IRS Looking Into Tax Schemes That Reportedly Boosted Romney's IRA

Quote from PiggyBank:

nonsense. It isn't scheming to use the tax code to pay your fucking taxes.. it's the law. he pays a lower rate, as has been mentioned a MILLION times, because his earnings are cap gains NOT regular income. wtf is so hard to understand? he IS paying HIS contribution, according to LAW.

by the way who is the guy running on reducing/eliminating/capping deductions? oh right - ROMNEY.
More...

Having a bad day there piggy? I'll bet you don't have overseas tax sheltered accounts do you.
 
Quote from PiggyBank:

nonsense. It isn't scheming to use the tax code to pay your fucking taxes.. it's the law. he pays a lower rate, as has been mentioned a MILLION times, because his earnings are cap gains NOT regular income. wtf is so hard to understand? he IS paying HIS contribution, according to LAW.

by the way who is the guy running on reducing/eliminating/capping deductions? oh right - ROMNEY.
More...

+ 10
 
Quote from bigarrow:

Having a bad day there piggy? I'll bet you don't have overseas tax sheltered accounts do you.
More...

nope, i'm just sick of seeing the same tired garbage repeated. Your problem isn't with me or Romney, it is with Congress and the IRS as they write and enforce the tax code.
 
Quote from tradingjournals:

Why they do not sue him for the "fair market value" part? What are the penalties if guilty?

If the current president were republican, his attorney general would have already been after the case.
More...


Even if guilty of this it's much to do about nothing.
10K investment treated as $1000
So he gets only a $1000 deduction the year he puts it in (vs 10000)and what's more he'll owe taxes on the full value when he takes it out.
There's no savings here as a matter of fact his tax rate will probably be higher when he takes the money out.

This scheme is wholly dependent upon tax rates being lower in the future than when earned.
Mitt doesn't strike me as stupid enough to assume this a given.
 
Quote from PiggyBank:

nope, i'm just sick of seeing the same tired garbage repeated. Your problem isn't with me or Romney, it is with Congress and the IRS as they write and enforce the tax code.
More...

You are right PB, it is congress, and putting a guy like Romney at the top will only make it worse. I think anyway, hell I have no idea what the guy will actually do he says something different every other day. He could do a flip and work with congress to keep Obamacare and just work out the bugs to make it better, who the heck knows. It's really the far right wing I'm against so that is one of the main reasons I'm voting against Romney and I do like Obama and his work on romneycare/obamacare.
I may vote moderate republican again someday if we have a democrat congress to keep things in balance.
 
Quote from bigarrow:

Yeah but captn for every dollar Romney schemed out of paying that tax expense went squarely on the backs of average working Americans who don't have the advantage of scheming the system.
For a hedge fund guy and out of touch rich guy to play the system, it's OK, for our president, not so much so.
More...

Yeah he'll owe full marginal tax rates when he takes it out.

RMD on that much money is the highest marginal tax bracket we have.
 
Quote from PHOENIX TRADING:

Yeah he'll owe full marginal tax rates when he takes it out.

RMD on that much money is the highest marginal tax bracket we have.
More...

Don't be so sure Phoenix, for every tax you and I pay there is a rich guy with a team of accountants and lawyers avoiding that tax.
 
Quote from bigarrow:

Don't be so sure Phoenix, for every tax you and I pay there is a rich guy with a team of accountants and lawyers avoiding that tax.
More...

So what? if it's legal it's fair game.
 
Quote from bigarrow:

You are right PB, it is congress, and putting a guy like Romney at the top will only make it worse....
More...
NOTHING can be worse than Obama, NOTHING!
 
You must log in or register to reply here.
Back
Top