• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

Romney Enjoyed At Most 87% Of His $21mm Income In 2010

Tyler Durden's picture




 

"I paid taxes every single year" is how Mitt Romney retorts to Harry Reid's charge that he paid no taxes in some years. As Bloomberg reports, after review of his tax returns over the last decade, Romney always paid at least 13% of his income in taxes. Romney has released his 2010 return, which shows that he paid an effective tax rate of 13.9 percent on more than $21 million in income, most of it from capital gains and dividends.

"The fascination with taxes I’ve paid, I find to be very small-minded compared to the broad issues that we face," Romney told reporters adding that he is "waiting for Harry [Reid] to put up who it was that told him what he says they told him. I don’t believe it for a minute, by the way.”

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Thu, 08/16/2012 - 16:36 | 2712098 101 years and c...
101 years and counting's picture

13.9%?  Geez, he needs to hire better tax evasion lawyers to cut that down to 9.2%!

Thu, 08/16/2012 - 16:43 | 2712118 economics9698
economics9698's picture

Exactly, or get the taxpayers to foot $40 million in vacation expenses like Obama and Moochella.

 

Thu, 08/16/2012 - 16:49 | 2712162 Dr. Gonzo
Dr. Gonzo's picture

Not to mention unlimited golf. I love to play golf. I've played 3 or 4 rounds since Obama has been in office. He's played about 100 or more rounds. I have to work every dam day. WTF?

Thu, 08/16/2012 - 16:52 | 2712178 NotApplicable
NotApplicable's picture

Who fucking cares about Mittens contributions to the IRS gang?

Thu, 08/16/2012 - 17:06 | 2712221 Michael
Michael's picture

For the lurkers;

Social Security Administration To Purchase 174 Thousand Rounds Of Hollow Point Bullets
First it was the Department of Homeland Security, then it was the National Oceanic and Atmospheric Administration, and now the Social Security Administration is set to purchase 174,000 rounds of hollow point bullets that will be delivered to 41 locations across the country.

A solicitation posted by the SSA on the FedBizOpps website asks for contractors to supply 174,000 rounds of “.357 Sig 125 grain bonded jacketed hollow point pistol ammunition.”

http://www.infowars.com/social-security-administration-to-purchase-174-thousand-rounds-of-hollow-point-bullets/

It'll be more likely those hollow point bullets will be used more on black people statistically speaking just as in New Orleans.

Having a black president next year will make it easier to use those bullets on blacks since no one will question Obama's use of those caps and their purchase by his administration.

I'm voting for Obama.

Fri, 08/17/2012 - 10:48 | 2712498 notbot
notbot's picture

I have a good idea...let's raise the tax rate on div/cap gains to 40% (fair share!),

Then, if some "greedy speculator" puts money in a publicly traded company, he'll pay 36% fed statutory rate + 4% state & local on the company profits, then add another 40% when the earnings are paid out as dividends and cap gains.  64% total income tax rate on your investment (which you made with post-tax dollars).  

But that's not all...must pay for Bloomberg's soda police, so add another 10% on payout for state & local.  

70% income tax rate on investment profits.  Put that into your IRR calc when evaluating whether to start/expand a company or invest.  Make the US the MOST uncompetitive mkt in the world for investment and then sit and scratch our heads when we become Europe.  

But why stop there.  Then charge 8.75% state sales tax.  Yeah...that's it.  Actually, no, we need a VAT too.  Ridiculous.

 

Thu, 08/16/2012 - 21:27 | 2712917 ISEEIT
ISEEIT's picture

You voting for Obama is pretty sick shit Michael. I get your point. I understand your logic. I still believe it's pretty sick shit. Why? Because awareness is slowly growing. The greater the number of INDIVIDUAL Americans who have the chance to comprehend what we are up against, the greater the chance of us being ultimately successful in killing it.

Good for you that you believe you're ready Michael. Stay ready. Tossing obama out onto his ass would be a smart and disruptive move. I get it that romney/ryan would continue playing the game, but I bet it would add a few million pissed off leftist to our ranks as well.

Am I saying just buy some time?

Yep. Because time can = greater numbers and with 800,000,000 rounds of 'homeland security' protection online....Greater numbers would be a good plan.

Thu, 08/16/2012 - 21:43 | 2712943 Michael
Michael's picture

The sick shit voting strategy has not been used in the USA thus far. Perhaps now is the time. Imagine the message it will send to the GOP. It'll be much easier to impeach BO or procure his resignation next year.

Thu, 08/16/2012 - 22:39 | 2713067 ISEEIT
ISEEIT's picture

Bullshit. If they get a second four years then it's a 'go' signal Michael. Locked in and sealed. rawmoney/ryan extend the timeline. My opinion is that extending the timeline is a moral tactical choice.

Not everyone, definitely not enough 'someones' have been afforded the opportunity to comprehend this shit. Dump obama's punk ass and what you will achieve is a greater degree of awareness. When rawmoney/ryan stick to script...Millions of 'conservative' useful idiots' will be pissed.

Just let it simmer Michael.

That's all I'm trying to say. Keep it on low. You being ready is great.

How about working to help even the fools who didn't become aware.....Yet?

Most of these people in my experience are decent and lovable enough.

When did you become 'politically aware' Michael?

Are you grateful for the opportunity?

Is grace something to be shared or something to be cashed in?

Thu, 08/16/2012 - 23:22 | 2713161 Michael
Michael's picture

Time is almost up. Complete and total worldwide economic collapse is on our door step.

The only thing we're doing right now is playing the political game. If you don't play you can't win, and the only way you can win is by changing the rules, which is what I am doing. Think Kobayashi Maru.

We're just paving a new path to possibly fix our country.

By the grace of my creator do I make it happen.

 

Thu, 08/16/2012 - 17:07 | 2712226 Cortez the Killer
Cortez the Killer's picture

Exactly.  Its his fucking money.

Let him (and everyone else) keep all of it if he wants.

Thu, 08/16/2012 - 17:30 | 2712295 MJ
MJ's picture

That would be true if we was part of the group wanting people to keep their money, and not part of the group hoping to take other people's money by force because he believes he can spend it better.

Thu, 08/16/2012 - 18:01 | 2712398 Baron Robber
Baron Robber's picture

Exactly, and Cortez can pay for the fucking wars Mittens wants to keep starting (never ending)

Thu, 08/16/2012 - 18:21 | 2712451 Cortez the Killer
Cortez the Killer's picture

My point was, its his money, not yours, or anyone else's.

If Mitt's a hyprocrite that doesnt mean the principle of taxation is OK.

keep your eye on the ball, Friendo.

 

Thu, 08/16/2012 - 19:02 | 2712562 Quantum Nucleonics
Quantum Nucleonics's picture

And add to that the fact that his charitable contributions are north of 15% annually.  Contrast that to "put them in chains" Biden who gave a whopping $319 dollars in 2007.  That's less than most people pay at Starbucks in a year.  Less than some in a month.  Since becoming VP, he's been shamed into increasing his charitable giving to the mighty sum of 1%-ish of AGI.

Thu, 08/16/2012 - 19:17 | 2712600 Chrome Child
Chrome Child's picture

If a majority of his money is made via investments and financier trickery, then he has recieved stimulus and QE money via robber barons; which is your money. And mine. And other folks on ZH. My main beef with Mitt is that he made his bones closing buildings and shipping out jobs.

And I agree with the 'Don't Hate the Playa, Hate the Game' mantra. He's within the legal boundaries of what he's doing - I don't hate him for it, just all the colluding, corrupt and punk ass MFers that write the laws to fuck the rest of us.

Thu, 08/16/2012 - 19:26 | 2712616 notbot
notbot's picture

"Shipping out jobs".  Seriously?  Do you even understand capitalism?  

Let me guess...you think that if we keep a bunch of unproductive union jobs at above-mkt rates, it will save the middle class and grow the economy.  

You been reading Krugman lately?

We need fewer restrictions to takeovers...one of the biggest causes of ridiculous exec pay and golden parachutes is the poison pill.  Get rid of that.

Increases in productivity = real economic profits.

Thu, 08/16/2012 - 20:31 | 2712790 New_Meat
New_Meat's picture

"Let me guess...you think that if we keep a bunch of unproductive union jobs at above-mkt rates, it will save the middle class and grow the economy."

... bbb..bbbb...bbbut, the unions DO keep a bunch of unproductive jobs in their "job banks".  Y'know, just in case.  And, in the "job banks" they earn compound interest, don't cha' know.  Happened in Deetroit, in NYC with the Teachaz unionz, all about.

Only Krugman (Nobel Larriat) I've been reading is his proposal to build the Death Star, just in case.  Consider: Hazlett dispelled the economic benefit of breaking things when he explained the "broken window theory."  (and I'm sure he wasn't the first, but he did popularize the nonsense).  So along comes ol' Krug-thang (I'm sure he's turned in his man-card) and he wants to do the "broken planet hyopthesis"

Whew,

- Ned

http://www.abebooks.com/servlet/SearchResults?sts=t&tn=economics+in+one+...

Thu, 08/16/2012 - 22:09 | 2713011 notbot
notbot's picture

Your link should be required reading to vote.  But then again, we don't even need ID, so what am I saying...

Fri, 08/17/2012 - 00:51 | 2713286 Chrome Child
Chrome Child's picture

If by capitalism, you mean 'driving-companies-to-the-ground-by-taking-on-more-debt-to-give-investors-dividends-earlier', then maybe I'm thinking something different.

So by your logic, its ok to fuck the American Union workers, but not the underpaid, no-benefit, hazard work environment American workers, eh? I get it now. I didn't know that Bain just raided - I'm sorry - bought only Union shops. That's interesting. And you brought up unions, not me. Note: I'm not a union worker.

Prove that jobs weren't shipped - I mean - globalized. And if they weren't globalized, they were vaporized. Bain still made cash though. Get that money, playa! Ampad? GS? Dade Behring? DDi? Worked out well for Bain on those aquirements.

Now, you can say that the sole purpose of an investment firm is to make money, not to protect the jobs of employees who do not contribute to the bottom line - sure. But do you run for POTUS with that history?

Good luck with that. Even a layman can figure that out.

 

 

Fri, 08/17/2012 - 07:38 | 2713585 notbot
notbot's picture

Riiiight. That's Bains business model. Buy companies at a premium over market value and then run them into the ground. it's so simple.

Fri, 08/17/2012 - 02:07 | 2713328 James_Cole
James_Cole's picture

"Increases in productivity = real economic profits"

Hilarious. It's so simple! Just increase productivity (by getting rid of gov & unions) and you will have "real economic profits"

1. get rid of unions & gov 2. _____________ 3. real economic growth!

It's also equally simple to differentiate between "real economic profits" (Bain Capital) and "fake economic profits" (whatever unions do).

If only geniuses on zh like notbot were running the show, everything would be fixed because the solutions are so simple.

Fri, 08/17/2012 - 07:48 | 2713578 notbot
notbot's picture

Nope, don't get rid of gov. Nice straw man tho. And yes, unions are legalized monopolies. Collusion of labor. If employers colluded like labor colludes, they'd go to jail.

Real economic profits come from voluntary exchange. Not crony capitalism or favored legal status or gov granted monopolies on labor.

Read this: http://www.amazon.com/The-Rise-Decline-Nations-Stagflation/dp/0300030797

I have, it's pretty clear that special interests clog the arteries of capitalism. We need geniuses like Mancur Olsen to be considered

Fri, 08/17/2012 - 13:55 | 2714746 James_Cole
James_Cole's picture

 

"Nope, don't get rid of gov. Nice straw man tho. And yes, unions are legalized monopolies. Collusion of labor. If employers colluded like labor colludes, they'd go to jail."

 

Like how American financial institutions never collude, because if they did they'd all be in jail.  

One of Olsen's primary points is institutions "special interests" working as monopolies negatively impact economic development. 

Within a developed "capitalist democracy" how does one combat this, that's the actual question here, the thesis is extremely basic.  

"Real economic profits come from voluntary exchange. Not crony capitalism or favoured legal status or gov granted monopolies on labor."

You use the term "real economic profits" and don't define it. Define it.

China has done very well over the past 40 yrs with crony capitalism, favoured legal status and gov granted monopolies on labour. Gee wiz, could things be more complicated than you suggest??

Fri, 08/17/2012 - 16:31 | 2715251 notbot
notbot's picture

So you're against collusion when it comes to banks, but for it when it comes to labor?  Why the incosistency?  There should be jail time over this Libor scandal.  And if there isn't, that doesn't make it right.  I am against collusion.  Period. 

Economic profit is a basic concept, would have thought most on ZH understood it, so it didn't need explaining.  Economic profits are when the pie gets bigger.  It's when, in aggregate, GDP/capita grows due to productivity increases.    

http://en.wikipedia.org/wiki/Profit_(economics)#Economic_profit

That is what pulled the masses out of poverty.  "Hans Roslings 200 countries/200 yrs in 4 mins":

http://www.youtube.com/watch?v=jbkSRLYSojo

Fri, 08/17/2012 - 17:41 | 2715477 James_Cole
James_Cole's picture

"So you're against collusion when it comes to banks, but for it when it comes to labor?  Why the incosistency?  There should be jail time over this Libor scandal.  And if there isn't, that doesn't make it right.  I am against collusion.  Period."

I didn't say I was against banking collusion or for labour collusion.  

It's not some great insight at this point to suggest concrentration of capital whether political or otherwise is a bad thing. 

"Economic profit is a basic concept, would have thought most on ZH understood it, so it didn't need explaining.  Economic profits are when the pie gets bigger.  It's when, in aggregate, GDP/capita grows due to productivity increases."

You specifically said "real economic profit" which suggests a dichotomy of real / fake.

There are a lot of issues with GDP, and since you don't like Krugman you must already understand some of the fundamental problems with GDP as he often uses them as examples of how to get the economy back on track (i.e. preparation for war). Or other Keynes followers saying Fukashima was a good thing for Japan because it would get their GDP back on track.  

 "That is what pulled the masses out of poverty.  "Hans Roslings 200 countries/200 yrs in 4 mins"

He specifically highlights technological innovation as a catalyst here, not sure what you're trying to get at. 

Fri, 08/17/2012 - 16:37 | 2715301 notbot
notbot's picture

USSR did well for a long time too, or so it seemed.  But it can't last.  Eventually the house of cards comes tumbling down in a command economy...ever heard Chanos' thesis on China?  Their day will come.

I'm not an anarchist.   I'm not a OWS.  I want a sustainable society, a sustainable govt.  For me, and my two boys, and their kids.  Pols that have put our gov on an unsustainable path are immoral, borderline criminal. 

It won't come crumbling down right away.  Crony capitalism is great if you are on the inside and can last a very lonog time.  Communism is great if you are at the top.  

But the only sustainable economy is one where people have voluntary exchange safeguarded by a SUSTAINABLE govt.  Also known as capitalism.  Or liberty.  Or common sense.

Fri, 08/17/2012 - 18:00 | 2715527 James_Cole
James_Cole's picture

"USSR did well for a long time too, or so it seemed.  But it can't last.  Eventually the house of cards comes tumbling down in a command economy...ever heard Chanos' thesis on China?  Their day will come."

Remind me which fascist country is the one where American companies get the majority of their manufacturing done again? 

"But the only sustainable economy is one where people have voluntary exchange safeguarded by a SUSTAINABLE govt.  Also known as capitalism."

Actually, that's not capitalism. It's funny seeing people on zh routinely describe socialism as if they're describing capitalism without recognizing the irony.

Wiki actually contradicts your statement in it's basic definition of capitalism right at the top. 

"Competitive marketscapital accumulationvoluntary exchange, and personal finance are, however, not capitalism, and are often a part in non-capitalist systems such as market socialism and worker cooperatives."

Don't let your head explode but the sad truth is you are a closet socialist. 

This is capitalism:

"Capitalism is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit."

http://en.wikipedia.org/wiki/Capitalism


Fri, 08/17/2012 - 20:41 | 2715800 notbot
notbot's picture

You have to have protection of property rights and a rule of law to have private ownership of the means of production. Voluntary exchange and unmanipulated price signals are a critical component for capitalism to function properly, whether that makes them technically part of "capitalism" or whether they are also part of other forms of economic systems, is splitting hairs.

And without voluntary exchange, price signals dont carry the same information content. You familiar with the Austrian business cycle? I Don't really care what some ivory tower academic wrote on Wiki in his free time, splitting hairs on definitions.

Rosling video just showed how increases in productivity (what you called technology) create economic profits and grow the pie (what I meant by "real" economic profits was that ecomic profits are the only real profits that matter, what we casually call profits are partially just shifting the pie around, and partially economic profits). Sorry if that threw you...don't really proof my ZH posts for grammar.

If fascist china wants to subsidize production and US consumption with a currency peg, what does that have to do with our discussion? We don't have global free trade right now. What's your point?

Mine is that, if we did have it and had had it, we'd be a lot better off collectively. China has MASSIVE malinvestment going on right now and losses building in their banking system.

You seem to be intelligent enough to have the knowledgeable conversation, and for that I give you lots of credit....underestimated you at first. Sorry about that. I think we are just ideologically far apart. Sorry, I was in a pretty sour mood last night when posting.

Would you consider yourself a Keynesian? What is your background?

Fri, 08/17/2012 - 21:01 | 2715872 James_Cole
James_Cole's picture

"Voluntary exchange and unmanipulated price signals are a critical component of capitalism."

 

Nonmanipulated according to who, regulated by who? 

Free market capitalism itself has no answer for curbing excessively manipulated prices (in order to increase profit), other than the belief that price discovery will somehow prevent manipulation. Makes about as much sense as believing in scientology. 

"Rosling video just showed how increases in productivity (what you called technology) create economic profits and grow the pie (what I meant by "real" economic profits was that ecomic profits are the only real profits that matter, what we casually call profits are partially just shifting the pie around, and partially economic profits)"

His starting point was the industrial revolution - a technological development. Critically if you watch the development of different countries you see the effects specifically of technological change, particularly when he brings up China and cites the difference between Shanghai (advanced tech centre) vs. Guizhou (farming). 

"If china wants to subsidize production and US consumption with a currency peg, what does that have to do with our discussion? We don't have global free trade right now. What's your point?"

 

Key to capitalism is keeping input costs as low as possible, any intelligent capitalist will go to where input costs are cheapest. There's no inherent correlation between capitalism and democracy. 

"Mine is that, if we did have it and had had it, we'd be a lot better off collectively."

There's no incentive for the rich and powerful to welcome free trade. 

"Would you consider yourself a Keynesian? What is your background?"

NoAnarcho-syndicalist -

"In contrast to other bodies of thought (Marxism–Leninism being a prime example), anarcho-syndicalists deny that there can be any kind of workers' state, or a state which acts in the interests of workers, as opposed to those of the powerful. Reflecting the anarchist philosophy from which it draws its primary inspiration, anarcho-syndicalism holds to the idea that power corrupts.

Adherents view it as a potential force for revolutionary social change, replacing capitalism and the state with a new society, democratically self-managed by workers. Anarcho-syndicalists seek to abolish the wage system, regarding it as wage slavery, and state or private ownership of the means of production, which they believe lead to class divisions. Anarcho-syndicalist theory generally focuses on the labour movement."

http://en.wikipedia.org/wiki/Anarcho-syndicalism

 

 

Fri, 08/17/2012 - 20:15 | 2715820 notbot
notbot's picture

Jeff Miron on 3 common myths of capitalism

http://www.youtube.com/watch?v=KGPa5Ob-5Ps

Fri, 08/17/2012 - 21:04 | 2715880 James_Cole
James_Cole's picture

Typical nonsensical explanation of capitalism from Harvard business school. Gov welfare and free market capitalism are not compatible. 

Fri, 08/17/2012 - 23:09 | 2716046 notbot
notbot's picture

I don't think he's typical at all.  I went to one of those schools, Keynesian econ runs deep through the curriculum.  He's likely considered an apostate by most of the econ faculty.  It's refreshing to have a guy like Miron carrying the torch for Austrian econ.

"Anarco Syndicalism".  So you ARE for the collusion of labor. That sounds like some crazy stuff to me, but to each their own.  No wonder ZH readers drive you nuts...good place for anarchists to troll tho.  OWS.  

I don't suppose it would sway you that the CEO of Whole Foods was a former hippy, until he tried to start and run a business.  Then he figured out how the world really works.  Have a read some time, try to keep your food down:

http://studentsforliberty.org/news/the-morality-of-capitalism-introduction-free-to-download/

Sat, 08/18/2012 - 02:12 | 2716158 James_Cole
James_Cole's picture

"I don't think he's typical at all.  I went to one of those schools, Keynesian econ runs deep through the curriculum.  He's likely considered an apostate by most of the econ faculty.  It's refreshing to have a guy like Miron carrying the torch for Austrian econ."

Yet he cites the importance of gov social welfare programs. I'm no fan of Ron Paul but at least he's intellectually consistent in saying the gov should stay out of welfare. 

"Anarco Syndicalism".  So you ARE for the collusion of labor. That sounds like some crazy stuff to me, but to each their own.  No wonder ZH readers drive you nuts...good place for anarchists to troll tho.  OWS."

Certainly a different form of labour collusion. In an anarcho snyndiclist system there would be no advantage to a labour group surviving simply for it's own existence while producing a useless product - that's a speciality of state capitalism. 

The internet itself to a very large extent is an anarcho syndiclist system and works quite well. 

I'm not saying follow it yourself, if you find it crazy, OK stick to what makes sense for you. 

ZH reader's drive me nuts when they argue about things they clearly don't have any understanding of. 

"I don't suppose it would sway you that the CEO of Whole Foods was a former hippy, until he tried to start and run a business.  Then he figured out how the world really works.  Have a read some time, try to keep your food down"

I've talked with lots of CEO's of large market cap companies, they can explain their views well and also no doubt most of the time believe in what they are doing. I don't have issues with whole foods, I shop there. I don't have issues with wealth, I was a on a private plane with a CEO and the big debate was which jet to buy, I didn't shed a tear thinking about the poor.  

My issue is that the way the world "really works" is idiotic, inefficient and for the majority increasingly oppressive / cruel. And it is becoming clear that the system is collapsing into itself. 

I like the idea of individuals being responsible for what they do and society being a representation of individual members choices, not the choices of a select few who even with the best intentions will likely screw things up.  

For fun:

http://www.youtube.com/watch?v=rAaWvVFERVA

Thu, 08/16/2012 - 20:39 | 2712810 EINSILVERGUY
EINSILVERGUY's picture

prove it

Thu, 08/16/2012 - 19:09 | 2712578 Chrome Child
Chrome Child's picture

Not if you're willing to use roads, running water, bridges, energy, and sending men to war.

Thu, 08/16/2012 - 19:26 | 2712620 BigInJapan
BigInJapan's picture

Right on.

7 commies downvoted you for that.

This place is becoming overrun with 99%ers, OWSers, Socialists, Progressives (WTF that even means), and full-on Communists.

Their bullshit all smells the same. It smells like failure.

Fri, 08/17/2012 - 00:56 | 2713290 Chrome Child
Chrome Child's picture

Just to play Devil's Advocate - recent polls among younger generations have Communism having a higher approval rating Congress right now. That's no shit. Look it up.

The idea of the 'scary Commies' will die as the boomers do.

Thu, 08/16/2012 - 19:36 | 2712643 bankruptcylawyer
bankruptcylawyer's picture

you didn't make those federal reserve notes, the treasury printed them. 

Thu, 08/16/2012 - 18:13 | 2712424 radicall
radicall's picture

I do. How can you get 100 million in an IRA that has a 30k/yr limit??? Someone who cheats on his taxes should definitely not be the Prez. It is unpatriotic at the very least.

 

If you support a war, you better be willing to put up your share of taxes to pay for it.

Thu, 08/16/2012 - 19:09 | 2712579 Quantum Nucleonics
Quantum Nucleonics's picture

He put shares of private equity funds into the IRA.  Nothing illegal about it.

 

Can we extend your logic to, "If you support welfare, you better be willing to put up your share of taxes to pay for it."?  Half the people in America pay no taxes, a sizeable share of them get a check from the government.

 

You could surrender in Afghanistan, zero out the entire defense budget.  Zero it out!  That wouldn't even come close to balancing the budget.  You'd still need to find $700 billion more in cuts.  There may be a moral component to withdrawing from Afghanistan, there might even be a strategic reason to do so, but it's a minor fiscal issue.

Fri, 08/17/2012 - 02:35 | 2713356 IrritableBowels
IrritableBowels's picture

Are yOu advocating taxing unemployment payments?!?

Thu, 08/16/2012 - 20:59 | 2712857 Caggge
Caggge's picture

If you support a war, you better be willing to put up your share of taxes to pay for it.

 

If you support a war, you better be willing to put up your share of the taxes and your life for it. If it's an important enough cause to send someone else to war then it's an important enough cause to go yourself.

Fri, 08/17/2012 - 00:13 | 2713234 Deepskyy
Deepskyy's picture

Exactly.  The guy got to keep more of his money rather than giving it to the idiot fedgov to waste.  Good on him!

 

Thu, 08/16/2012 - 18:36 | 2712494 Calculated_Risk
Calculated_Risk's picture

Yea, and does she pay taxes on these "gift" vacations? Fuck no! Would we have to? Fuck yes!

Can I 1099 her, or claim her and the other leeches on my taxes?  Yea right!

Fri, 08/17/2012 - 00:34 | 2713263 Bear
Bear's picture

More like 200,000,000 ... she's no piker pussy

Thu, 08/16/2012 - 16:45 | 2712134 redpill
redpill's picture

I'm no Romney fan, but don't hate the player.  This is the legacy of the income tax system.  As long as Congress insists on having all these ways they can get their fingers into our lives, people with money are going to figure out the loopholes in order to pay as little as possible.  And he should, the beast needs to be starved.

You want to eliminate 90% of this legal tax evasion?  Repeal the 16th amendment, eliminate corporate tax, and instead use a consumption tax to fund the government.  No more games, no more ability for Congress to invent their little 'tax incentives' bullshit meddling.  Everyone who buys new goods and services pays.  If you're poor, buy second-hand shit and you don't pay any tax at all.  Done.

 

Thu, 08/16/2012 - 16:45 | 2712146 economics9698
economics9698's picture

By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
John Maynard Keynes

Thu, 08/16/2012 - 16:48 | 2712158 The Big Ching-aso
The Big Ching-aso's picture

 

 

Hopefully his secretary didn't pay more.

 

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