Mitt Romney Tax Returns Released: Paid Just 13.9% Rate In 2010, Had Swiss Bank Accoun

NLXSK1 said:

His income was not over 1 year. It was due to capital gains invested over a much longer period of time.

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Sorry, but I call bullshit. Do you even know how Mitt makes his money? He does what's called debt financing. He buys companies for 16 times less than the worth, leaving the rest to buy the company with the company, called a leverage buyout. Next he fires a shitload of employees. The ones left working get a massive pay cut. He then buys up other companies using company debt he just bought. All the while he fools investors who aren't his friends. Finally he declares bankruptcy for the company. Then you know what? He acts like he lost money too! Since there's a hiearchy who gets money first, he claims even more fucking money! Now I'm supposed to feel pity for him and champion he pays less in taxes? I'm all for capitalism, but what he does is beyond evil and makes my libertarian philosophy look bad. If he wasn't able to treat companies like people and took personal responsibility, he would have to, heaven forbid, work for his money like I do. What he does is cheating. He leaves the mountains of debt left for other people to pay. People like me, if I were stupid enough to invest in Bain Capital and keep the ones he purchases in their name.

Canna Sylvan said:

Sorry, but I call bullshit. Do you even know how Mitt makes his money? He does what's called debt financing. He buys companies for 16 times less than the worth, leaving the rest to buy the company with the company, called a leverage buyout. Next he fires a shitload of employees. The ones left working get a massive pay cut. He then buys up other companies using company debt he just bought. All the while he fools investors who aren't his friends. Finally he declares bankruptcy for the company. Then you know what? He acts like he lost money too! Since there's a hiearchy who gets money first, he claims even more fucking money! Now I'm supposed to feel pity for him and champion he pays less in taxes? I'm all for capitalism, but what he does is beyond evil and makes my libertarian philosophy look bad. If he wasn't able to treat companies like people and took personal responsibility, he would have to, heaven forbid, work for his money like I do. What he does is cheating. He leaves the mountains of debt left for other people to pay. People like me, if I were stupid enough to invest in Bain Capital and keep the ones he purchases in their name.

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That is a broad based generalization that is full of shit.

He helped create staples and other companies with hundreds of thousands of employees. Most companies Bain was involved in were in trouble and likely to go bankrupt anyway. Venture capitalists bring vast sums of money to failing companies in an attempt to make them healthy again. Sometimes it works sometimes it doesnt.

At least the guy has created jobs.... By comparison Obama has destroyed millions of them. Compare the job base now to the size of it when he got elected. Unemployment numbers are bullshit due to the fact that many people have quit even looking for work and people have fallen off the rolls.

You keep wanting to punish the risk takers and job creators in American and heap more benefits on the welfare class. And then act surprised as tax revenues dry up and welfare rolls explode.

I dont deny there is a lot of garbage in Washington and some programs have become bs magnets but you cant deny the rich's contribution being less and the so called advantages trickling down as non existant. How can you not differentiate between a guy make $350k and a guy making $1million. The dude making a million is probably making it on Wall st and only paying 15% and not hiring anybody. The $350k guy is more likely the small business owner and hes the only one doing any actual job creation.

C'mon man Have you read my first hand examples of private investment and job growth? The corporations get tax credits for hiring minorities at $7.50 an hour. I know I had to process the paperwork. How is that helping anyone? Meanwhile that tax credit stays in the CEOS pockets. GET REAL its in your face right now.

and the rich dont send their kids to public schools so they dont feel obligated to pay as much local taxes as well.

Canna Sylvan said:

Mitt is still an asshole taking advantage of the system, but take a look at it this way.

Historically the stock market ROI is a little over 7%. So that would mean it would take about ten years to double your money. Your average guy invests in stock funds, ie 401k. This means factoring in inflation and 14% tax upon cash out, you're paying 32.576%. Which would be more than your 28%. How do you suggest we classify Mitt so retired people get classified differently and not get fucked just because Mitt is an asshole?

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good questions for which i have no answers at the moment.

on the bright side, at least we are not NLXSK, worked up in a tizzy trying to defend how someone who makes $20 million dollars gets taxed at half the rate that an average joe like you or me would.

bundee1 said:

and the rich dont send their kids to public schools so they dont feel obligated to pay as much local taxes as well.

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I'm not rich and I don 't send my kids to public nor private school. I pay for 100% of my kids' education. Why should I foot the bill for supporting your kids because you're too stupid or unable to do likewise? To suggest this makes you no better than Mitt and his vile private equity scams.

I think the system is fucked up and makes no sense, and I fail to see how the current administration has done anything but severely weaken and hurt this country on every level possible.

I was a very happy medical transctiptionist working at a non-profit hospital for several years. The healthcare law comes to pass taking millions away from medicare and tightening restrictions. My non-profit hospital, now no longer able to meet expenses, and along with nearly every hospital in my region, laid off about 45-50 people. After I went on unemployment I got a letter from the state saying there is a program that will pay my mortgage and that is funded by the Treasury Department, which I qualified for and am currently on. The treasury department is now paying my mortgage for the next 18 months. Had I been enrolled in school they would have paid for 36 months. The government killed my job and is now not only paying me unemployment for the next 99 weeks but is also paying my mortgage for the next 18 months. Where is my incentive to go back to work? Not only that but I just did my taxes and I am getting back just shy of five figures. I gotta say, this socialism stuff seems pretty lucrative. Maybe I should just vote democrat and say fuck the republicans. All they want to do is have people work and earn money for themselves and keep it and spend it they way they want on things they need and like. What a bunch of selfish assholes. Where would I be without the government? Working.

So you homeschool and you feel no obligation to other children's futures and the future of your country because of it? I see, makes perfect sense that we should all fend for ourselves.

When will people get that we have to look out for each other or else we'll fail as a nation.

Canna Sylvan said:

I'm not rich and I don 't send my kids to public nor private school. I pay for 100% of my kids' education. Why should I foot the bill for supporting your kids because you're too stupid or unable to do likewise? To suggest this makes you no better than Mitt and his vile private equity scams.

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i don't know, i think we all benefit from an educated populace in the end. i'm willing to pay property taxes to this end even if i never send my kids t school or even have kids.

And how do both of your arguments have anything to do with a millionaires tax? See you guys are being played. If you guys are millionaires congratulations but if you aren't how can you stick up for them not paying more taxes? People who make over 1 million 5 million and over 10 million should pay more especially now because that money came at someone elses expense. If they dont, we do. simple enough, no?

asafan69 said:

I think the system is fucked up and makes no sense, and I fail to see how the current administration has done anything but severely weaken and hurt this country on every level possible.

I was a very happy medical transctiptionist working at a non-profit hospital for several years. The healthcare law comes to pass taking millions away from medicare and tightening restrictions. My non-profit hospital, now no longer able to meet expenses, and along with nearly every hospital in my region, laid off about 45-50 people. After I went on unemployment I got a letter from the state saying there is a program that will pay my mortgage and that is funded by the Treasury Department, which I qualified for and am currently on. The treasury department is now paying my mortgage for the next 18 months. Had I been enrolled in school they would have paid for 36 months. The government killed my job and is now not only paying me unemployment for the next 99 weeks but is also paying my mortgage for the next 18 months. Where is my incentive to go back to work? Not only that but I just did my taxes and I am getting back just shy of five figures. I gotta say, this socialism stuff seems pretty lucrative. Maybe I should just vote democrat and say fuck the republicans. All they want to do is have people work and earn money for themselves and keep it and spend it they way they want on things they need and like. What a bunch of selfish assholes. Where would I be without the government? Working.

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your incentive to work should come from within. i know i dropped just over 4 months of unemployment to take a job that barely paid more than UI did. you should also consider that the longer you stay unemployed, the less marketable you will be when you look for work again.

kinda weird that you complain about government while you're on its dole. what if you didn't turn around and find a job so quickly and the social safety net programs you're on didn't exist? then what would the answer to your final question be?

maybe you are proud to be living on unemployment. i found the meager check they sent to be an embarrassment to my dignity and went back to work anyway.

people don't do keep doing things unless they derive some sort of benefit/enjoyment because of it. so the fact that you are deciding to stay on the dole instead of returning to work tells me you like just taking the cheese.

UncleBuck said:

i don't know, i think we all benefit from an educated populace in the end. i'm willing to pay property taxes to this end even if i never send my kids t school or even have kids.

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The government gets paid every day a child goes to school. Technically then, they should pay me for doing their job. But instead I get harassed and challenged I'm not doing as good as the nanny state. Because I do better even, that should get me a bonus.

It is pretty easy to restructure your assets so you are using capital gains instead of income, at least for multi millionaires. For the little guy? Not really possible. The balance of the tax system has a finger on it. Guess whose finger?

Canna Sylvan said:

The government gets paid every day a child goes to school.

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close.

the school gets money from the government based on attendance.

this is why i got booted from HS my senior year while taking all AP classes and being the only one to get an A in a couple of them. they basically leveled with me and told me that the only thing my truancy was effecting was their budget.

i still got to walk with my class as the remedial school they sent me to did not allow me to complete some of the higher level courses. i finished up english and economics at that remedial school, i had to attend 2 days a week. got the work done in a few days and from there i would just go when required, clock in, sit down for a minute or so, then clock out. went to HS the other 2 days a week for 3 hours for calculus and native-level spanish. it was pretty awesome.

/tangent.

Canna Sylvan said:

I'm not rich and I don 't send my kids to public nor private school. I pay for 100% of my kids' education. Why should I foot the bill for supporting your kids because you're too stupid or unable to do likewise? To suggest this makes you no better than Mitt and his vile private equity scams.

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I dont have kids and I am footing the bill for all the rugrats in public school...

Fair? Not really....

Life isnt fair, there is no guarantee of equality and as good as it sounds if it ever happened it would be due to everyone being poor and miserable.

UncleBuck said:

let's look at it another way: a person on unemployment insurance pays 10% in taxes. when you figure that most or all of their money goes to basic living things like gas, rent (property taxes), and food and necessities like diapers or laundry detergent (sales taxes), that person is paying an effective tax rate of well over 14%.

but mitt romney makes $20 million and pays less than 14%.

QUICK! i need a conservative to tell me why this is fair and/or accuse me of inciting class warfare.

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Hey uncle buck......

About 4 years ago I bought some stock for the first time in my life...When the market hit bottom...I sold last year for a 700% gain it was long term capital gain tax rate of 15%....I am glad that is all that it was because I all ready paid a 29% tax rate on the money I used to make money in the market....I could of lost it all and nobody would of cared....

Anyway long story short that oppertuneity is there for anybody...some are good at it and some are not...right now the stock I have left I am down so I am a bag holder...I guess romney is good at it....I dont know how he paid less than 15% I know I didn't.........nitro...

WAAAAAAAAHH... what a bunch of cry babies. It's not fair, waaaaaaahh.
I'll tell you what is not fair, it's not fair that the government can steal the property of ANY individual and act in a way that would land you or me in jail.
It's not fair that with the billions of dollars spent on education, we don't get graduates that can think for themselves and use their reason to find the truth. They have been brainwashed into believing in the matrix.
It's not fair that while drowning in debt, our foreign policy continues to throw money away and act as a bully on the world stage.
Personally, I don't care what Mitt Romney paid in total or percentage. Take 100% of the top 10% and it still would pay our debt. Yet we sit here and talk about all the unemployment checks we get and bitch about some rich guy paying only $3M in taxes.