Romney says he pays about 15 percent in income tax

[goof2]

Originally Posted by askmrjesus

That's the beauty of the system Romney wants to expand. He takes the money he made from Dildos Inc, and re-invests it in Dildos International, and short term gains become long term gains. The dude ain't living from paycheck to paycheck. He has time to work the system to full advantage.



Well, they don't get screwed as much. They're offered a percentage of the debt, and they take it, because the only other option is the left over crumbs after bankruptcy is filed, and Mitt has already sucked the capital out of the company anyway.

Yes, I have a problem with the workers being fired, but not because I'm an anti-capitalist. Far from it. I have a problem with the way Mitt does things, because he's running on a platform of restoring the middle class, when he's gone out of his way to make that status unavailable for thousands of people.

I don't need a President that wallows in corporate greed like fat girls at an all you can eat KFC buffet. I just want to show up, and find a couple of pieces of chicken left. Maybe some corn and a roll too.

I ain't asking for much.

JC

One other thing, I can't say that they have never done what you are describing but Bain doesn't focus on buying out companies to liquidate them. They focus on venture capital (providing money to start-up companies for continued operation and expansion in exchange for equity in the company, they profit when the company is acquired or goes public) and acquisitions for reorganization (Burger King and Dunkin' Doughnuts to name a few). The goal of both activities is to end up with a stronger company, not a company out of business.

[goof2]

Originally Posted by Papa_Complex

That isn't the issue though, is it? Generally speaking it's Republicans, who are complaining about tax rates on the wealthy, that they don't seem to pay anyway. Start talking about things like inheritance taxes, that really are taxes on money that has already been taxed, and I'll be right there with you. Not on this.

So you think Romney should be required to pay American taxes on money he has made from offshore investments that has never touched America?

[Homeslice]

Originally Posted by goof2

So you think Romney should be required to pay American taxes on money he has made from offshore investments that has never touched America?

When most Americans invest overseas, they are doing it by buying shares through US brokerages. Thus, their tax info is collected, and they pay taxes on those dividends & gains. Take me, I own shares of Vodafone, a British company. I also own shares of an ETF whose stocks are all Vietnamese. Yet I have to pay US taxes on any earnings or sale.

If someone like Romney is getting around that by using a Cayman or Swiss account to buy those shares, then that's BS imo.

[Papa_Complex]

Originally Posted by goof2

So you think Romney should be required to pay American taxes on money he has made from offshore investments that has never touched America?

He should get benefits, that other citizens don't?

[Amber Lamps]

Originally Posted by Papa_Complex

He should get benefits, that other citizens don't?

Who is stopping them? Again, investing in the Caymans is LEGAL!!! My God people, he is doing absolutely nothing wrong. People are trying top criminalize his actions when there is no crime. It's the same with Bain capital, perfectly legal. Get yourselves some money and invest it yourselves if you want. Nothing is stopping you except the fact that you all are a bunch of underachieving losers!!! J/K but seriously, what about the thousands that some of us have invested in bikes...well how dare we spend money on such frivolous things when Shamika can barely feed her kids and maintain her crack addiction.... The thing that a lot of you forget is that most of us would be considered rich in the hood where I grew up or in other countries. I live alone and have three TVs, maybe the govt should bust in my door and take two of them and give them to people who don't have one. I live in a 3 bedroom house by myself, I guess the govt should move me into a studio apt and move a more DESERVING family in.... This is all about redistribution of wealth. The federal govt is supposed to provide for the country's defense, represent our common interests abroad, establish a currency, protect our rights...not take money from half of the citizens and give it to the other half. If the federal govt stuck to it's original mandate, my taxes would be 1/3 of what they are now!

[goof2]

Originally Posted by Homeslice

When most Americans invest overseas, they are doing it by buying shares through US brokerages. Thus, their tax info is collected, and they pay taxes on those dividends & gains. Take me, I own shares of Vodafone, a British company. I also own shares of an ETF whose stocks are all Vietnamese. Yet I have to pay US taxes on any earnings or sale.

If someone like Romney is getting around that by using a Cayman or Swiss account to buy those shares, then that's BS imo.

It must have sucked to have the person with the gun to your head making you purchase those shares through US brokers rather than overseas.

Originally Posted by Papa_Complex

He should get benefits, that other citizens don't?

As AL already said, what is stopping Homeslice or anyone else from doing so? Romney chooses to get benefits while others have chosen not to. Romney also has expenses associated with that choice in order to have those earnings be free from American tax, at least until he would want to bring the money back here. Others choose to avoid that expense and pay American taxes instead.

[Homeslice]

Can an ordinary citizen with under a million bucks to invest obtain the same priviledges in the Caymans that Romney has? Somehow I doubt they'll even bother talking to you for that kind of chump change. If it was so easy, everyone would be doing it, including you, goof.

[Captain Morgan]

Originally Posted by Amber Lamps

Who is stopping them? Again, investing in the Caymans is LEGAL!!! My God people, he is doing absolutely nothing wrong. People are trying top criminalize his actions when there is no crime. It's the same with Bain capital, perfectly legal. Get yourselves some money and invest it yourselves if you want. Nothing is stopping you except the fact that you all are a bunch of underachieving losers!!! J/K but seriously, what about the thousands that some of us have invested in bikes...well how dare we spend money on such frivolous things when Shamika can barely feed her kids and maintain her crack addiction.... The thing that a lot of you forget is that most of us would be considered rich in the hood where I grew up or in other countries. I live alone and have three TVs, maybe the govt should bust in my door and take two of them and give them to people who don't have one. I live in a 3 bedroom house by myself, I guess the govt should move me into a studio apt and move a more DESERVING family in.... This is all about redistribution of wealth. The federal govt is supposed to provide for the country's defense, represent our common interests abroad, establish a currency, protect our rights...not take money from half of the citizens and give it to the other half. If the federal govt stuck to it's original mandate, my taxes would be 1/3 of what they are now!

While I agree with the sentiment of what you posted, I will say the thing that is stopping the average joe from investing in funds housed in the Cayman's is likely two things:

1. Knowing someone who knows how to get the money to the right people or personally doing the research to even discover the loophole and locating the "best" investments.

2. Most likely there is some insane minimum investment amount for those funds even if you DO find them. There are a LOT of funds that have minimum investments for the simple reason that brokers don't want to be bothered with the paperwork for "small" amounts. Even if the minimum is as low as 25 or 50k (which I'd be surprised if it's anywhere near that low), most people can't make even that size of investment because then they'd have too much of their money tied up in just one investment that likely has huge swings the average joe can't stomach.

But yes, I agree that the government has more than overstepped it's bounds in our country. We should be able to spend our money how we see fit, rather than handing a large chunk of it over to the government to spend for us.

[Papa_Complex]

Originally Posted by Amber Lamps

Who is stopping them? Again, investing in the Caymans is LEGAL!!! My God people, he is doing absolutely nothing wrong. People are trying top criminalize his actions when there is no crime. It's the same with Bain capital, perfectly legal. Get yourselves some money and invest it yourselves if you want. Nothing is stopping you except the fact that you all are a bunch of underachieving losers!!! J/K but seriously, what about the thousands that some of us have invested in bikes...well how dare we spend money on such frivolous things when Shamika can barely feed her kids and maintain her crack addiction.... The thing that a lot of you forget is that most of us would be considered rich in the hood where I grew up or in other countries. I live alone and have three TVs, maybe the govt should bust in my door and take two of them and give them to people who don't have one. I live in a 3 bedroom house by myself, I guess the govt should move me into a studio apt and move a more DESERVING family in.... This is all about redistribution of wealth. The federal govt is supposed to provide for the country's defense, represent our common interests abroad, establish a currency, protect our rights...not take money from half of the citizens and give it to the other half. If the federal govt stuck to it's original mandate, my taxes would be 1/3 of what they are now!

There's a bit of a difference between not being able to afford to buy something and being able to do something, that would be illegal for the majority of citizens, simply because you've got more money. As stated by others, most have to declare those investments.

[askmrjesus]

Originally Posted by goof2

"He" can certainly do that and it is completely legal. How does Romney want to expand it?

It's the mind set of the ORWG, (Old Rich White Guys). Their legislative focus is on tax cuts for "job creators", which is code for people who would hire lichen if it had thumbs. Romney never met a loop hole he didn't like. Bain had 138 corporate entities registered in the Caymans. We don't know how many they had in Luxembourg, cause they ain't telling.

With a record like that, what would make you think he's had a sudden change of feeling where his heart used to be, and now wants to do right by the little guy?

Originally Posted by goof2

How in your previous hypothetical does Romney go "out of his way to make that status unavailable for thousands of people"?

I'll admit, that was a rather broad stroke. In truth, he could go either way. I'll get to the bottom of that at the bottom. Vis-a-vis, post wise, as it were.

Originally Posted by Amber Lamps

Oh lord, no wonder we are 15+ trillion in the hole. Romney has 32 million in offshore investments....

138 companies in the Caymans. One Hundred and Thirty Eight.

How many do you have?

Originally Posted by Amber Lamps

Romney didn't write the damn tax code. I guess that none of the rich democrats in the world have ever taken advantage of tax loop holes. Of course not. You are all being lead astray of the real issues here. Where anyone chooses to invest their money is not what's fundamentally wrong with this country. Quite frankly, I'm more concerned with all of the welfare rats that pull EIC credits every year when they don't pay ANYTHING in taxes in the first place. How about the fact that half the country doesn't even pay federal income tax? What do you expect people to do? Do you pay taxes on your 401k? Don't you take every deduction that you can? Oh don't tell me, you guys pay in more than you have to to the federal govt just to be nice, right? Class envy, entitlement mentality, etc is what is fundamentally wrong with this country. Most have nots are also work nots in my experience. I don't fault rich guys trying to hold on to their money, that's what I do as well. Shit, all the feds are going to do is give it to some welfare rat, a foreign country or blow it on some bullshit project/study.... I may as well take 30% of my pay and light it on fire.

So to sum up, you're OK with rich people taking advantage of the tax code code, but if welfare fats do it, it's wrong.

Originally Posted by goof2

One other thing, I can't say that they have never done what you are describing but Bain doesn't focus on buying out companies to liquidate them. They focus on venture capital (providing money to start-up companies for continued operation and expansion in exchange for equity in the company, they profit when the company is acquired or goes public) and acquisitions for reorganization (Burger King and Dunkin' Doughnuts to name a few). The goal of both activities is to end up with a stronger company, not a company out of business.

The goal may be a stronger company, but from whose perspective, the share holders or the workers?

JC