How Many Would Like To See Mitt Romney's Tax Returns?

Red1966

Red1966

Well-Known Member
canndo said:
As I said, I am not driven by guilt, my arguments are dependent upon fact and reason. Now, you might try to show me how romney got his retirement funds up to 100 million dollars.

Current IRA contribution limit is I believe $5,000 Current 401k limit is what? 22,500?

how does one get to 100 million from there?
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Your arguments are frequently dependent on nothing but conjecture. Why do you assume all his money is in an IRA or 401k?
 
Red1966

Red1966

Well-Known Member
canndo said:
Fine, but the limit is a quarter million. If he contributed the max, which he must surely have as it is tax wise, you are still up to only 2.5 million over 10 years. Consider he did this for 10 years thats still only 25 million. He quadrupled his money in that period of time?
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You keep insisting that all his retirement funds are in a tax deferred account. There is no reason to assume that.
 
cannabineer

cannabineer

Ursus marijanus
Red1966 said:
You keep insisting that all his retirement funds are in a tax deferred account. There is no reason to assume that.
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I would say the reason to assume it is decency: to give him the benefit of the doubt in re tax honesty. If they are not tax-deferred or tax-exempt funds, offshoring them would constitute fraud. No? cn
 
Red1966

Red1966

Well-Known Member
cannabineer said:
I would say the reason to assume it is decency: to give him the benefit of the doubt in re tax honesty. If they are not tax-deferred or tax-exempt funds, offshoring them would constitute fraud. No? cn
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No. Why would you think that was illegal? You seem to think if someone is wealthy, they must be crooked. That's illogical.
 
PetFlora

PetFlora

Well-Known Member
If all the billionaires paid their 'fair' share, our government would just piss it away on the military/industrial complex anyway. Anybody ever hear of the NWO? That's where they are heading. Bush Sr made it known in a speach decades ago

And if our business tax system was competitive with the rest of the world, big business would be less inclined to hide their money

Reduce the military budget by 10% and there is more than enough to balance the budget

What the average person fails to realize is our govt doesn't give a shit about us. For them, politics is a power and money grab- money provided by lobbyists who represent big business. Those who go to washington to make a difference soon learn this is the sad sad truth
 
Red1966

Red1966

Well-Known Member
I don't see cutting 10% of the military budget would come any where near enough to balance the budget. The "debt clock" you see displayed all the time doesn't include Medicare or Social Security obligations. Medicare alone is short like $37 TRILLION. Everything else you said is pretty much spot on.
 
C

ChesusRice

Well-Known Member
I want to see Romneys tax returns and so does his church which makes it mandatory he tithe 10% of his gross

Is he cheating the IRS as well as the LDS church?
 
cannabineer

cannabineer

Ursus marijanus
Red1966 said:
No. Why would you think that was illegal? You seem to think if someone is wealthy, they must be crooked. That's illogical.
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No. I am not equating wealth with crookedness ... only the legally "gray" sheltering of that wealth from taxation. My gripe is with offshoring as a deliberate tax dodge. If the funds or their cap.gains were genuinely not to be taxed, why offshore them otherwise? What's the loss of benefit leaving them in a domestic account/instrument? cn
 
Red1966

Red1966

Well-Known Member
cannabineer said:
No. I am not equating wealth with crookedness ... only the legally "gray" sheltering of that wealth from taxation. My gripe is with offshoring as a deliberate tax dodge. If the funds or their cap.gains were genuinely not to be taxed, why offshore them otherwise? What's the loss of benefit leaving them in a domestic account/instrument? cn
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You're still assuming the money is in a tax deferred account. Also, the money may have been acquired from "offshore" business interests, he might wait until tax laws change for importing the money, or he may just spend it off shore, avoiding the tax entirely. The loss off benefit is a 35% (or more) tax.
 
cannabineer

cannabineer

Ursus marijanus
Red1966 said:
You're still assuming the money is in a tax deferred account. Also, the money may have been acquired from "offshore" business interests, he might wait until tax laws change for importing the money, or he may just spend it off shore, avoiding the tax entirely. The loss off benefit is a 35% (or more) tax.
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My thumbnail analysis also works if the money is in a non-tax-deferred account. cn
 
Red1966

Red1966

Well-Known Member
If he never brings the money here, he avoids US taxes altogether. Maybe he plans to retire to a nice country villa in Europe, say, like the Mediterranean. The entire Mediterranean.
 
cannabineer

cannabineer

Ursus marijanus
I consider it more likely that Mr. Bain Capital will bring the money back in, but laundered. I don't trust him to do the right thing. cn
 
Red1966

Red1966

Well-Known Member
cannabineer said:
I consider it more likely that Mr. Bain Capital will bring the money back in, but laundered. I don't trust him to do the right thing. cn
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Why not? A man that gave away $20 million is probably not that concerned with taxes. You don't understand what money laundering is. You launder money to hide it's source, you still pay tax on it. Laundering the money is expensive. Perhaps you mean some tax advantaged method? If it's legal, so what?
 
cannabineer

cannabineer

Ursus marijanus
Red1966 said:
Why not? A man that gave away $20 million is probably not that concerned with taxes. You don't understand what money laundering is. You launder money to hide it's source, you still pay tax on it. Laundering the money is expensive. Perhaps you mean some tax advantaged method? If it's legal, so what?
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If it's legal with full disclosure, then I accept your "so what?". cn
 
B

beenthere

New Member
ChesusRice said:
Did his college records include tax evasion and cheating his church out of mandatory tithing?
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No, but I do have it from a reliable source that Barack Obama got accepted into Occidental on a foreign scholarship and had mediocre grades at best. I'd like to see how he got into Harvard with those grades.
 
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