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-   -   Mitt Romney, the tax evader (http://www.nuklearforums.com/showthread.php?t=42096)

Jagos 08-25-2012 05:24 PM

Mitt Romney, the tax evader
 
So Gawker did something absolutely amazing...

It essentially dumped Mitt Romney's taxes for everyone to see.

Here's what they've found out:

Quote:

When Romney left in 1999, he and his wife retained significant investments in many of those Bain vehicles—he claims they are "passive investments" and that they are managed in a blind trust (though the trustee isn't blind enough to meet federal standards of independence). But aside from disparate snippets of information contained in his federal and Massachusetts financial disclosure forms, his 2010 tax returns, and SEC filings, the nature of those investments has been obfuscated by design.
Equity swaps

Quote:

A perhaps less well-known, and sketchier, method for avoiding taxes is something called an equity swap, and several of Romney's funds make use of the trick, according to the documents. Simply put, equity swaps are agreements to exchange the gain or loss on a particular set of assets without actually transferring ownership. According to a 2008 Senate Finance Committee report, they are also a "key type of transaction used by U.S. financial institutions to help offshore clients, including offshore hedge funds, dodge payment of dividend taxes." The New York Times reported in 2010 that the IRS is scrutinizing equity swaps as a tax avoidance scheme, because the agency "suspects that the banks are disguising who owns stock[s] in order to help their offshore hedge fund clients avoid the withholding tax — a tax the banks are supposed to collect.
This is dubious say officials:

Quote:

At issue are two tax-avoidance techniques employed by Bain Capital, the firm founded by Romney, which have been commonly used in the private equity world but have come under increasing legal scrutiny.

...

"This use of total return equity swaps, such as to avoid the U.S. dividend withholding tax, was very widespread for more than a decade, and may not be dead yet, although the IRS issued a shot-across-the-bow Notice concerning the practice in 2010," writes Daniel Shaviro, the Wayne Perry Professor of Taxation at New York University School of Law.

...

A taxpayer saves substantial amounts of money by pretending that regular income received as a management fee for running a private equity firm is not income, but is instead a capital gain. That drops the tax rate on that income from 35 percent to 15 percent.
In short, Romney made his money on the backs of his employees. It's confirmed that he's a vulture capitalist that changes the definition of income to pay himself ore money while screwing over the nation when he sends his workers to the unemployment line.

He wants to have a government that doesn't work for the people, and give himself a tax cut while pushing this onto the middle class with supply side economics. Supply Side Jesus is proud

Ecks 08-26-2012 08:05 AM

I already wasn't voting for him, now I've got ammo for the conservative dipshits in my family who are going to ask me why I'm voting for obama again when hes so evil and anti 'mercan.

Also I love how old people basically have no idea why they vote republican despite the fact that they fuck everyone except the rich over.

Hatake Kakashi 08-26-2012 08:56 AM

I also knew I was voting for not-Romney, but now I'm putting my vote squarely in the pool of the guy with the best chance to beat him. This bastard needs to self-deport out of the country.

Thadius 08-26-2012 12:30 PM

Y'know, I played a bit of devil's advocate the other day, trying to defend the idea that Mitt being elected wouldn't be a bad thing.

It was tough.

But ultimately, I came up with several a few points.

He would be under somewhat constant observation from the media, because lord knows they don't have anything better to do.

He would not have the power to make laws, only the ability to execute his newfound authority as president. Even then, he could be countered by either of the other two branches.

In fact, the only thing that would seal our doom would be if a sympathetic Congress was elected/retained as well, because they'd be more likely to pass bills he would sign.



Still not voting for him, though.

Aerozord 08-26-2012 12:34 PM

Quote:

Originally Posted by Ecks (Post 1209847)

Also I love how old people basically have no idea why they vote republican despite the fact that they fuck everyone except the rich over.

I remember seeing one of his campaign ads saying how Obama screwed over medicare.

Now I haven't heard anything specific so kind of assuming but judging by all the talk of tax cuts and emphasis on private sector, isn't Romney planning on slashing medicare himself?

I really dont get these attack ads, stuff he criticizes obama for are things he himself would do to a greater degree. Can someone tell me what I'm missing?

Marc v4.0 08-26-2012 12:47 PM

It's cute, you think they would do something like tell the truth.

Adorable.

Jagos 08-28-2012 04:01 PM

Quote:

Originally Posted by Aerozord (Post 1209864)
I remember seeing one of his campaign ads saying how Obama screwed over medicare.

Now I haven't heard anything specific so kind of assuming but judging by all the talk of tax cuts and emphasis on private sector, isn't Romney planning on slashing medicare himself?

I really dont get these attack ads, stuff he criticizes obama for are things he himself would do to a greater degree. Can someone tell me what I'm missing?

Romney's plan for Medicare comes from the Paul Ryan budget. They take the $716 billion dollars that is taken away from the healthcare providers and say it's a tax cut in regards to Obama's plan when it's not true.

Of course, what happens is that they just repeat the lie over and over until enough people believe them.

Essentially, Romney's entire platform is based on one lie after another. They took Obama's words of "You didn't build that" which were talking about roads and bridges and based it on small businesses.

Every last ad has someone that built a business based on government loans.

Medicare? Again, Obama takes the money and reinvests it. Romney's budget takes it and gives it to Big Pharma.

The War on Women? All from the religious right. They care more about the zygote than they ever will about the mother. Amazingly, you can read how the Tea Party is involved in this.

I can go on and on... The point here is that Romney and the Republican party is horrible for anything that doesn't serve the rich and corporations.

Magus 08-28-2012 06:31 PM

What's funny about the Paul Ryan social cuts is that the money doesn't appear to be going to be applied directly to the national debt, which is what they bitch about all the time, but instead just be given to rich people. Good job!

Aerozord 08-28-2012 07:20 PM

Quote:

Originally Posted by Jagos (Post 1209962)
Romney's plan for Medicare comes from the Paul Ryan budget. They take the $716 billion dollars that is taken away from the healthcare providers and say it's a tax cut in regards to Obama's plan when it's not true.

though not like Obama's healthcare plan is adequate, but I never expect the US to ever actually implement a national healthcare system.
Quote:

Originally Posted by Jagos (Post 1209962)
Essentially, Romney's entire platform is based on one lie after another. They took Obama's words of "You didn't build that" which were talking about roads and bridges and based it on small businesses.

Every last ad has someone that built a business based on government loans.

To be fair from what I saw on wikipedia, Ford did build his company through money he earned through hard work and private investors.

Honestly government business loans aren't all that useful unless you are going for something small scale like opening up a McDonalds. Loans are only really obtainable if you have something with a high rate of success like a franchise or a business with high liquidity like a car dealership. Now-a-days even thats rarely enough. You'd have better luck with a kickstarter

[edit] I'm saying he is right in that these things dont work but wrong as to why. They dont work because the government isn't pumping enough into them, not because they are wasted programs

Jagos 08-28-2012 08:02 PM

Quote:

Originally Posted by Aerozord (Post 1209971)
though not like Obama's healthcare plan is adequate, but I never expect the US to ever actually implement a national healthcare system.

The best chance was the Progressive Deal that Harry Truman had after Roosevelt died. The second best chance was Jimmy Carter. With Reagan as a Libertarian president, he hated the idea of government in our healthcare and making it a good single payer plan. Hence his notion of "starving the beast". We had a good chance with Obama but Rahm Emanuel is tied to the banks and the health industry so they both nixed the public option.


Quote:

To be fair from what I saw on wikipedia, Ford did build his company through money he earned through hard work and private investors.
...

Quote:

Honestly government business loans aren't all that useful unless you are going for something small scale like opening up a McDonalds. Loans are only really obtainable if you have something with a high rate of success like a franchise or a business with high liquidity like a car dealership. Now-a-days even thats rarely enough. You'd have better luck with a kickstarter
No, the problem comes in the government not investing enough in infrastructure. Roads, bridges, etc need to be invested in. People need investment. What Mitt Romney wants to do is invest in the people that don't need it. The incredibly rich such as himself to give himself a tax cut. He hasn't paid ten years. This comes from the massive tax loopholes in our law. Those loopholes came into being by bribing our politicians far more than during the Watergate Scandal.

[edit] I'm saying he is right in that these things dont work but wrong as to why. They dont work because the government isn't pumping enough into them, not because they are wasted programs[/QUOTE]

Well, the Republican lie is that they run up the debt massively then blame a Democrat to fix it. So Democrats have to fight two Santa Clauses while in office and they won't be popular either way.


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