Obama's tax return

Discussion in 'The Thunderdome' started by CardinalVol, Apr 13, 2012.

  1. CardinalVol

    CardinalVol Uncultured, non-diverse mod

    Pretty disgusting looking over it as he exploited several tax loopholes to only pay an effective rate of 20% and not pay his fair share of tax.
     
  2. droski

    droski Traffic Criminal

    pretty stupid too. people are going to go crazy with this info.
     
  3. CardinalVol

    CardinalVol Uncultured, non-diverse mod

    I'm interested to see if/what is done with this.

    I mean, he's fully entitled to every itemized deduction he took, but there is no law requiring that you itemize. I suppose if one really wanted, they could point out he had a 5K foreign tax credit too.
     
  4. IP

    IP Advanced Pruitt Apologetics Bot

    I doubt he does his own taxes.

    I doubt one would say a word about a conservative doing this.

    I doubt it matters to anyone that he is working to close tax loopholes which would end the practice for everyone.
     
  5. CardinalVol

    CardinalVol Uncultured, non-diverse mod

    Pays someone to do it. A firm in Chicago.

    Why should a conservative not take advantage of every deduction possible? They never trot out the "people don't pay enough" taxes.

    If he truly believe the "rich" should pay more taxes, then take the lead and voluntarily do it. There's absolutely no law that requires him to itimize 278K worth of deductions. He could have easily taken the standard deduction of $11,900 and paid more in taxes.

    Oh yeah, and by the way, I'm using the word "loophole" in the same context that liberals use it to describe dealings by corporations and wealthy conservatives. Perfectly allowable practices by tax law.
     
  6. IP

    IP Advanced Pruitt Apologetics Bot

    So he should call up this firm, whose name is apparently right there with the tax record, and tell them to do a shitty job on his taxes? That will be good for business for them.

    He thinks there are too many loopholes and wants to close them. I don't see why him participating in the system as it is is necessarily damning.

    Is it because the Republican primary is virtually over that folks are going into bunker mode here?
     
  7. LawVol13

    LawVol13 Chieftain

    The Dems have already hit Romney about the tax rate he pays, IP. So, that's definitely wrong. Obama consistently, every single time he talks about it, says something to the effect: "There's no way millionaires should be paying a lesser tax rate than the middle class, yet that is exactly what he's done. This can most definitely be used against him, and it's legitimate.
     
  8. CardinalVol

    CardinalVol Uncultured, non-diverse mod

    At the end of the day, the firm works for their client. If the client says 'I don't want to itemize my deductions" the firm can say "I think you are making a mistake, but ok". There is not a thing that makes them look bad as a firm if they offer him what is the best advice and he chooses not to take it. People choose not to take advice all the time.

    He taking advantage of the opportunities he rails against every chance he has. It's perfectly fair game for him to be called out on this.
     
  9. IP

    IP Advanced Pruitt Apologetics Bot

    They've hit Romney's tax rate in the sense that how he earns his income is not very greatly taxed. I haven't seen anyone giving him personally a hard time, so much as his tax situation being a good example of a perceived problem (as perceived by Dems, I mean).

    I've also heard Obama many times refer to himself as an example of someone not having to pay his fair share and wanting to change that. He often uses himself as an example along with his "friend," as he says, Buffett.

    So how is it that this is much of a weapon to use against him, when he himself has been volunteering his name as an example of underpaying under the current system? What is being argued is that he should just ignore his deductions and pay extra to what the government says he owes? Why wouldn't he rather, as a leader, look to change the system to where it functions in a way that is "more fair," as he sees it?
     
  10. IP

    IP Advanced Pruitt Apologetics Bot

    I can see your point Cardinal, but it isn't like he has said he pays his fair share. Quite the opposite.
     
  11. CardinalVol

    CardinalVol Uncultured, non-diverse mod

    It's similar in the way of how back in college one of our fraternity advisers would constantly [itch bay] at us about having alcohol at all parties (and in this case bid night) and how we didn't need to do it, yet he shows up and is one of the first people at the keg. When asked what the hell he's doing he says it's here, might as well partake.

    If you truly believe what you are preaching (and it's not just to get votes by class warfare in this context), then practice what you preach and pay a higher income tax, especially where there is NOTHING preventing you from doing it.
     
  12. CardinalVol

    CardinalVol Uncultured, non-diverse mod

    Truthfully, it's kind of stupid from a political context too. He could have gained a lot of political capital if he had actually done this.
     
  13. IP

    IP Advanced Pruitt Apologetics Bot

    Fair enough. That is a two-edge sword that can come back on Romney's record though. They're politicians.

    It is going to take me a couple of weeks to get used to the obvious paradigm shift in the politics forum. The general elections are in full swing on this forum, I can feel it.
     
  14. JayVols

    JayVols Walleye Catchin' Moderator

    I can see some of your argument, Card, but the basic message is still intact. Romney paid a lower rate on considerably more income than Obama. It's an election year; both sides will try to turn every tempest in a tea cup into Hurricane Katrina.
     
  15. droski

    droski Traffic Criminal

    I agree with cardinal it is a practice what you preach moment. If you truly beleive the rich are paying too little in taxes it is hypocritical for you to go out of your way to pay less in taxes (even if you personally had little to do with it). It's hypocritical for buffett as well, one of the greatest tax cheats in history.

    And they absolutely give romney a hard time. the theory is he's paying less in taxes because he's a slimy rich guy trying to screw the govt out of their fair share. they aren't simply pointing out his tax rate for the sake of the argument. they are pointing it out as though he is doing something wrong.
     
  16. IP

    IP Advanced Pruitt Apologetics Bot

    I'm not so sure about that last point. At least, I don't believe Romney (or Obama) is doing anything wrong by participating in the system to their maximum benefit. I don't think most Americans see it as them doing something personally wrong. A large number of people do see it as evidence that the system is not functioning correctly, as most people believe a flat or progressive tax rate is the most just. The current system isn't even flat.
     
  17. droski

    droski Traffic Criminal

    romney already paid taxes on this money. his income comes primarily from investments. which are made with money that has already been taxed when earned. therefore he gets doubly taxed on this money.
     
  18. droski

    droski Traffic Criminal

    come on. the mention of "loopholes" doesn't have a sinister implication? why do you think obama paints it that way instead of saying that investment income has a lower tax rate? saying romney exploits loopholes isn't accurate in the slightest, but obama says it over and over and over again. obama is implying romney's tax guys are searching the tax code trying to find unknown loopholes for ways to screw the govt out of money. in reality anyone with turbotax and romney's 1099 could do that portion of the tax return.
     
  19. JayVols

    JayVols Walleye Catchin' Moderator

    I see. Don't tax principle but return? I don't know. I admit that I am not very in tune with investing, stocks, etc.
     
  20. CardinalVol

    CardinalVol Uncultured, non-diverse mod

    Every dime he is making off investments has been most likely been taxed already somewhere in the process. I say most likely b/c I don't know what all he's in.

    If it's a corporate dividend it was taxed at the corporate level at 35%. Under Obama's proposal, it would be taxed again at 39.6%. Essentially, every dollar of income from a corporation would be taxed at 50% at the end of the day.
     

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