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OBAMA 'whole lot of millionaires aren't paying Taxes'

flounder

Well-known member
Obama To Romney: 'There Are A Whole Bunch Of Millionaires Who Aren't Paying Taxes At All Either'


Posted: 09/20/2012 3:37 pm EDT Updated: 09/20/2012 3:43 pm EDT



Speaking at the Univision candidate forum in Miami Thursday, President Barack Obama was asked about Mitt Romney's claim that he is campaigning for 100 percent of Americans and not just those who pay federal income taxes, despite his comments in a leaked fundraiser video.

Obama said that questions as to which approach personified "the real Mitt Romney" would be "better addressed" to Romney himself. He went on to explain why 47 percent of Americans don't pay federal income taxes, and snuck in a subtle jab at Romney's own wealth.

"There are a whole bunch of millionaires who aren’t paying taxes at all, either," the president said.

When you express a position like the one Romney did in that leaked video, said Obama, "my thinking is maybe you haven't gotten around a lot. Because I travel around the country all the time and the American people are the hardest working people there are."

Their problem isn't that they aren't working hard enough ... or they are being taxed too little or they just want to loaf around and gather government checks," he added. "Americans work hard, and if they're not working right now, I promise you they want to get back to work."

Romney has spent the last few days dealing with the fallout from the video, secretly recorded at a May fundraiser in Boca Raton, Fla. In it, Romney says that the 47 percent of Americans who don't pay federal income taxes think of themselves as victims who can live off government handouts, and "will vote for the president no matter what."

Appearing at the Univision forum on Wednesday, Romney revised those remarks to stress that he was campaigning on behalf of all Americans, and not just the remaining 53 percent. He also stressed his desire to see more people earning an income that could, in turn, be subject to taxation.

Romney personally paid a 13.9 percent tax rate in 2010, according to his tax return released from that year -- the only one he has released in full. He said that he didn't pay a lower rate than that in the ten years prior. He is, in short, not part of the 47 percent.

But that group pays taxes as well, including payroll taxes, gasoline taxes, sales taxes, and state and local taxes. Many of them are elderly, unemployed, the working poor or veterans.

Also among the 47 percent are the ultra-wealthy. According to former Ronald Reagan adviser Bruce Bartlett, writing in The New York Times, 78,000 tax filers in the U.S. have incomes between $211,000 and $533,000 and pay no federal income taxes. "Even more amazingly," Barlett writes, "there are 24,000 households with incomes of $533,000 to $2.2 million with zero income tax liability, and 3,000 tax filers with incomes above $2.2 million with the same federal income tax liability as most of those with incomes barely above the poverty level."

Barlett points out that the reason these wealthy Americans are not paying federal income taxes is not because of the earned-income or child tax credits. "One reason, undoubtedly, is that capital gains are a huge percentage of their income and they may have losses from previous years to offset any realized gains this year," he writes. "Perhaps some chose to invest all their wealth in tax-free municipal bonds."



http://ranchers.net/forum/posting.php?mode=newtopic&f=6



tax the rich. hit them hard. make the rich finally start paying their fare share, and please include their pensions, stock options, annual incentive, etc., because taxes on one million salary is one thing, but taxes on annual incentive, stock options, and other perks, well, that's another story. tax it all the same. this is the top paid exec. out of 100 examples in Houston area alone recently ;

base salary $1,400,000.

Annual incentive $21,821,400.

total equity $6,414,055.

all other comp $276,207.

change in pension $1,617,757.

Total direct compensation $31,529,419.

see more here, the top 100 in Houston. remember, this is JUST Houston, Texas top 100.


http://fuelfix.com/blog/2012/07/30/pay-swells-for-top-bosses/



SHOW US YOUR TAX RECORDS MITT, ALL OF THEM !
 

TexasBred

Well-known member
Everyone is still waiting for ANY democrat to define "Fair Share" as used so often by Buckwheat and his supporters relative to income taxes.

Flounder, have you seen BHO's return?? He took every imaginable deduction (loophole you would call it) in order to reduce his taxe liability as much as possible. Wonder why he didn't just list gross income and look up the tax on that amount????
 

Faster horses

Well-known member
Here's an even better headline and it's true:

"There are a whole bunch of people in the Obama Administration that aren't paying their taxes either."
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Barlett points out that the reason these wealthy Americans are not paying federal income taxes is not because of the earned-income or child tax credits. "One reason, undoubtedly, is that capital gains are a huge percentage of their income and they may have losses from previous years to offset any realized gains this year," he writes. "Perhaps some chose to invest all their wealth in tax-free municipal bonds."
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And to the last of my knowledge you can't invest capital gains in bonds;
it must be invested another business and then it is 'tax deferred' meaning
unless you die or never sell, down the road you will pay the tax owed.
Used to be a "like business" but that has
been done away with. If you don't 'trade' for another business, you pay the tax.
 

Tam

Well-known member
Yep Obama should know there are millionaires not paying any taxes as he appointed them all to his Administration as Department heads and Czars. :roll:
 
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