Latest Breaking News

TomCADem

(17,837 posts)

40. The Fact Is That Even A 13% Rate Is Very Low

Mon Aug 20, 2012, 12:10 AM

Aug 2012

The main point is not what specific rate Romney is paying. Rather, its the fact that despite our allegedly progressive tax structure, the very rich pay lower effective tax rates than most Americans. The tragedy is not that Romney might be doing it illegally. I think the tragedy is that this might be legal, which is why it should be exposed, particularly when Romney/Ryan oppose the expiration of the Bush tax cuts for the rich and are pushing for bigger tax cuts.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

61 replies

= new reply since forum marked as read

Highlight:

CU professor calls “BS” on Romney’s 13 percent tax rate claim [View all] TomCADem Aug 2012 OP

What in the world is this man griping about? The fact that you can use capital losses to offset dkf Aug 2012 #1

Once again you've got the 1%'s back. kestrel91316 Aug 2012 #3

Whats he griping about? calilama Aug 2012 #5

Welcome to DU calilama...and you are right on with this one. AllyCat Aug 2012 #13

if ALL you have is capital losses, that is fine. but realizing losses while carrying gains.... unblock Aug 2012 #6

huh? naaman fletcher Aug 2012 #15

well just for that one paragraph of the explanation, sure, no taxes. unblock Aug 2012 #21

That's a loser argument naaman fletcher Aug 2012 #42

harvesting naturally occuring losses is different from designing artificial losses to harvest. unblock Aug 2012 #43

I'd love to see an actual example of this naaman fletcher Aug 2012 #44

i have no proof rmoney did it, but here's the strategy, and yes people have done this: unblock Aug 2012 #45

ok so, let's play with some numbers: naaman fletcher Aug 2012 #46

exactly. unblock Aug 2012 #47

yes of course, naaman fletcher Aug 2012 #49

It doesn't work that way. TruthAnalyzed Aug 2012 #50

i'm not suggesting that the capital gains disappear, only that they're deferred. unblock Aug 2012 #51

What difference is it supposed to make? TruthAnalyzed Aug 2012 #52

you close out the short a and then re-establish it for the same amount 31 days later. unblock Aug 2012 #53

... TruthAnalyzed Aug 2012 #54

let's just take this one part: unblock Aug 2012 #55

That is completely different TruthAnalyzed Aug 2012 #56

there are all sorts of ways around all sorts of problems. if you're rich, at least. unblock Aug 2012 #57

My point is TruthAnalyzed Aug 2012 #58

You ever hear of "artificial losses" Major Nikon Aug 2012 #9

So we want to hit Romney for doing things that were perfectly legal at the time. dkf Aug 2012 #24

Legal does not mean it's right Major Nikon Aug 2012 #25

Frankly I'm not sure why any exemption is fair and "right". dkf Aug 2012 #26

Obama doesn't take the standard deduction Major Nikon Aug 2012 #27

I wish you gave Trayvon Martin the benefit of the doubt you give Romney CreekDog Aug 2012 #31

you haven't seen his taxes, you don't know if they were legal CreekDog Aug 2012 #30

Legal? Ok, I can buy that, Dyedinthewoolliberal Aug 2012 #36

Yes, Rmoney was just "standing his ground" ashling Aug 2012 #41

I think you're focusing on the fact that something has to be illegal to be considered in play for el LanternWaste Aug 2012 #48

This is exactly what I was talking about Major Nikon Aug 2012 #61

I really really really cannot wait ... Trajan Aug 2012 #11

I hung out here for so long I started seeing the holes in the lefts arguments. dkf Aug 2012 #29

Looks like you damn Democrats with faint praise Kingofalldems Aug 2012 #34

LMFAO. You can always be counted on to... Marr Aug 2012 #14

You don't seem to mind when poor people are criticized, you even join in CreekDog Aug 2012 #18

Right On! HangOnKids Aug 2012 #22

Hard to say how ridiculous it might be quaker bill Aug 2012 #20

Our side? Kingofalldems Aug 2012 #32

"our side" - I'm pretty sure I'm not on your side. Warren Stupidity Aug 2012 #37

I can hear it now. "Technically true? That's the best kind of true!" n/t Akoto Aug 2012 #2

13% of what is the kicker. What is his effective tax rate? Show us the returns Rmoney! riderinthestorm Aug 2012 #4

The returns wouldn't show the stuff the professor is talking about. That's the point. BlueStreak Aug 2012 #7

Do you think it would be more effective if he showed his IRS cancelled checks? riderinthestorm Aug 2012 #8

The returns would be helpful, but they may not show the sheltered income. BlueStreak Aug 2012 #10

And I wonder if 10% of the 13% is his tithe to the Mormon Church... n/t flor-de-jasmim Aug 2012 #12

We Don't Even Know That Much DallasNE Aug 2012 #16

The claim is so vague...so wishy-washy...and such bullshit. SoapBox Aug 2012 #17

i can only say this 1 million times more.... Tunkamerica Aug 2012 #19

Hello Hello 13% Like Wow Man ! YOHABLO Aug 2012 #23

"capital losses" ... I mentioned that here the other day ... zbdent Aug 2012 #28

Has he actually seen Romney's returns? hughee99 Aug 2012 #33

Well, You Don't Know if Harry Reid is Telling the Truth On the Road Aug 2012 #38

I'm sure Reid is telling the truth though there's no way to prove he's not. hughee99 Aug 2012 #39

The Fact Is That Even A 13% Rate Is Very Low TomCADem Aug 2012 #40

The Main Point Will Change in a Second On the Road Aug 2012 #59

Yet, This Embraces A Double Standard. "Mainstream" Republicans... TomCADem Aug 2012 #60

LOVE it when the experts fill us in Skittles Aug 2012 #35