Tax returns are a deal breaker

[Red Arrow]

Thanks for parroting the Fox News viewpoint again... disgusting.

Thanks for parroting the left dogma again....disgusting.

[Red Arrow]

Yeah, that's a whopping 14 or 15 percent. I paid more than that in taxes this year and I filed HoH and 2!

You may have paid a higher percentage but I sincerely doubt you contributed any where near as many dollars to the economy or the tax coffers.   I would rather have 13% of $10,000,000 than 50% of $100,000.

[RecycleMichael]

http://news.yahoo.com/romney-unique-position-tax-rate-campaign-says-212409425--abc-news-politics.html

Mitt Romney paid extra taxes because he was in the "unique position" of having publicly claimed a 13 percent rate, the Romney campaign said Friday. Romney and his wife, Ann, paid more taxes than they had to in 2011, choosing not to claim deductions for $1.8 million in charitable donations. The Romneys donated just over $4 million to charity in 2011 but claimed deductions on only $2.25 million. In August, Romney said he has paid at least a 13 percent effective rate in past years, and claiming full deductions would have lowered his rate below that mark. The donations would have brought Romney down to a 10.38 percent effective rate, according to CPA Steve Frushtick.

"The Romneys thus limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13 percent in income taxes in each of the last 10 years," Romney's blind trustee, Brad Malt, explained in a blog post Friday morning. "I did go back and look at my taxes, and over the past 10 years, I never paid less than 13 percent," Romney said in August, following up on a question asked weeks earlier by ABC's David Muir. Senate Majority Leader Harry Reid had claimed that Romney paid no taxes in at least one year, according to a source Reid would not name.

Romney aide Michele Davis, a former Treasury official hired by the campaign in August, elaborated Friday on why Romney chose to pay more than he owed. "He has been clear that no American need pay more than he or she owes under the law. At the same time, he was in the unique position of having made a commitment to the public that his tax rate would be above 13 percent," Davis said, in response ABC's email request for more information about Romney's decision. "He directed his preparers to ensure that he is consistent with that statement."
Davis responded in light of another Romney statement. In July, Romney told Muir that if he paid more taxes than necessary, he wouldn't be qualified to be president. "I don't pay more than are legally due, and frankly if I had paid more than are legally due I don't think I'd be qualified to become president," Romney told Muir. "I'd think people would want me to follow the law and pay only what the tax code requires."

[RecycleMichael]

He admits to manipulating his taxes to match his campaign statements.

That is exactly why we need to see the taxes from the years when he was not running for President.

[Red Arrow]

Conan, partnerships do not
pay taxes on income as it flows through to the individual .

Please enlighten us.  Exactly how are taxes paid on partnerships.

[erfalf]

He admits to manipulating his taxes to match his campaign statements.

That is exactly why we need to see the taxes from the years when he was not running for President.

Yes, we need to bust down his doors to see when else he paid "extra" taxes. Seriously. I'll get the pitchfork.

[Red Arrow]

http://news.yahoo.com/romney-unique-position-tax-rate-campaign-says-212409425--abc-news-politics.html

Mitt Romney paid extra taxes because he was in the "unique position" of having publicly claimed a 13 percent rate, the Romney campaign said Friday. Romney and his wife, Ann, paid more taxes than they had to in 2011, choosing not to claim deductions for $1.8 million in charitable donations. The Romneys donated just over $4 million to charity in 2011 but claimed deductions on only $2.25 million. In August, Romney said he has paid at least a 13 percent effective rate in past years, and claiming full deductions would have lowered his rate below that mark. The donations would have brought Romney down to a 10.38 percent effective rate, according to CPA Steve Frushtick.

"The Romneys thus limited their deduction of charitable contributions to conform to the Governor's statement in August, based upon the January estimate of income, that he paid at least 13 percent in income taxes in each of the last 10 years," Romney's blind trustee, Brad Malt, explained in a blog post Friday morning. "I did go back and look at my taxes, and over the past 10 years, I never paid less than 13 percent," Romney said in August, following up on a question asked weeks earlier by ABC's David Muir. Senate Majority Leader Harry Reid had claimed that Romney paid no taxes in at least one year, according to a source Reid would not name.

Romney aide Michele Davis, a former Treasury official hired by the campaign in August, elaborated Friday on why Romney chose to pay more than he owed. "He has been clear that no American need pay more than he or she owes under the law. At the same time, he was in the unique position of having made a commitment to the public that his tax rate would be above 13 percent," Davis said, in response ABC's email request for more information about Romney's decision. "He directed his preparers to ensure that he is consistent with that statement."
Davis responded in light of another Romney statement. In July, Romney told Muir that if he paid more taxes than necessary, he wouldn't be qualified to be president. "I don't pay more than are legally due, and frankly if I had paid more than are legally due I don't think I'd be qualified to become president," Romney told Muir. "I'd think people would want me to follow the law and pay only what the tax code requires."

First you complain that he doesn't pay enough taxes.  Then you complain that he paid more than required (unlike Warren Buffet).  

YAWN

[erfalf]

Please enlighten us.  Exactly how are taxes paid on partnerships.

Yes, he's right on this one. Partnerships are required to file a Form 1065, but it is more or less an informational return with NO possibility of a tax liability to the actual partnership. The return will include K1's for each partner, and that is reported on that person/entity's tax return.

Most private equity funds are formed as partnerships. The "fund" never pays taxes, which seems weird, but the fund IS the partners.

On that note, the critics of Romney keep pointing out how his income came from overseas accounts. Pretty much anyone with a IRA/401K will have some "foreign income" and a tax professional will always put "various countries" because it is generally immaterial where it came from. Or in my case it is pointless to break out pennies at a time that came from Australia/China/Wherever.

[Red Arrow]

Yes, he's right on this one. Partnerships are required to file a Form 1065, but it is more or less an informational return with NO possibility of a tax liability to the actual partnership. The return will include K1's for each partner, and that is reported on that person/entity's tax return.

Most private equity funds are formed as partnerships. The "fund" never pays taxes, which seems weird, but the fund IS the partners.

On that note, the critics of Romney keep pointing out how his income came from overseas accounts. Pretty much anyone with a IRA/401K will have some "foreign income" and a tax professional will always put "various countries" because it is generally immaterial where it came from. Or in my case it is pointless to break out pennies at a time that came from Australia/China/Wherever.

I didn't say he was wrong, I just asked him to enlighten us.  I take the standard deduction and exemptions.  My taxes are fairly easy, especially with Turbo Tax.

[TulsaRufnex]

Thanks for parroting the left dogma again....disgusting.

Umm.  No.  
Thanks for trying to create another false political dichotemy...  

[Red Arrow]

Umm.  No.  
Thanks for trying to create another false political dichotemy...  

Um, thanks for being your predictable leftist self.

[erfalf]

Umm.  No.  
Thanks for trying to create another false political dichotemy...  

Umm. No. All the big words you can use doesn't disguise it.

Funny how thinking the same thing at any point that happens to be uttered on Fox or whatever means you are a stooge, but somehow the inverse doesn't seem to have this same characteristic.

[Red Arrow]

Umm. No. All the big words you can use doesn't disguise it.

You have to forgive him. He is a lawyer.  (No offense intended Guido, Cannon Fodder and a few others.  Ruff just fits the stereotype so well it's difficult to resist calling a duck a duck.)

Funny how thinking the same thing at any point that happens to be uttered on Fox or whatever means you are a stooge, but somehow the inverse doesn't seem to have this same characteristic.

OK, he's a leftist lawyer.  Probably a product of public education and liberal colleges.

[TulsaRufnex]

Um, thanks for being your predictable leftist self.

Not a leftist.  Or a lawyer.

Just not one of the right wing nutjobs you enjoy defending...

I'm from Illinois.  I lived in Chicago for the better part of 15 years.  I voted for Obama.  I want him to be re-elected.

Thanks for being your predictable douchbag self.  Now go die in a fire.  

[Red Arrow]

Not a leftist.

Just not one of the right wing nutjobs you enjoy defending...

I'm from Illinois.  I lived in Chicago for the better part of 15 years.  I voted for Obama.  I want him to be re-elected.

Thanks for being your predictable douchbag self.  Now go die in a fire.  

This is America and you are entitled to your opinion.  You are certainly not a right wing nutjob, but you are a leftwing #$#%^^.

I don't consider Illinois or Chicago as a positive credential.  Why do you live in Oklahoma?  

How predictable of you to call me a douchbag.  Fortunately for me, I don't respect anything you say.  I expect you do not respect me either.


Edit:
You (or anyone else) resorting to calling anyone a douchbag is a definite sign of a lack of ability to communicate.