Harry Reid accuses Romney of not paying taxes

[Gerry Clinchy]

If he had no ordinary income and then the charitable contributions would have been carried forward reducing his taxable income in the future.

My guess is the income he earned in off-shore accounts was not taxed therefore, the US tax expense as a total of his reported income made the percentage of income lower. Now that is ok because if he repatriates the money it will be taxed. But if he gets elected, his plan is to reduce the tax rate of earnings come back to the US. Very self-serving is how I see it. Furthermore, it encourages earnings overseas because they are taxed less when returning. Two sides to the coin. If that capital came back tot he US now, it could be useful to the economy. If it stays wherever it is now, it helps some other economy and Treasury gets no tax revenue on it. Is it better to bring it back, help the economy and generate some Treasury tax revenue from the capital that is injected into the economy.

ARAY this is not fair to us and is damaging to job creation. I don't like paying taxes no more than the next guy but avoidance of paying should not be someone's top priority, especially when you earn what this guy does and have his wealth.

I thought that we were a nation of law ... and these people have obeyed the law. Maybe someone would rather give extra to a charity that is known for effective use of its funds ... rather than a govt that is well-known for the way it wastes so much? Or maybe they would like to invest the money in a company that will create jobs? Treasury then gets revenue again. Wealth does not emanate from govt ... since govt starts out with zero money, until it comes to govt in the form of taxes paid by those who generate the wealth.

Interestingly, read an interesting article on how the Golden Gate Bridge was NOT funded by govt. It was privately funded by sale of bonds by counties involved due to the need for such a bridge due need for commerce. Also, interesting the bonds were paid off by tolls by the users of the bridge. And it was paid off on time; then generated a surplus, so the tolls could be removed. Obama referred to this bridge being provided by govt ... not quite the case. There was mention of another bridge in the same general area that WAS built by govt funding, but it wasn't the Golden Gate.

[ARay11]

If he had no ordinary income and then the charitable contributions would have been carried forward reducing his taxable income in the future.

My guess is the income he earned in off-shore accounts was not taxed therefore, the US tax expense as a total of his reported income made the percentage of income lower. Now that is ok because if he repatriates the money it will be taxed. But if he gets elected, his plan is to reduce the tax rate of earnings come back to the US. Very self-serving is how I see it. Furthermore, it encourages earnings overseas because they are taxed less when returning.

ARAY this is not fair to us and is damaging to job creation. I don't like paying taxes no more than the next guy but avoidance of paying should not be someone's top priority, especially when you earn what this guy does and have his wealth.

So, if the tax rate on repatriating money is lowered, will more people do it? So, we can have part of something or all of the nothing we have now??

The entire tax code needs to be revised/revamped/ re-invented.

Until then, we can't complain about a rich guy making money, creating jobs, and PAYING his tax bill.

[mngundog]

So you don't like the income tax with its 70,000 pages of tax code. Well neither do I. I would think even an idiot would realize that it is a totally failed system of taxes but sit there and argue over what the amount of graduated income tax rate should be. I guarantee if Romney flew his wife and children to Europe, he either paid tax on the trip or justified it as a business trip BY THEIR DOING SOME BUSINESS, or the IRS would not allow it. Robert Kennedy Jr. draws a salary from his family tax free foundation and flies all over in the private jet for free on the foundation jet. The first lady and her girls flew to Paris to buy clothes but I assure you she met with some public figure or did something to call it a business trip.

As for flying to Europe or your private jet, first you have to make enough money to buy the jet and actually many do. Then you have to want to go to Europe. As for me, I managed to pay my high school son during the summer for working for me. Paid his SS and medicare taxes and his withholding which he gotback since hd didn't make enough to owe income taxes. Sometimes I might have paid him even if he didn't show up for work on a day. but then again I had to start a business to be able to hire him. Oh I forgot I didn't start the business.

When the tax code allows you to write off almost all your hobbies, family vacations, dinners out, season tickets............ it becomes a complete fallacy that these guys are paying 35% of their income in taxes, that's all I'm saying. I was talking about the wealthy in general, not Romney.

[huntinman]

People are fortunate for many reasons. I think I have had fortune in my life time and have been unfortunate at times too. But because I have been fortunate and pay a lot in tax should not get me a better ride than the guy who has not yet had my good fortune.

At the end of the day, taxes will be collected....I just think the fortunate should pay as much of a percentage of their earnings as the less fortunate. I can't believe anyone would argue this. They clearly have you hoodwinked as to move their agenda.

So quit whining and get out your checkbook and send some more money to uncle sam... pretty simple...

[mngundog]

So quit whining and get out your checkbook and send some more money to uncle sam... pretty simple...

What? You lost me there. Are you saying by cutting a check to the Gov. they will suddenly change the tax code?

[caryalsobrook]

When the tax code allows you to write off almost all your hobbies, family vacations, dinners out, season tickets............ it becomes a complete fallacy that these guys are paying 35% of their income in taxes, that's all I'm saying. I was talking about the wealthy in general, not Romney.

That is exactly why I say an income tax is fatally flawed. A comsumption tax and no income tax eliminates all of that. No it is not perfect but sure as hell beats the income tax with its 70,000 pages of deductions. A good example is Pil Michaelson or Tiger woods when he was married. How do you decide on the legidimate deduction if either takes his wife to a golf tournament on their private jet and the wife goes to the beach and shopping. the fact is that you can't. How anybody could possibly think that a tax code with 70,000 pages is reasonable has to be crazy. There is no way you can justify it. Just my thoughts.

[HPL]

When the tax code allows you to write off almost all your hobbies, family vacations, dinners out, season tickets............ it becomes a complete fallacy that these guys are paying 35% of their income in taxes, that's all I'm saying. I was talking about the wealthy in general, not Romney.

Wealthy is a relative term. Most of you guys look rolling rich to me but you haven't heard me suggest that any of you need to give more to the gov than you already are nor have I been out looking for you to give it to me with out me doing something to earn it.

[road kill]

If the only thing you progressives have to run on is Romneys taxes...................

"you in a heap a trouble!"

[menmon]

If the only thing you progressives have to run on is Romneys taxes...................

"you in a heap a trouble!"

No but people need to now what he is all about, and they are learning

[menmon]

I thought that we were a nation of law ... and these people have obeyed the law. Maybe someone would rather give extra to a charity that is known for effective use of its funds ... rather than a govt that is well-known for the way it wastes so much? Or maybe they would like to invest the money in a company that will create jobs? Treasury then gets revenue again. Wealth does not emanate from govt ... since govt starts out with zero money, until it comes to govt in the form of taxes paid by those who generate the wealth.

Interestingly, read an interesting article on how the Golden Gate Bridge was NOT funded by govt. It was privately funded by sale of bonds by counties involved due to the need for such a bridge due need for commerce. Also, interesting the bonds were paid off by tolls by the users of the bridge. And it was paid off on time; then generated a surplus, so the tolls could be removed. Obama referred to this bridge being provided by govt ... not quite the case. There was mention of another bridge in the same general area that WAS built by govt funding, but it wasn't the Golden Gate.

That is a tired argument. You don't think that money in foriegn countries can't be invested in companies here. It is done every second of the day. Furthermore, corporations and individuals have massive cash setting around with nothing to invest in. In fact some soverigns have negative interest rates.

That is a way for the rich to bring money home with out paying tax....put it overseas to avoid tax and now want to bring it home and pay no tax. Good trade if you can do it....be we aren't those guys!