What if Obama refused to release his tax returns?

Discussion in 'Free Speech Alley' started by Cajun Sensation, Sep 18, 2012.

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  1. red55

    red55 curmudgeon Staff Member

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    Offshore tax havens in Switzerland and the Cayman Islands.
     
    red55, Sep 22, 2012
    #81
  2. Tiger in NC

    Tiger in NC There's a sucker born everyday...

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    exactly. Mitt isn't afraid to show us his tax records because of what he paid or didn't pay because I believe him when he says he paid taxes according to the law. Mitt doesn't want us to see the tax havens and to perfectly illustrate the advantages that the wealthy enjoy when it comes to hiding their money from the IRS. Not only that but it also completely validates the Democrats argument that the wealthy are not paying their fair share.
     
    Tiger in NC, Sep 22, 2012
    #82
  3. LSUpride123

    LSUpride123 PureBlood

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    Can you site the tax returns that show he did this?


    Why would he not do it in 2010 but do it in 2011?
     
    LSUpride123, Sep 22, 2012
    #83
  4. LSUMASTERMIND

    LSUMASTERMIND Founding Member

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    As ABC News reported, Romney's decision to not deduct the full amount of his charitable contributions contradicted a statement he made earlier this year, when he said he would not pay more taxes than are "legally due."
    "Frankly, if I had paid more than are legally due I don't think I'd be qualified to become president," Romney said in July. "I'd think people would want me to follow the law and pay only what the tax code requires."
     
    LSUMASTERMIND, Sep 24, 2012
    #84
  5. LSUsupaFan

    LSUsupaFan Founding Member

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    Middle class people can buy tax shelters too. Just call any large CPA. I know people who buy tax credits to cover 100 dollar liabilities. Taking advantage of legal tax avoidance is not is not sinister. Hell, I buy credits to reduce the liabilities of my small business which has sales of under 60,000.
     
    LSUsupaFan, Sep 24, 2012
    #85
  6. red55

    red55 curmudgeon Staff Member

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    We were discussing the reasons that he did not release his returns before he decided to run for president.

    Nevertheless, his 2010 and 2011 tax returns show a blind trust with offshore accounts in Switzerland, Bermuda, and the Cayman Islands -- not to mention an almost comically large IRA account.
     
    red55, Sep 24, 2012
    #86
  7. red55

    red55 curmudgeon Staff Member

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    Do you also hide money in offshore accounts?
     
    red55, Sep 24, 2012
    #87
  8. LSUsupaFan

    LSUsupaFan Founding Member

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    No, but I take advantage of every means of tax avoidance possible. If offshorwe accoutns would help me to avoid additional taxation I would use them. I am able to avoid taxes on much of my earnings through other less sophisticated and less costly means.

    Here are the acctually relevant questions the idiots rabble rabbleing about this stupid issue should be asking...

    1) If Romney was using illegle shelters to evade taxes would his tax returns demonstrate this?
    Answer: No.
    2) If Romney is using legal shelters why does this matter?
    Answer: It doesn't.

    ETA: For the tax ignorant. Tax avoidance and tax evasion are two separate terms in accountant jargon. Evasion refers to illegal methods to not pay taxes. Avoidance refers to the legal methods to not pay taxes.
     
    LSUsupaFan, Sep 24, 2012
    #88
  9. LSUsupaFan

    LSUsupaFan Founding Member

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    The dumbest comment I have ever seen. Really demonstrates the envy and loathign of the sucessful and fortunate that is so typical of the left.
     
    LSUsupaFan, Sep 24, 2012
    #89
  10. red55

    red55 curmudgeon Staff Member

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    Point. Only the wealthiest have the money it takes to take advantage of offshore tax havens.

    You haven't lived, junior.

    Romney's IRA is about $102 million, a significant portion of his total wealth parked in tax-free IRA accounts. There is a limit on how much you can contribute to an IRA. Most people must make safe investments in a retirement account that they are depending on to retire. However the extremely wealthy can take risky hedge-fund investments with IRA money simply to take advantage of the tax benefits. Again it goes to being out of touch with ordinary people who can't take advantage of the preferred stock that Bain created to go into tax-deferred accounts.

    Massive Romney IRA Still Sparks Unanswered Questions


    Mitt Romney’s $100M IRA: Gaming the System at Bain

    Smokescreen. A potential President of the US sheltering money in overseas accounts is relevant to the voters. Tough shit if it bother you.
     
    red55, Sep 24, 2012
    #90
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