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Sat Aug 4, 2012, 12:39 AM

 

Romney paid a shitload of foreign taxes in 05', 06' and 07'

Is it just the fact that he earned a shitload of money the issue? Who's the tax person out here who can tell what this means-

See around page 164 of the pdf-

http://c4230422.r22.cf2.rackcdn.com/1040-2010.pdf

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Response to snooper2 (Original post)

Sat Aug 4, 2012, 12:48 AM

1. Ya mean, that Rmoney cared more for furriners

Than good ole red,white,and blue Americans. He paid for their policemen, firemen,teachers, roads and infrastructure, but not ours! Depending on where he paid taxes, he might have given them furriers national health insurance, national pensions, a months vacation, paid child care, and parental leave.


Oh, say it ain't so. He done paid for the very things he's campaigning against.

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Response to cap (Reply #1)

Sat Aug 4, 2012, 12:49 AM

2. Ya mean our laid off public servants

Lost their savings and their houses, just so them furriers could have theirs!

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Response to snooper2 (Original post)

Sat Aug 4, 2012, 02:04 AM

3. Pretty much anyone who has a portfolio, even just a mutual fund, will somewhere along the way

end up paying some foreign taxes. Usually this is paid by the mutual fund company on gains from sales of foreign stock within the mutual fund.

Basically that means that money earned and taxed at the source is treated as a deduction so that there will not be double taxation The money was basically earned outside of the US and so it has been taxed at the source.

Now not all foreign taxes are deductible.

But in the case of Romney, it looks as if he had a bunch of investments overseas that performed well in 2010.

I've been doing taxes since the 1980's, nothing any where this extensive, but I have had some clients over the years who have had 40-50 page tax returns. But 200+.... That's a lot of paper work...

If you look at it, and take away the Social Security Tax on line 56, you still have someone who earned 21,646,507 and paid 2,980,618 (you don't include Social Security payments as part of income tax rates), Romney paid %13.77 tax on 21,646,507.

Now I have a lot of clients who make more than 150,000 a year and I can tell you they pay at least 20% on their earned income.

Poor schlubs like most of us on this board, pay income tax higher than people who make a living from investing. If you want to know why this country is fucked up it's because those people who own things are treated more favorable than the people who work for a living.

And that, my friends, is why this country has become as stratified as it is.

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Response to WCGreen (Reply #3)

Sat Aug 4, 2012, 02:46 AM

4. I did not know this, thanks.

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Response to WCGreen (Reply #3)

Sat Aug 4, 2012, 03:05 AM

5. Thanks for the great explanation. What about a U.S. company that does a lot of business overseas?

Pretty much anyone who has a portfolio, even just a mutual fund, will somewhere along the way end up paying some foreign taxes. Usually this is paid by the mutual fund company on gains from sales of foreign stock within the mutual fund.

Basically that means that money earned and taxed at the source is treated as a deduction so that there will not be double taxation The money was basically earned outside of the US and so it has been taxed at the source.


I'm just wondering ... if someone invests in say an S&P 500 index fund, such as Vanguard 500 Index Investor (VFINX), which is roughly the 500 biggest U.S. corporations, will that result in foreign tax payments -- since many S&P 500 companies do a lot of business overseas and make a lot of their profits overseas? Or for that matter, if someone owns stock of a good 'ol U.S. company like General Electric, will that result in foreign tax payments that must be declared on one's tax return?

What I'm trying to get at, is foreign tax payments an indication that one is investing in foreign companies, either directly (like, say Toyota stock) or indirectly, like some, oh, Euro-Pacific Growth mutual fund? Thanks!!

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Response to progree (Reply #5)

Sat Aug 4, 2012, 03:27 AM

7. An American company that pays overseas taxes has that deducted before the amount is

passed on to investors so it becomes a deduction for the company and not the investors.

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Response to WCGreen (Reply #7)

Sat Aug 4, 2012, 11:16 AM

8. Thanks!! So Mitt Robme, job-creator-in-chief candidate has a lot of investments in foreign companies

whether directly or through mutual funds -- and in my experience from the names and one-paragraph descriptions of mutual funds, they indicate whether or not they are a U.S. stock fund or not (i.e. whether they hold foreign stocks or not).

If I were running for president on a "jobs jobs jobs, where are the jobs?, when I'm president, I will create 12 million jobs in my first term" platform (paraphrasing), I'd first, long ago, have scrubbed my investments of non-U.S. investments, which isn't hard to do....

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Response to snooper2 (Original post)

Sat Aug 4, 2012, 03:24 AM

6. Actually, his reported foreign income seems low.

About 10% of his US source income. Considering how much he is thought to have invested overseas (hundreds of millions) I suspect that he was and may still be hiding a lot of income earned in "safe-haven" nations like Bermuda, Switzerland, and the Cayman Islands, illegally to boot.

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