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Romney Pays Less In Tax Than His Secretary

Tyler Durden's picture




 

First Buffet, now Mitt Romney. Via Bloomberg:

  • ROMNEY SAYS HIS EFFECTIVE TAX RATE CLOSER TO 15%
  • ROMNEY SPEAKS TO REPORTERS IN FLORENCE, SOUTH CAROLINA
  • ROMNEY SAYS MUCH OF HIS INCOME COMES FROM INVESTMENTS

Next thing you know he too will offer all Republicans a one for one match on all US sovereign debt repayments, and will demand that all millionaires generously hand over their income. As for us, we quietly wonder whether the account clerks at Zurich banks are sweating already?

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Tue, 01/17/2012 - 12:18 | 2071255 Captain Kink
Captain Kink's picture

How is it a lack of integrity to vote for another candidate when one's candidate of choice is out of the race (assuming that RP does not get the nomination)? 

And i disagree that Romney and Obumma will do the same things.  I do not subscribe to the grand TPTB theory that has a cabal of rich and powerful as puppet masters deciding everything.  There are at least two major forces fighting for control, otherwise we would already have the NWO/one world govt/one world currency that everyone is preaching and fearing.  If TPTB exists and is as all-powerful as y'all fear, why are they not already and blatantly, overtly running the show? What would they fear from a bunch of sheep? 

No, I tend to think that the people in charge are a bunch of hapless fools (and this is putting it very gently) who are good at marketing, lying and cheating, who have no knowledge of markets, science, economics, etc.  Obumma is one such.  And Romney also, but I thiink he will do things far differently than Obumma.  Tax reform, de-regulation, energy policy...these are all things that matter. 

Tue, 01/17/2012 - 13:12 | 2071437 SeverinSlade
SeverinSlade's picture

Um...they already ARE running the show.

The Federal Feserve, ECB, EU, IMF, WTO, WHO, UN, NATO, etc. are all branches of the NWO.

The United States, which was founded on the idea of a preservation of God given freedom, has been transformed into a Orwellian control grid.  "National defense" is now defined as premptive war.  Our government "protects" us by taking away the VERY FREEDOMS that AlCIAeda loathes so much. 

As a RP supporter I'm sure you well aware of the blatant propaganda that passes as "news" these days.  If that alone doesn't convince you that TPTB don't exist, I don't know what will.  CNN, MSNBC, FOX news, etc. ALL censor Ron Paul, so it's not a partisan thing.

Come on man, the financial oligarchy have PUBLICLY stated their desire for a global government, singular global currency, etc.

"Some even believe we are a part of a secret cabal working against the best interests of the United States, characterizing my family and me as 'internationalists' and of conspiring with others around the world to build a more integrated global political and economic structure - one world, if you will. If that's the charge, I stand guilty and I am proud of it." - David Rockefeller from his book, David Rockefeller: Memoirs.

"Today, America would be outraged if UN troops entered Los Angeles to restore order. Tomorrow, they will be grateful! This would especially be true if they were told that there were an outside threat from beyond, whether real or promulgated that threatened our very existence. It is then that all peoples of the world will plead to deliver them from this evil. The one thing man fears is the unknown. When presented with this scenario, individual rights will be willingly relinquished for the guarantee of their well-being granted to them by a World Government." - Henry Kissinger, Bilderburg Conference, Evians, France 1991

"We are grateful to the Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years... "It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during those years. But the work is now much more sophisticated and prepared to march towards a world government." "The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto determination practiced in past centuries." - David Rockefeller, Trilateral Commission Founder 1991

Tue, 01/17/2012 - 14:31 | 2071727 moondog
moondog's picture

+1000

Some people see the forest for the trees.

Tue, 01/17/2012 - 14:12 | 2071637 Golden Receiver
Golden Receiver's picture

There have been many elections I would have liked a "None of the above" option to appear on the ballot. Make it mandatory on all ballots and the default.

Tue, 01/17/2012 - 12:08 | 2071217 Stuck on Zero
Stuck on Zero's picture

Voting for the lesser of two evils is a vote for evil.

Tue, 01/17/2012 - 14:03 | 2071603 NotApplicable
NotApplicable's picture

Logic will get you nowhere in the political world.

Tue, 01/17/2012 - 11:41 | 2071085 Gully Foyle
Gully Foyle's picture

The funny thing is most people here want to pay the same taxes Romney does and they want to pay those taxes at the expense of someone else.

Oh the sweet sweet irony

Tue, 01/17/2012 - 11:51 | 2071130 SeverinSlade
SeverinSlade's picture

How about paying 0 percent income taxes like we did prior to 1913?  I'd gladly take that in exchange for eliminating the nanny welfare state and prison planet orwellian control grid.

Tue, 01/17/2012 - 11:57 | 2071159 Gully Foyle
Gully Foyle's picture

SeverinSlade

"How about paying 0 percent income taxes like we did prior to 1913?"

HELL YEAH! Rescind child labor laws too! Make thise little fuckers sort coal the way they used too.

And we regain the freedom to beat our women, and FUCKING NEGROS WOULD KNOW THEIR PLACE AGAIN!

Yeah bring back the good days!

Tue, 01/17/2012 - 12:05 | 2071190 Deo vindice
Deo vindice's picture

Not one of your 'points' have anything to do with the laws of a nanny state. Those are all protected under laws of personal rights.

It always helps to engage the mind before the tongue (or fingers on the keyboard).

Tue, 01/17/2012 - 12:52 | 2071382 dugorama
dugorama's picture

okay, how about these points funded by taxes:

air traffic control

interstate highways

our precious little dept of defense

Center for Disease Control

etc

Tue, 01/17/2012 - 13:27 | 2071489 SeverinSlade
SeverinSlade's picture

Can't air traffic control be funded by the airlines?

CDC does way more harm than good and serves as a vehicle for big pharma lobbyists.

Interstate highways can be controlled by the States can't they, since each State is dependent on them?

Tue, 01/17/2012 - 13:54 | 2071577 deepthoughtless
deepthoughtless's picture

I would love to see Montana try to keep up maintenance on it's highways without outside help.

Wed, 01/18/2012 - 04:35 | 2073700 StychoKiller
StychoKiller's picture

Airlines DO fund air traffic control via landing/gate fees at airports (once Govt gets its cut first!)

Tue, 01/17/2012 - 13:28 | 2071495 Deo vindice
Deo vindice's picture

You don't need income taxes to pay for air traffic control, highways department of defense or disease control.

There are proper ways to fund such things through 'User-pays', corporate taxes, sales-taxes, etc.

Income taxes have more to do with control of the popluation than with supoort of any government programs.

Tue, 01/17/2012 - 12:08 | 2071210 francis_sawyer
francis_sawyer's picture

HELL YEAH! Rescind child labor laws too! Make thise little fuckers sort coal the way they used too.

And we regain the freedom to beat our women, and FUCKING NEGROS WOULD KNOW THEIR PLACE AGAIN!

Yeah bring back the good days!

---

We exported all that nusiance to China... Remember? So now we can just get along with printing money for ourselves and keeping out SNAP cards upped... America... FUK YEA!

 

Tue, 01/17/2012 - 12:11 | 2071225 SeverinSlade
SeverinSlade's picture

As other posters have pointed out, you support child labor laws...Just not for developing or third world countries like China, Vietnam, India, Bangladesh, etc.?

And again as others have posted, your points have absolutely NOTHING to do with the nanny state.  They also have NOTHING to do with the massive deficits being run up thanks to the military industrial complex, Federal Reserve, etc.

Tue, 01/17/2012 - 13:40 | 2071538 flattrader
flattrader's picture

I wonder how he'd like the Christian Gulag state under Ron Paul's Chrisitian Reconstructionist nutjob followers?

Ron Paul touts endorsement of pastor who defends death penalty for gays, delinquent children & adultery

http://wthrockmorton.com/2011/12/28/kayserendorsemen/

Most Americans don't give a shit about gays or women denied access to abortion, but they will draw the line at the death penalty for fucking the neighbor's wife.

Hard to get a stiffy when you have to worry about public stoning.

BWAHAHAHA!!!

Tue, 01/17/2012 - 12:01 | 2071175 firstdivision
firstdivision's picture

Sounds nice, til the pesants revolt for their cut handouts.  Révolution française, American style!

Tue, 01/17/2012 - 12:36 | 2071336 francis_sawyer
francis_sawyer's picture

By the time lazy ass Americans get up off their keisters to revolt & waddle on over to the NY Fed to get their cut, this is what they'll find...

http://4.bp.blogspot.com/-V8OvA46toh8/TVRM5kb_-GI/AAAAAAAABs4/GlP8l_J7lSk/s1600/EmptyVault.jpg

Meanwhile... Somewhere over there in the Mediterranean, on a bunch of scattered islands, a "new civilization" will be forming under the guise of democracy & sound money (backed by gold)...

After about 50 years (after the zombie Apocalypse), someone will return to these shores to preach the "new system" to the huddled masses... Once again, they'll offer paper equity shares in the prosperity & all will be well again...

 

 

Tue, 01/17/2012 - 12:10 | 2071222 FL_Conservative
FL_Conservative's picture

What right does the guvment have to the money I earn?  If people aren't satisfied with the slice of America that they have, then go fucking earn more on your own and quit stealing from people that do and can.  Another's existence doesn't create a debt obligation on my part.

Tue, 01/17/2012 - 18:02 | 2072449 smiler03
smiler03's picture

Hell Yeah!

Those poor people who get ill deserve to die if they can't pay for their own medical expenses. Fucking parasites bring it on themselves anyway.

 

Tue, 01/17/2012 - 12:18 | 2071253 Dick Gazinia
Dick Gazinia's picture

While I am of the opinion that Mitt is a monkey fucker of the first order, a quick reality check about his taxes.

All of it comes from investments and is taxed as capital gains (15%).  He wasn't flipping burgers and paying income tax which is a whole different animal (38%).

So does everybody think that capital gains tax should be raised?  What a brilliant strategy to promote investment in this country. 

Don't be such suckers for the class warfare gambit.  It makes Barry's day.

Tue, 01/17/2012 - 12:40 | 2071351 catacl1sm
catacl1sm's picture

Why not seperate investment income from personal income. Investment account can ONLY be used for investments (via stocks and shit) and is taxed at 15%. Any funds transfered from the investment account to a personal account (to live on and shit) is taxed at the appropriate income tax rate. There, fucking problem solved, bitchez.

Tue, 01/17/2012 - 12:54 | 2071384 5880
5880's picture

Investment Income has risk of capital

Secretaries don't risk capital

Tue, 01/17/2012 - 14:34 | 2071743 MachoMan
MachoMan's picture

I would offer an alternative (and I'm not the first to do so), that you treat the first X amount of investment income as 15% capital gains and then everything above that is taxed at the highest marginal ordinary income rate.  ALL income is considered, regardless of source or which account it is deposited into...

Part of the changes to the tax code in regard to partnership taxation were to avoid "entities" that were merely wealth storage vehicles used to decrease the level of taxation.  In other words, if the income of an "investment account" is taxed at a marginal rate of 15%, then the effective tax rate of all income coming from the account (withdrawn) will practically be the same (in that you can delay withdrawal indefinitely, thus being taxed at a much, much later date, with TVM in mind).

The bigger/broader picture is that we have to address the notion of making money while you sleep...  i.e. from passive activities...  and whether we truly value that in society as well as whether it really incentivizes production and, if so, to what degree.

It also seems to me that the issue of impact to "capital formation" in our present political environment is a moot point... 

Tue, 01/17/2012 - 15:28 | 2071917 5880
5880's picture

So this encourages people to make money, but not too much.

I don't see what's wrong with Buffet buying a pinball machine (capital investment) and then reinvesting the income to other capital investments. He now wants to close the door behind him. But lets look at where his wealth will go after death, to programs of his choice. If the Gov just taxes more then his wealth goes to gov employee decision level.

 

If everyone agrees that we:

1. We can't keep increasing our debt

2. Gov is at 37% of GDP instead of the ~25% norm

then the conclusion is less spending, not higher taxation

Wed, 01/18/2012 - 14:56 | 2075252 MachoMan
MachoMan's picture

I agree, but that's a cop out...  the question is what do we do with the presumption of a similar tax burden to the present?

One of the remedial measures moving forward will almost certainly be to keep any institution from becoming systemically important...  this will probably include capping market share, which in turn will cap revenues...  and likely profitability.  These are simply the reality of our present predicament.

So, yes, the concept of much less taxes and a smaller central government is a good idea...  but I'm not sure it has anything to do with reality...  it's much more difficult to try and fix the system as it lies rather than how it conceptually should lie.

Tue, 01/17/2012 - 11:28 | 2071038 Everybodys All ...
Everybodys All American's picture

Why be surprised? He is unemployed. What you want to look for is if he is on the SNAP program.

Tue, 01/17/2012 - 11:28 | 2071040 GMadScientist
GMadScientist's picture

Frankly, I don't know what you little people are complaining about...start your own private equity fund! <snort> <tink>

Tue, 01/17/2012 - 11:40 | 2071079 Kayman
Kayman's picture

GMadScientist

start your own private equity fund!

Prerequisites:

1. Direct or indirect connections to the Feds free money.

2. An IQ above 6.  It takes 5 to bark

Have a nice day.

Tue, 01/17/2012 - 11:29 | 2071042 alexwest
alexwest's picture

paying taxes is for chumps... its soooooo 20 century thing..

bullish

alx

Tue, 01/17/2012 - 11:29 | 2071043 blindfaith
blindfaith's picture

Does anyone think Clear Channel will report this?  HA HA HA

Tue, 01/17/2012 - 11:28 | 2071044 dwdollar
dwdollar's picture

Surprise, surprise...

Tue, 01/17/2012 - 11:41 | 2071081 orangedrinkandchips
orangedrinkandchips's picture

DW,

 

you forgot one surprise....lol...

 

http://www.youtube.com/watch?v=J6_1Pw1xm9U

 

classic

Tue, 01/17/2012 - 11:29 | 2071046 bigdumbnugly
bigdumbnugly's picture

maybe his secretary does double duty - him being a mormon and all.

that might kick her up a tax bracket or two...

Tue, 01/17/2012 - 11:29 | 2071047 UGrev
UGrev's picture

How many clowns are there in this car?

Tue, 01/17/2012 - 11:32 | 2071053 dwdollar
dwdollar's picture

Whatever number it takes to confuse the people into submission.

Tue, 01/17/2012 - 11:30 | 2071049 lizzy36
lizzy36's picture

It is awesome, the american tax code, fiscal and monetary policy are sooo supportive of poor capital allocation. 

Can hardly wait until Corporate tax rate and rate paid on capital gains is ZERO. The us will be a much better place then. Cause tent cities are positive, right?

Tue, 01/17/2012 - 11:37 | 2071067 Tyler Durden
Tyler Durden's picture

Why collect taxes when you can print money?

Tue, 01/17/2012 - 11:41 | 2071083 bigdumbnugly
bigdumbnugly's picture

because there's no evil pleasure in simply printing when you can get that diabolical high from actually wresting other people's earnings away?

i don't know, just throwing it out there...

Tue, 01/17/2012 - 14:19 | 2071680 NotApplicable
NotApplicable's picture

"Power is the ultimate aphrodisiac."

Tue, 01/17/2012 - 11:42 | 2071089 Everybodys All ...
Everybodys All American's picture

Printing money is in fact a tax if the government would count the resulting inflation.

Tue, 01/17/2012 - 11:42 | 2071091 Captain Kink
Captain Kink's picture

Why worry about GDP when you can print GDP?

Tue, 01/17/2012 - 11:42 | 2071092 SeverinSlade
SeverinSlade's picture

The inflation tax is the best tax of all, because it's hidden in plain view and TPTB can blame the economic woes of the middle and lower classes on some "hidden" force (ahem currency devaluation). 

Tue, 01/17/2012 - 11:46 | 2071104 Gully Foyle
Gully Foyle's picture

Tyler Durden

"Why collect taxes when you can print money?"

A few years ago, maybe ten or fifteen, Paul Harvey had a story about some rich PA industrialist. This guy decided to leave all his money in a trust overseen by some church, Lutherans I think.

His idea was his money would build enough interest to pay off the national debt. He actually wanted to help his fellow Americans. A true patriot.

As I said this was a few years ago so his Math made sense.

After he died and after a long court battle the Church won control of his legacy and no more plan to pay off the debt to benefit we peons.

 

Tue, 01/17/2012 - 13:46 | 2071557 DaveyJones
DaveyJones's picture

God's GDP is bigger 

what's 6 percent on infinity?

Tue, 01/17/2012 - 11:51 | 2071128 Waterfallsparkles
Waterfallsparkles's picture

Excellent point Tyler.  The printing of Money is a Tax on everyone.  It is probably the fairest way to allocate Taxes on everyone.  As the more they print the lower the value of the Dollar in everyones pocket.  Plus with inflaiton you are then again taxed more in the form of Sales Taxes, Property Taxes, Gasoline Taxes, etc.  It is also a form of usage Tax where you pay according to how much you spend.

Tue, 01/17/2012 - 11:57 | 2071154 bigdumbnugly
bigdumbnugly's picture

fair?  you wanna talk about fair? fair?  (said like jim mora).

rising commodity prices and property taxes are hardly fair.  any more of that and i'm siphoning gas from volvos again.

the rich can absorb rising prices and not have it effect their lifestyles very much.  the same can't be said for the working stiff joe six pack types.

 

Tue, 01/17/2012 - 12:21 | 2071271 Waterfallsparkles
Waterfallsparkles's picture

I especially do not think that Property Taxes are fair.  Especially, when some are Taxed less that others for the same value.  The Homestead Credit gives some an unfair advantage over other Property Owners.  Which I do believe is un Constitutional but no one has challanged it.

I often think about Scarlett O'Hara in Gone With The Wind.  When after years and years came back to Tara.  Which was still there.  Mostly because there were no Property Taxes at the time.  Otherwise the Family would have lost it to Property Taxes long before she had the chance to come home.

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