V, I hate to burst your bubble on "offshore income" for Romney, but as you know all US citizens are taxed on their worldwide income which means that if there are funds offshore they are still taxed as regular US income. Apparently you also think that anyone who invests money doesn't "earn" it as our good friend Mr. Obama "earned" his millions as a community organizer and those same poor people that he helped have now contributed close to $100 million for his campaign. And before you get all weepy eyed about our poor lunch lady, be aware that if she is a single person with dependent kids even though she may be shacked up with some guy in his mansion, she will receive the earned income credit, child care credit, child credit, and savers credit resulting in her getting much more back on her taxes than she paid in. Oh yes, that includes the social security taxes that she paid in, which by the way, she will receive a greater proportion of her social security taxes she paid in that the so called 1% will receive. Mr. Buffets comments appear to be based on what his investments have earned and which he has not sold. That means that he has paper profits that aren't taxed until he sells those stocks. As Paul Harvey would say, "And that's the rest of the story!"
Im glad Sweden doesnt have the same political circus as the US has. Im amazed at the "Hollywoodism" thats displayed at each and every campaign, regardless if its Democrats or Republicans. The money spent on these campaigns are ridiculous, but what entertains me the most is that you spend more time, money and effort to throw feces at the "other side", than to promote your own. Like chimpanzees, except way more expensive, hehe
Twini, this article introduces the subject of how Romney may have parked millions of untaxed income, off shore: producing his tax returns would allow the calculation of the dollar amounts of taxes he's avoided this way, to this point in time. The burden of Romney’s tax returns | David Cay Johnston Well, yes, but it's not my original idea, the U.S. tax code also refers to it as "unearned" income. _____________________
So what if he parked money in off shore accounts. And I dont think anyone is accusing him of breaking the law, so whats the big deal?
It offends the notion that there needs to be fairness in distributing the burden of supporting our country, financially. If the very wealthy manage to get laws passed which create categories of income that favor them over working people, as they have, it diminishes the sense that we have a shared burden, and the sense of being, "one nation, under God, with liberty and justice for all".
There is no fareness in the tax code at all or else you wouldnt have 50% of the taxpayers paying nothing and a good percentage getting money given to them via the earned income tax credit.
Things will start to improve when people start getting equally indignant about giveaways to the super rich.
What giveaways might you be referring to? Taking one mans earnings to give to another strikes me as inherently unfair.
Wow, that article that you cited V is a truly fine example of distortion in journalism. What the writer was so bent out of shape about is what is called a carried interest. It is also referred to as a profits interest. A profits interest is a right to receive income in the future. So if we put it into perspective for all of us, it would be like taxing any of us on what we MAY make in the future. This guy make it sound like some evil plot when all it amounts to is that Romney has the right to receive income in the future. As for earned income, the definition of it is earnings from wages or self employment and the definition applies to what is subject to social security taxes. It should be noted that beginning in 2013 some "unearned income" will now be subjected to a level of Medicare tax. Investors do create jobs. The old expression that you have to have money to make money has a huge element of truth to it.
Yep, I'd like to know that one also. Somehow getting 40% of your income taken from you doesn't exactly qualify as a giveaway. Seems to me it is more like rape!
