
ld
August 25th, 2012
1:57 pm
…and that’s likely NOT the only “smoking gun” in the returns.
ld
August 25th, 2012
1:58 pm
Taxpayer @ 1:53:
APPLAUSE.
Keep Up the Good Fight!
August 25th, 2012
1:59 pm
Tax avoidence is “legal”….except when the courts determine it’s not legal and its not longer just “avoidence”, its a crime.
larry
August 25th, 2012
2:00 pm
This is pretty good.
http://www.youtube.com/watch?v=JmEZxw_APPg
larry
August 25th, 2012
2:02 pm
GE did not pay taxes and you say nothing.
GE is not running for president. Companies are not people……..
Huh? Wait………
Jay
August 25th, 2012
2:03 pm
Actually, Ken, I was drawing attention to GE and other corporations not paying taxes as far back as 2008. Back then, conservatives didn’t seem bothered by the idea at all. They actually applauded.
In fact, it continue to fascinate me that while quite a few major corporations are paying little or nothing in taxes, conservatives focus their ire only on GE, and have done so only after that corporation became associated in their minds with Obama.
All other corporations that avoid taxes don’t get mentioned.
Jay
August 25th, 2012
2:04 pm
For example, here’s a post from 2010:
http://blogs.ajc.com/jay-bookman-blog/2010/04/07/exxonmobil-35-billion-in-profit-zero-in-corporate-taxes/
Veteran Observer
August 25th, 2012
2:06 pm
Jay, the investing class must mean someone like Bill and Hillary Clinton, who made 100s of thousands of dollars “speculating” with Stephens and Company in Arkansas. I am sorry, by working people, I mean someone who earns a living and works hard for it and doesn’t receive assistance from the government. Unlike, Michelle Obama, who made almost $500 thousand a year for being the affirmative action coordinator for a hospital in Chicago(political job)! I also mean all the folks in this country who would work but have been hurt because of this President and his lack of experience and business sense in his programs and initiatives! No Jay any extra money I make goes into the businesses or the local community because to send it to Washington is to waste it completely! As I said before, the working people of this country will throw off the chains of oppression with which the Democrats and this President would enslave them(see VP Biden) and vote to end this Presidency and create a new administration with business and administrative experience under President Romney! Now I have to go back to work as I have wasted too much time with this blog!
Hawkeye
August 25th, 2012
2:17 pm
We all ( I do) what we can to lower our taxes. I thing that there should be a law that ‘any one running for office should be requred to release 5 years of tax records’ That would end this and make everyone running for office more careful about their behavior if the want to serve the public. As far as Romney, he did whatever he could to pay as little as he could. But do not run your record unless you are willing to own up to it and show the people.
G Mare
August 25th, 2012
2:23 pm
Thank you Larry, that clip is awesome!
Thomas
August 25th, 2012
2:25 pm
All mice nuts compared to the wealth tranfer that takes place with the current tax code. The only real loser is the middle class in the current overly complex tax code. The rich avoid and evade, the poor get hand outs (they should receive from a system other than the filing of a form 1040), the middle class foots the bill.
Refundable Tax Credits in the President’s 2011 Budget
To get a broader perspective of the effect of these refundable tax credits, it may be better to investigate the President’s 2011 budget. This budget includes several hundred billion dollars of refundable tax credits. In direct spending outlays, these effects will total $509 billion from 2010 to 2020. This means 31 percent of the President’s “tax credits” are direct outlays, so these are direct spending costs to taxpayers.
larry
August 25th, 2012
2:31 pm
Interesting story from the AP, the Romney campaign is secretly using a data mining operation to sift through Americans personal information.
http://hosted.ap.org/dynamic/stories/U/US_ROMNEYS_MONEY_HUNT?SITE=WDUN&SECTION=BUSINESS&TEMPLATE=DEFAULT
Keep Up the Good Fight!
August 25th, 2012
2:34 pm
“This use of total return equity swaps, such as to avoid the U.S. dividend withholding tax, was very widespread for more than a decade, and may not be dead yet, although the IRS issued a shot-across-the-bow Notice concerning the practice in 2010,” writes Daniel Shaviro, the Wayne Perry Professor of Taxation at New York University School of Law. “But taxpayers who engaged in it to avoid the dividend withholding tax were coming perilously close to committing tax fraud, in cases where the economic equivalence to direct ownership was too great.”
Well I am certain that if this statement had been made about Obama, why the conned would rush to defend the President and to say…but, but, but…
Old Physics Teacher
August 25th, 2012
2:35 pm
How bad is the Republican brand when you can’t beat a black man with a foreign name who’s never had a “real job” with a certified war hero? News alert: You’re not gonna beat him with a vampire capitalist either. Until you return to “Republican roots” and nominate a leader (instead of demagogues, evangelists, or whackos), you won’t ever win anything nationally. The only states you will hold is the old confederacy and states that glorify sovereign citizens. Grow up; grow a pair, and take back our party!
Bonedaddy
August 25th, 2012
2:52 pm
Brilliant CEO!!!. This is EXACTLY the kind of mind we need for President, not some socialist spread the wealth slough who has never managed a damn thing. It appears the entire country is waking up to the emperor. By the way for all of you capitalist haters, wealth envy, success haters that probably piss their paychecks away every weekend, this is another reason for the FAIR TAX. I also assume none of you people use a CPA as I do to find every legal loophole possible for me to keep every dime I can for my own family.
Mama Says
August 25th, 2012
2:59 pm
I think all of us, cons and libs, can agree the tax laws need to be rewritten. The question I have Jay is why now ? Why now are democrats so concerned with tax law that you deem it a presidential equation ?
The congress while in democratic control, as it has been for 80% of my life, can change any law it wants to at anytime, it apparently had no problem with it up until Romney ran. Even now I see no action out of the democratically controlled senate to change tax law, and yes I will remind you that republicans could have done nothing to prevent such changes in the first two years Obama had.
All we are seeing right now is democrats trying to hold republicans feet to a fire that the democrats themselves started. Change the laws or more importantly challenge Romneys use of it in court or shut up !
Crying like you care, as members of your own party use the exact same laws to their exact same benefit will hurt you guys in the long run. Tell me did you demand Charlie Rangel be prosecuted for his use of tax law ? I will give you the fact that you guys smacked him down with that good ole congressional censure thing, boy that had severe reprocussions. He didn’t even leave congress ! And he is a lib. Led by example libs. You make a lot of good arguments against political greed and corruption, and you could be great help in changing things but you just refuse to follow the guidance of your own concerns.
If you don’t like the menu stop going to the restaraunt.
Or like my granny use to say, the crap stays in the bowl until you flush it ! (stop crying and flush it Jay)
Or are you afraid some libs may go down too ?
ragnar danneskjold
August 25th, 2012
3:01 pm
Only democrats and leftists think taxes diminishing the capital base are meritorious. If only the economists ran things, there would be a consumption tax only.
Thulsa Doom
August 25th, 2012
3:03 pm
“At Bain, however, they have managed to wave a magic wand over that management fee, utter some arcane tax-lawyer mumbo-jumbo and convert earned income into capital gains”
So they just waived a magic wand using some arcane tax law huh? Sure they did. No surprise though that you would try to characterize it as such to try and bring discredit on Romney. This is something that they and apparently other private equity firms have probably been doing for decades. All along they’ve been doing this with no problem from the IRS under both R and D presidents. But all of a sudden you’re saying its illegal. Uh- huh. Sure buddy. You and of course one perfesser from a liberal university.
Pat Forseth
August 25th, 2012
3:04 pm
Financial “smoke and mirrors” is consistent with make believe Willard Romney…his religion a great example…made up by a guy named Joe Smith using his hat and a peep stone? Anyone who can believe that has to have a great imagination. Let’s give Romney credit for the make believe life he lives. (P.S. Audit Romney.)
Michael
August 25th, 2012
3:04 pm
We have two good examples of how to contribute to the country in the 2000s.
Pat Tillman was a highly paid employee of a sports franchise. He gave up that highly paid job to serve in the army and was killed in Afghanistan. I think that was an extremely valuable contribution and exceeds any of Romney’s checks to the IRS. Very few people write a check that valuable.
At the same time Tillman was making that decision, Romney had highly paid tax attorneys and accountants converting his bonus and his base income into capital gains to save 20% on his tax liability. There is no way that passes the test of ethics or morality.
At least one tax expert has said it is illegal, and I suspect there will be a congressional committee investigating how the tax code can be abused in such a way.
Finally, the actual rocket scientists pay ordinary income tax, the members of the military pay ordinary income tax, cops, firefighters and teachers all pay ordinary income tax. Why does our tax system give preference to investment bankers and punish rocket scientists, military, cops, firefighters, and teachers?
rick
August 25th, 2012
3:06 pm
If Romney and/or Bain did anything illegal – the IRS would have taken them to task. You know that and I know that. For you to insinuate based on nothing more then your left leaning brain proves that you are nothing more than a shill for team obama. If you have facts, which apparently you do not, then present them. Shame on you for making accusations without a shred of evidence….
TaxPayer
August 25th, 2012
3:08 pm
Off topic but… GAINESVILLE – Word came Saturday that North Georgia Health System and United Healthcare (which insures employees of Hall County School System, amongst others) were apparently back at the bargaining table over an insurance contract.
Now, why is it that employees, especially government employees in an obviously Republican state, are not living by the policies that their duly elected Republican lawmakers like to espouse. In particular, why aren’t employers here in the heart of Dixie handing out vouchers to employees so they can just head on out to the open marketplace of all things worth marketing and haggle for the coverage they want and get it at a much better deal as well. Come on Republicans, at least try to live by your own words. Implement your policies at the state and local level and demonstrate, for all to behold, how wunnerful they are.
G Mare
August 25th, 2012
3:12 pm
Speaking of Mr. Romney’s religion, I hope some of you watched Brian Williams’s excellent & very enlightening program about the Mormon church.
Romney, Bain dancing at outer boundaries of tax law – Atlanta Journal Constitution (blog) | Best News Feed - Daily News Magazine
August 25th, 2012
3:14 pm
[...] Atlanta Journal Constitution (blog) [...]
stands for decibels
August 25th, 2012
3:17 pm
And I certainly don’t hear the conservatives saying “she’s only abiding by the law” when complaining bitterly about a food-stamp recipient buying steaks.
Don’t hear that at all. Wonder why the reactions are so different?
I have given this some thought, and I’ve come up with a theory.
It is possible that some people cut actual rich white guys a lot more slack than they do imaginary poor black women.
But it’s just a theory.
Mama Says
August 25th, 2012
3:20 pm
By the way I ove to see democrats yelling about taxes.
Taxes are the exact reason we fought the British, meaning that they were used improperly against us.
Once established we didnt even need them until the master government had to raise them in order to fund the war effort against the rebellion in 1862. Then your big government did away with them altogether after you paid those bills. Only in 1913 did the Feds actually write taxes into the constitution, it actually gave itself the constitutional power to take your money. I would say that is just a tad bit worse than imposing taxes and tariffs on tea. Big government has now fallen in love with its imposition powers. I see why though, there is little to no control over how the money is spent, how much is raised or how evenly you apply it. Who wouldn’t want an uncontrolled revenue stream in which you can do what you like ?
Humm, odd in actual application the Federal government is exactly what libs hate, a big fat unrestricted trillionaire spending money as it wants to while imposing hardship on those without. Congrats libs you have taken the government and created a large Republican ( as you define one) Jabba the Hut. Now you think you can use it against people if they did not give Jabba what you think he should have.
stands for decibels
August 25th, 2012
3:20 pm
I also assume none of you people use a CPA as I do
I have at times, when there have been some tricky financial transactions to account for in a given year, since I tend not to want to get on the IRS’ bad side.
(although, in truth, the two times in my life that I have had returns questioned, they’ve been quite reasonable to work with.)
Welcome to the Occupation
August 25th, 2012
3:24 pm
ragnar : “If only the economists ran things, there would be a consumption tax only.”
If only economists rang things?
What was Alan Greenspan if not one big philosopher-economist king?
We saw where that got us.
Plus, didn’t we already have Chicago boys economic ideas basically rammed through down the barrow of a gun in Chile in 1973 ?
Mama Says
August 25th, 2012
3:25 pm
Decibel,
I have a theory too.
Democrats think about imaginary black people buying food so they can feel good about sitting in their white mansions selling it to them. So they have to attack the image in the mirror to feel good about the fact they live off the very injustice they say they hate
stands for decibels
August 25th, 2012
3:27 pm
I’d say Romney’s digging himself into a deep hole. Between the gawker release and his interview which will hit newspapers tomorrow, he’s going to have a hard week in Tampa. All I can say is “Bless his heart.”
And I’d say “couldn’t happen to a more deserving guy.”
But in truth, it doesn’t appear that the media thinks anyone gives a good crap about this angle, at least not yet. I don’t see it in the news.google.com top stories, anyway.
JamVet
August 25th, 2012
3:27 pm
Bone, go ahead and vote for the man who would be Birther-in-Chief.
Donnie Trump, Mitt and the millionaires/billionaires are counting on you self-destructive tools to protect them.
As the Old Physics Teacher intimated, your whole damn party is a laughingstock.
Speaking of which, Mama, you government hating cons would have fought with the British in the 1770s…
Proud to be me
August 25th, 2012
3:29 pm
Let me see where does the tax code come from? BINGO!!! How many of our politicians are millionaires!! BINGO! If IRS has a problem with the way Romney reports his earnings IRS should deal with it. Now Jay why don’t you start checking out all the Hollywood elites who support Obama and see how they report their investments/earnings, captal gains, etc. and while you are at it . . how about checking on all those Congressmen who are responsible for the tax code!!
Mama Says
August 25th, 2012
3:30 pm
Well Jam that is an interesting twist you have there.
Let’s see I am arguing against the imposition of taxes, u are for the imposition of them.
Who is the closest to the Colonial side of the rebellion ? You or I ?
Proud to be me
August 25th, 2012
3:30 pm
Oh! And don’t tell me they aren’t running for President!! We know more about Romney at this point in his campaign than we did about Obama at this point when he ran for President . . so get over it!
Mama Says
August 25th, 2012
3:33 pm
Proud,
Don’t you know by now that the only really bad rich person is the one who is a republican ?
Those elite Hollywood billionaires are ok, they contribute to the democratic party. That money is going for good things
stands for decibels
August 25th, 2012
3:36 pm
Grown ups pay their taxes and recognize that such things are necessary in order for civilized representative democracies to function.
Michael
August 25th, 2012
3:36 pm
By the way, we don’t know which, if any, of Romney’s returns were audited by the IRS. To say the IRS audits and punishes all tax evaders is absurd. Also, these documents were release by someone with access to Bain. Tax experts are reviewing them, and the questions of legality and propriety have been raised by tax experts.
This reminds me of Al Capone. Al didn’t go to prison because he was a gangster, he went to prison because he didn’t pay his taxes.
JamVet
August 25th, 2012
3:37 pm
Your sophistry is interesting, mama, but intellectually useless.
The neocon end game is always the same.
You fake conservatives want to enjoy all of the bounty and freedom of this greatest of nations and pay nothing at all in return.
Nothing.
That your filthy rich heroes and depraved court defined corporate persons have perverted the system to do so, is of no help to you or your family or your community though, is it?
And the really bad news?
You will never get in that little club.
TaxPayer
August 25th, 2012
3:37 pm
Speaking of perfectly legal tax breaks for corporations:
Facebook founders all took the bulk of their compensation in stock during the company’s early years. With the stock having soared in value, Facebook claimed a $16 billion deduction for “excess stock-based compensation” on its tax returns. The deduction will save the company $5.6 billion in taxes.
Tax laws allow companies to apply these sorts of deductions retroactively. Facebook now stands poised to collect an additional $500 million refund check from the IRS, a sum that will return all the taxes the company has paid since becoming profitable.
This calls for another tax cut.
DannyX
August 25th, 2012
3:42 pm
“We know more about Romney at this point in his campaign than we did about Obama at this point when he ran for President”
Not true, we discovered back then with the help of Fox News that Obama was born in Kenya, didn’t wear a flag pin, was a Muslim, hated America, was a socialist commie, and gave out terrorist fist bumps.
Romney, Bain dancing at outer boundaries of tax law – Atlanta Journal Constitution (blog)
August 25th, 2012
3:46 pm
[...] Atlanta Journal Constitution (blog) [...]
larry
August 25th, 2012
3:47 pm
Sad, sad news ……………………….
http://cosmiclog.nbcnews.com/_news/2012/08/25/13478643-astronaut-neil-armstrong-first-man-to-walk-on-moon-dies-at-age-82?chromedomain=usnews
Rest in Peace,Neil. And we thank you.
stands for decibels
August 25th, 2012
3:47 pm
DannyX @ 3.42, all that and–let’s not forget–we learned that he didn’t actually hear a sermon where a black preacher said “God Damn America”, but, you know, it was important to know about that preacher’s sermon–well, three words from it, anyway–so they played that sound clip for about two weeks straight until he gave<a href="http://abcnews.go.com/Politics/Vote2008/story?id=4472228&page=1" a speech where he promised not to be too uppity.
Welcome to the Occupation
August 25th, 2012
3:52 pm
By the way, even The Economist seems to be having doubts about the far-right GOP ticket. Why go with Mitt Romney when there’s a perfectly capital-friendly center right figure there now?
http://www.economist.com/node/21560864?spc=scode&spv=xm&ah=9d7f7ab945510a56fa6d37c30b6f1709
Bain Capital’s tax breaks: Are they legal? – CBS News | Finance Bar - Daily Finance News Magazine
August 25th, 2012
4:07 pm
[...] applies to that portion of income over $ 388,350, for married couples filing jointly …Romney, Bain dancing at outer boundaries of tax lawAtlanta Journal Constitution (blog)Lid Blowing Off Romney Tax SecrecyBusiness InsiderTwo-and-Twenty [...]
td
August 25th, 2012
4:12 pm
You libs sound real angry today. Could it be because you are finally coming to realize that the signs are not good for re election?
Gas on the rise, food prizes going up, unemployment on its way back up, very little to any GDP growth and the CBO announces that if you cut the military then we will go into a recession next year. Let us not forget that Israel is now saying they will attack Iran in October (one wonders if Obama will support their efforts).
Not to mention that Obama has shot his wad of cash on trying to negatively define Romney prior to the convention has not worked.
Now quoting President Bill Clinton “Its the economy stupid”
Thulsa Doom
August 25th, 2012
4:15 pm
Welcome to the occupation,
Contrary to its name the economist is considered a left leaning publication. Try again.
Thulsa Doom
August 25th, 2012
4:18 pm
td,
They either wake up angry every day or they wake up looking to be somehow offended as they go through their day. Being offended or selectively outraged is what they do best.
Common Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
4:19 pm
IF Romney becomes the President and is indicted for Tax Evasion would he resign and make Ryan President?
I think not because Romney only cares about Romney.
George Romney would headslap his son given Mitt’s current attitude for openess.
Common Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
4:20 pm
As George Jr. didn’t measure up to Senior
Neither does Mitt measure up to George.
Brosephus™
August 25th, 2012
4:23 pm
Contrary to its name the economist is considered a left leaning publication. Try again.
Nowadays, anything that doesn’t toe the party line is considered left leaning regardless to where the true political center is. But don’t let that hard right shift of the GOP cloud people’s vision of where the true center is really located. A solid Conservative, such as John Huntsman Jr. is considered left leaning nowadays, regardless to the fact that his record as a conservative is hands above Romney’s record.
Janney
August 25th, 2012
4:23 pm
Really enjoyed that George Carlin clip, Taxpayer!
JamVet
August 25th, 2012
4:27 pm
Those elite Hollywood billionaires are ok…
If you say so.
Ironic that you fake conservatives are the ones who goes to lots and lots of their movies and watch countless hours of their TV shows.
Just another form of GOP self-hatred.
Speaking of which, hi, td!
Have you be the family fortune (LOL) on the would be Birther-in-Chief yet?
If not, why not? You’ve got great odds and according to you, it is easy money.
Bro, damn straight about Hunstman. He is the rare Republican who has the balls to note how the hijacked GOP has become, for the most part, the anti-science, anti-intellect party.
To wit…
https://sphotos-a.xx.fbcdn.net/hphotos-ash3/531008_497830420244575_521886184_n.jpg
Common Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
4:27 pm
Bro -
I found a place down the street that has Troegs AND Great lakes X-mas ALE (in season). Life is good today!!!!!!
Tell Jay to send me your email address and I will send a CARE package. (tell me which Troegs you prefer).
Thulsa Doom
August 25th, 2012
4:30 pm
Bro,
Nope. Its a general consensus that just as Fox leans right, MSNBC leans left, the Economist leans left. I don’t think its something they try to hide too much either. And I’ve never heard of Huntsman being called a liberal. He and some Rs can be liberal on selected issues such as social issues but still be conservative overall. I think Rudy Guliani for example is sympathetic to gay rights but you won’t hear anyone calling him a liberal.
td
August 25th, 2012
4:34 pm
JamVet
August 25th, 2012
4:27 pm
You do realize that you are one of those angry libs that I was talking about?
“Its the economy stupid”
Mr_B
August 25th, 2012
4:34 pm
“Contrary to its name the economist is considered a left leaning publication. Try again.”
Only by those who consider President Obama a “left-leaning politician.”
Common Freaking Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
4:38 pm
Romney is thinking that the EPA should be left up to the states for drilling. Is this his jobs pal?
Will the states GAS about the environment? Not in the Red states I don’t believe.
Drill Here Drill Now may not work given who the states give the drilling rights to.
Let’s see how much money goes to the campaigns LOL
JamVet
August 25th, 2012
4:39 pm
td, so?
You do tons of talking here.
But you don’t say anything.
You Bushbots destroyed the economy. Mass murdered it. And then tried to dispose of the body.
As in the greatest economic meltdown in nearly a hundred years.
And now you think that you and your Birther-in-Chief lunatic is entitled to another crack at doing it again???
You must think everyone is as gullible and blind as you neocons.
No sale…
Common Freaking Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
4:40 pm
pal= dyslexic plan
Common Freaking Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
4:44 pm
Unchain Wall Street is a catch phrase for abolishing the rules that control things like Anti Money Laundering, risky investments, etc.
Yep, just what we need.
td
August 25th, 2012
4:47 pm
JamVet
August 25th, 2012
4:39 pm
Oh yes, it was the Republicans and the Republicans only that caused the housing bubble. Do not let the actual facts get in the way of your rage. Let us forget about the community investment act. Let us forget about the FU given to the Bush administration by Barney Frank and Chris Dodd when they came before their committees, warned about the pending crisis and were told that all they wanted to do was to stop the poor from getting houses.
Keep up the rage my friend. I hope you do not stroke out before you see the results on November 8th.
Mr_B
August 25th, 2012
4:47 pm
Submitted for your consideration:
Just suppose
a. That Bain Capital did in fact violate the US tax code with its conversion of earned-income management fees into capitol gains.
Thulsa Doom
August 25th, 2012
4:53 pm
Mr_B,
That was pretty funny @ 4:34.
I used to have a subscription to the economist so from firsthand experience I could tell it was left of center and have heard that same opinion opined by others. It was still a good publication overall. Hell for that matter I read the HuffPo even though its far left.
Common Freaking Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
4:54 pm
Just think that Barney Frank brought down the US economy. I didn’t think he had that much power.
Mr_B
August 25th, 2012
4:54 pm
From above:
b. That the IRS is aware of the violation and is prepared to begin proceedings against Bain and its officers.
c. That the IRS is in fact being restrained from pursuing action at this time at the direction of the White House, which fears that IRS action at this time would be perceived by voters as a clumsy attempt to manipulate public opinion against Mr. Romney.
d. That part of the White House calculus involves the continued damage to Mr. Romney’s credibility due to his inability to release his returns.
Conspiracy theories, anyone.
td
August 25th, 2012
4:55 pm
Mr_B
August 25th, 2012
4:47 pm
Submitted for your consideration:
Just suppose
a. That Bain Capital did in fact violate the US tax code with its conversion of earned-income management fees into capitol gains.
If I am not mistaken the IRS can only go back 7 years and audit? Since it has been more then 7 years since Romney was there then he has no worries.
TaxPayer
August 25th, 2012
4:57 pm
“It’s the economy stupid.”
And what will Mitt do to fix it. Well, he’s gonna create 3 million jobs per year for a total of 12 million jobs during his first term.
Excuse me. That Mitt is just so funny, I can’t help myself.
I mean, after all, that would be like 3 million more jobs per year than the Republicans managed to create after the last time they campaigned on jobs… in 2010.
Common Freaking Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
4:57 pm
Mr_B
SHHHHH. WE the left wing are holding the investigation until the week before the election
JamVet
August 25th, 2012
5:00 pm
td, you have no idea what you are talking bout.
You could no more explain in any lucid detail what caused the 2008 meltdown, who the many players were – both in the public and private sectors – and the forty year runup to it, than you could explain in detail how a nuclear reactor works.
To wit, you have no earthly clue who almost any of the following are and their huge role therein:
Angelo Mozilo
Phil Gramm
Alan Greenspan
Chris Cox
Hank Paulson
Joe Cassano
Ian McCarthy
Frank Raines
Kathleen Corbet
Dick Fuld
Marion and Herb Sandler
Bill Clinton
George W. Bush
Stan O’Neal
Wen Jiabao
David Lereah
John Devaney
Bernie Madoff
Lew Ranieri
Burton Jablin
Fred Goodwin
Sandy Weill
David Oddsson
Jimmy Cayne
All you can do is puke up your favorite couple of Democratic bogeyman.
I, on the other hand,have written in exhaustive detail about the eight different levels within different organizations that had a huge had in it.
Knowledge is not your forté.
Beyond an eight grade level, anyway…
That would require actual reading, research and some basic intellectual curiosity…
td
August 25th, 2012
5:06 pm
JamVet
August 25th, 2012
5:00 pm
If you know that it was both Republican and Democratic policies along with banking interest that created the housing bubble then why did you say that the Republicans alone destroyed the economy?
A little hypocritical would you say so?
Brosephus™
August 25th, 2012
5:06 pm
NoCom
Cool. I’m usually a Hefeweizen guy, but I’ll venture out to what looks appealing. My friend in Cleveland is getting married labor day weekend, so my wife’s traveling up there. I told her that I’d get her and her new husband whatever they needed as long as they ship me some beer!!!
—————
And I’ve never heard of Huntsman being called a liberal.
Really?? According to Wiki: “Republican In Name Only is a pejorative term that refers to a member of the Republican Party of the United States whose political views or actions are considered insufficiently conservative or otherwise conforming to liberal positions. The acronym RINO, emerging in the 1990s, is a charge used in campaigns by Republican conservatives against party moderates and liberals.”
If you’re not familiar with the term RINO it means Republican in Name Only. There never was a better example of that than Gov. Jon Huntsman. Why this man is running for president as Republican may be one of life’s great mysteries. Some believe that Huntsman is a liberal plant. While this may seem far-fetched, Huntsman’s appearance on TV Sunday sure went a long way to give credence to that view.
—————
AWD has never understood what Jon Huntsman was doing in the GOP presidential race. Is it because he’s a rich, little boy who needs an ego stroke? Or is it because he thinks he stands a Chinaman’s chance in getting the nomination? No one had really ever heard of Huntsman when he jumped into the race except he was the pick of nearly every liberal in America for the GOP nomination. Since people usually don’t take the advice of their enemies, Huntsman has remained at the rear of the pack with little chance of moving up in the polls.
His main claim to fame is he was the (unknown) Governor of Utah and Obama’s Ambassador to China. Neither of those gives me the warm fuzzies that he has the horsepower under the hood to run the country. And being Obama’s ambassador to China is a dis qualifier. No Republican that is serious about winning the nomination wants anything to do with Obama. Hell, no Democrats seeking re-election want anything to do with Obama either. So the fact that Huntsman Wang Chung-ed with Obama over in China wins him no points in my book.
—————
Huntsman is the GOP establishment’s new beau idéal, now that their favorite boy, Mitch Daniels, has announced he’s not running. But is Huntsman the right candidate for ordinary Republicans and the country? Absolutely not.
The only Republican candidates who can win in 2012 are those who have never advocated (or implemented) liberal policies, have always consistently advocated a conservative agenda, and can therefore constitute a stark contrast to Barack Obama. A liberal Republican who has implemented or advocated liberal policies will not receive the votes of either moderates or conservatives…
In sum, Jon Huntsman is barely distinguishable (at best) from Obama — be it on social, fiscal/economic, or defense issues. Yet, to win the 2012 election, the GOP will need all “three legs” of the GOP stool (the Reagan coalition).
Nominating Huntsman for the presidency or vice presidency would be an abject rejection of every conservative principle which the GOP used to stand for. It would nail the GOP’s coffin shut and signal that the Republican Party and America are done for. Let everyone hope that Republican voters are sensible folks and do not allow Huntsman to win the nomination.
—————
Of course, Verum Serum, the Christian conservative blog that produced this imagery, isn’t comparing the former Governor of Utah to a large horned mammal, but instead tagging him as a RINO—Republican in name only.
In a two-minute video entitled “A Common Sense Campaign for America,” Verum Serum plays Huntsman sound bites alongside pictures of the former Ambassador with President Obama and Arnold Schwarzenegger.
—————
http://therealrevo.com/blog/?p=46572
Even got a video for you. Very few people will outright call him a liberal, so you have a point if you’re debating semantics. However, that guy was labeled RINO from the time speculation started on whether he was going to run. Labeling someone as RINO is basically labeling them a liberal republican nowadays.
Romney, Bain dancing at outer boundaries of tax law – Atlanta Journal Constitution (blog) | Finance Bar - Daily Finance News Magazine
August 25th, 2012
5:08 pm
[...] Atlanta Journal Constitution (blog) [...]
Brosephus™
August 25th, 2012
5:10 pm
If I am not mistaken the IRS can only go back 7 years and audit? Since it has been more then 7 years since Romney was there then he has no worries.
That little part about him still getting income from Bain funds as recently as 2009 just kinda flew right over that conservative brain of yours, huh?
td
August 25th, 2012
5:10 pm
Brosephus™
August 25th, 2012
5:06 pm
” Very few people will outright call him a liberal, ”
All over Tea Party websites and I am pretty sure Newt, Perry and Backmann called him a lib in either speeches or a debate. Just saying.
Brosephus™
August 25th, 2012
5:11 pm
td
You might wanna tell your fellow rightie Thulsa Doom then. I already know what Huntsman was called, and I’m not disputing it.
Welcome to the Occupation
August 25th, 2012
5:12 pm
Thulsa, The Economist certainly endorsed Tory Cameron. I supposed their editorial stance is ‘liberal’, in the European sense. I.e., not leftist.
td
August 25th, 2012
5:16 pm
Brosephus™
August 25th, 2012
5:10 pm
Since it was “deferred” income from prior to the 7 years then I am betting there are quiet a few high priced tax attorneys that would show that the IRS does not have the authority. Those attorney’s are highly paid and have long term reputations on the line so I am betting they covered all their bases with the legality of how it was set up and paid out.
BTW: My previous statement more of a question not a statement of fact.
td
August 25th, 2012
5:18 pm
Brosephus™
August 25th, 2012
5:11 pm
td
You might wanna tell your fellow rightie Thulsa Doom then. I already know what Huntsman was called, and I’m not disputing it.
You had it right and I was just adding a little additional information to support you thesis.
Common Freaking Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
5:19 pm
Bro
My friend in Cleveland is getting married labor day weekend, so my wife’s traveling up there. I told her that I’d get her and her new husband whatever they needed as long as they ship me some beer!!!
————————————————————————————————-
Your wife is getting married Labor Day Weekend?
Tell me she isn’t a Mormon? LOL
When she comes back inside the airport gate there is a Great Lakes place (I think Gate B) that she can get some beer to bring you.
Mr_B
August 25th, 2012
5:25 pm
Thulsa: “I read the HuffPo even though its far left”
You have a much stronger stomach than I.
Common Freaking Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
5:26 pm
Huntsman
I man I could have voted for.
Practical, effective leader, foreign policy experience.
Gee, what were the right flingers thinking.
Brosephus™
August 25th, 2012
5:28 pm
td
I’m not a tax expert, nor do I play one on the internet. I wouldn’t have the first clue as to what the IRS could or could not do. One thing I know is that, there won’t be any enforcement done at this point and time even if Romney were clearly in the wrong. Perception based on any enforcement action would completely doom Obama’s re-election chances.
Add the fact that most IRS people leave the government and go do the very work that we’re discussing, and I find it higly unlikely that anybody will want to doom themselves from earning those 6-figure incomes when they leave government work.
Tell me she isn’t a Mormon? LOL
Thanks for the heads up. I’ll see if I can talk her into gettin’ me some beer.
Kamchak ~ Thug from the Steppes
August 25th, 2012
5:29 pm
Gee, what were the right flingers thinking.
Unless and until they throw Norquist under the bus, they won’t be thinking.
JamVet
August 25th, 2012
5:33 pm
…then why did you say that the Republicans alone destroyed the economy?
Just how big is your rectal orifice, td??? LOL!!!
Because you sure pulled that made up doozie out of it!
What part of the forty year runup to the meltdown, that I referred to it that very post, eludes your mental capacities?
You are a mess, man.
I dislike the Democratic Party enormously and left them about 15 years ago. I voted against Gore, Kerry and Obama. That they are less dangerous and immoral than the post-Rovian slime that runs the GOP is just a matter of degrees…
Common Freaking Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
5:33 pm
Some of the best CPA’s come from the IRS.
I have done my taxes for years and I will admit I take the gray areas.
But it seems that the wealthy would rather pay tax lawyers to take the areas that require a borderline violation rather than pay a few extra bucks.
How many here could afford that representation?
Brosephus™
August 25th, 2012
5:33 pm
R.I.P. Neil Armstrong.
“Houston: Tranquility Base here. The Eagle has landed.” Although I wasn’t born, I have heard those words many a time and felt nothing but pride in what we accomplished at that moment.
Common Freaking Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
5:37 pm
Bro
Although I wasn’t born, I have heard those words many a time and felt nothing but pride in what we accomplished at that moment.
———————————————————
That was all faked. NIXON DID IT.
Kamchak ~ Thug from the Steppes
August 25th, 2012
5:39 pm
SoCo/Bro, Freaking Sense
There is a Neil Armstrong thread upstairs.
Thomas
August 25th, 2012
5:49 pm
Eliminate the capital gains tax advantage. Simply eliminatie the capital loss disadvantage.
Pretty simple.
TGT
August 25th, 2012
7:01 pm
Still chasing the tax boogey-man, eh libs? And some “breaking story.” This is nowhere (of consequence) to be found. Keep it up though, if this is the best you have, Romney’s task is looking easier and easier.
Why don’t you libs take a break and get yourselves educated by seeing 2016? We would all be better for it.
Common Freaking Sense isn't very Common - Bored in Pittsburgh
August 25th, 2012
7:07 pm
TGT
get over on the newest posting instead of playing on this one.
Reality
August 25th, 2012
7:33 pm
We can go back and forth on this type thing forever. The simple fact is as an independant voter who has voted Democrat many times I am going with Republicans this time. Romney and his vice pres. running mate have the experiance, education, and financial knowledge to do what needs to be done in order to get this country back on solid financial footing. There are too many intitlement programs which we cannot afford. I would love to do everything for everybody that needs assistance. But folks we cannot afford it. USE COMMON SENSE.
vinnie gambini
August 25th, 2012
9:44 pm
10% flat tax legislated by law- voted on in all states will solve numerous problems.
#1. decuctions on bank loans
#2. paper shuffling accountant ‘tax preparers’, tax lawyers, etc.
#3. fraudulent ‘tax loophole’ securities, their entire industry and associated nonsense.
#4. entitlements, deficit spending, goverment career politicians= all end, since their budget is fixed!!
Proud to be me
August 25th, 2012
9:45 pm
Danny X . . . yes, that is true only if you watched FOX! If you didn’t you were clueless about Obama!
JKL2
August 25th, 2012
11:38 pm
Obama said” Romney lacks serious ideas, refuses to “own up” to the responsibilities of what it takes to be president, and deals in factually dishonest arguments ”
I would say ROFLMAO!!! but that doesn’t go nearly far enough. This could be one of the funniest things I’ve heard in years.
dormink
August 26th, 2012
1:20 am
Find how to game the system and build a big IRS nest egg in :
Romney 2016 Interview with Hannidy
http://vignatio.livejournal.com/#post-vignatio-734
You too, can join the 1%, by following accepted business principles
Towncrier
August 26th, 2012
2:20 am
Just for you, Jay and the other liberals here:
The executive editor of the New York Times is disputing an accusation of liberal bias made by her very own public editor, Arthur Brisbane.
In his final column for the Times, Brisbane wrote that his fellow staffers “share a kind of political and cultural progressivism” that “virtually bleeds through the fabric of The Times.” Brisbane even argued that Times reporters approached some liberal issues, like gay marriage and the Occupy movement, “more like causes than news subjects.”
http://www.politico.com/blogs/media/2012/08/nyts-abramson-rebuts-brisbane-charge-133211.html
Now what have you to say???
YOUR VIEW: Mitt Romney again saying trust him on his taxes – The Birmingham News – al.com (blog)
August 26th, 2012
7:33 am
[...] Atlanta Journal Constitution (blog) [...]
GT
August 26th, 2012
10:06 am
There is a large part of America that loves to see someone get away with something if he is on their side and hates it when he or she is on the other side. You see it in college football, rich donors acting like fools, destroying an institution for the sake of winning. The red states are totalling into this, my dog is bigger that your dog, thing. ” He may be a crook, but he is my crook”, no such thing. People like this don’t have a side it is all about them. I watch them change churches because someone insults them or doesn’t treat them with the due respect they think they deserve, even church is about them not God. I watch them on little league baseball fields screaming at their kids or fighting others that have “cheated” their kid or really they think have cheated them. Do we want a president like this, a loophole president who pushes it so far he could break the law? Some of us do yet in the next breath complain about the Supreme Court creating law. Seems to me a president who goes by his own selfish script is doing the same thing if not worse.
captguitarman
August 26th, 2012
1:55 pm
Hopefully, at some point in this campaign, when the Dem/Libs throw the mud and slime at Romney in their ever more desperate attempts to divert attention from the on-going failed economy, there will be something besides expert theories and hypotheticals, and worse (like the complete and utter nonsense about how Romney killed a woman with cancer) to back it up. The whole article begged the question . . . “where is the IRS in all of this?” When the IRS shows up and cries foul, then there will be a story to print and something legitimate for pundit analysis and commentary. Until that happens, regarding this “story” and the never ending whining about Bain, maybe the Dem/Libs ought to go back to that Hopey-Changey thing for a while until the fumes clear from all of their political cheese cutting.
Of course we need tax reform, and we need to start rewarding companies for creating American jobs and keeping their money here instead of this jobs and capital export business that we have been running for several decades now. But both the Dem/Libs and Pub/Cons in Congress have used the tax system to reward and punish their enemies for a long time now, making the tax laws nearly unfathomable and harder and harder to interpret and enforce. The irony is that strong reason for tax reform is the same reason we will never see it.
Yes. Many things just get pushed aside and ignored while one is waging aggressive character assassination – thngs that just muck up the whole story being used to slime your opponent. For example, the “Murder by Romney/Bain” ad (destined for a place of honor in the Willie Horton Hall of Fame) some how missed the fact (well actually, it didn’t contain any facts) that Bain had propped that steel company up for several years before it became a futile undertaking. Contrary to the current popular Dem/Lib mythology, companies like Bain actively acquire failing enterprises to see if they can be turned around, not tanked. Think of it as the hospital ICU – where drastic and risky measures are taken to save the patient, but sometimes they don’t work. A capitalistic system like ours needs the ICU. How interesting that the Dem/Libs can hardly campaign in Ohio and Michigan without talking about Romney’s Bain tenure, but not a peep out out of them about when when tooling around in New York, New Jersey, Delaware, etc.
Is tithing what Romney’s hiding in his tax returns? – Washington Post (blog)
August 26th, 2012
2:23 pm
[...] Atlanta Journal Constitution (blog) [...]
Jeff
August 26th, 2012
4:32 pm
To any of you who say this shows that Romney is corrupt: You’re fools. Bain’s off-shore accounts are no less legal than your ROTH IRA. Everything he has done is legal. Period. There’s no such thing as “borderline illegal”. Either it is or it is not legal, and everything Romney has done is legal and completely ethical.
Notice that the IRS and the government have not played any role in this witch hunt. they’ve audited the heck out of everything Romney has done and it’s all above board. Call it “inside baseball”. Call it whatever you want. Just acknowledge the fact that it is all legal, ethical and business as usual.
Can we get back to the economy now?
Jeff
August 26th, 2012
4:34 pm
The title of this article should be “Everything Romney did at Bain is Legal”. End of story..
Romney says he’s ‘very proud’ of Mass. health care law – CNN (blog) | Live Newsline
August 26th, 2012
5:02 pm
[...] Atlanta Journal Constitution (blog) [...]
gm
August 26th, 2012
5:03 pm
Does this really matter, poor, middle class whites could care less Mitt has used the middle class, have sent jobs overseas none of that matters to these people, they have no pride or standards with this guy.
Paul Ryan has voting against every bill for women, yet the mental right wing women still support him, these people like to be drag back into the 20 Century while the world is moving forward, this is like the civil war all over again””””””’
Romney says he’s ‘very proud’ of Mass. health care law – CNN (blog) | View Live News | Daily News Magazine
August 26th, 2012
7:51 pm
[...] Atlanta Journal Constitution (blog) [...]
Lastest Find Law News - All The Info Need About Lawyers - - All The Info Need About Lawyers
August 26th, 2012
10:22 pm
[...] Romney, Bain dancing at outer boundaries of tax law When it comes to “find(ing) ways to get through the tax code, sav(ing) money by putting various things in the places where there are low tax havens around the world,” such as Switzerland, Luxembourg and the Caymans, Romney knows his stuff. Those leaked … Read more on Atlanta Journal Constitution (blog) [...]
Another View: Focus on Romney’s taxes a distraction from real problems – Press Herald | Tax Bracket
August 26th, 2012
11:15 pm
[...] differences in Ryan, Romney, Obama tax plansReutersInvestorplace.com -The Daily Progress -Atlanta Journal Constitution (blog)all 8,738 news articles » This entry was posted in tax news. Bookmark the [...]
Is tithing what Romney’s hiding in his tax returns? – Washington Post (blog) | Finance Bar - Daily Finance News Magazine
August 27th, 2012
3:07 am
[...] Atlanta Journal Constitution (blog) [...]
Mark in mid-town
August 27th, 2012
1:09 pm
Severel election cycles back, Steve Forbes ran for the Republican nomination on a flat tax / minimal deduction platform. It was largely those on the left who attacked Forbes and discredited any attempt at tax simplification. All these tax shelters and tax complexities create demand for tax lawyers and estate planners. If one does a little bit of research, they will discover that the vast majority of these tax lawyers and estate planners are located in the blue-est most liberal parts of the country. They contribute greatly to the local economies of such liberal enclaves, which is why, behind the scenes, liberal politicians ensure that the tax code continues to be as complicated as it is, thus creating demand for such tax lawyers and tax planners.
India Direct-Tax Law May Be Revised | Taxattorney makes the world go round
August 30th, 2012
7:11 pm
[...] Romney, Bain dancing at outer boundaries of tax law In 2008, a study of the technique by Gregg Polsky, a tax-law professor at the University of North Carolina, concluded that it is “extremely aggressive and subject to serious challenge by the IRS…. The tax result, if this technique is successful, is … Read more on Atlanta Journal Constitution (blog) [...]