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Why does obama not pay his fair share of taxes?

hypocritexposer

Well-known member
He's a millionaire, that only pays 20% on his income. As far as I can tell, he's ripping off thhe taxpayer by 15%. Maybe the top rate should be raised, so he can rip off the taxpayer by 19%

Romney appears to pay the full amount on his capital gains, as required by law.

Does obama get some deductions or something?


Does anybody in the US pay the full amount, required by their tax bracket?
 

Mike

Well-known member
The only ones the left want to pay the full burden are white guys.

Where have you been the last 4 years? :lol:
 

Tam

Well-known member
Obama Kids get $48,000 — tax free!

Posted on April 13, 2012 by Conservative Byte

President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.

The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.

There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.

These two girls are not allowed to have cell phones but they get $2000 a month in allowance. :wink:
 

hypocritexposer

Well-known member
Tam said:
Obama Kids get $48,000 — tax free!

Posted on April 13, 2012 by Conservative Byte

President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.

The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.

There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.

These two girls are not allowed to have cell phones but they get $2000 a month in allowance. :wink:


ya, but he still doesn't even come close to the rate he should be paying.

Romney's rate should be 15%, on his capital gains, but only pays 13%.

What the heck did he get deductions for....charitable donations, or something stupid like that?

:wink:
 

Tam

Well-known member
hypocritexposer said:
Tam said:
Obama Kids get $48,000 — tax free!

Posted on April 13, 2012 by Conservative Byte

President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.

The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.

There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.

These two girls are not allowed to have cell phones but they get $2000 a month in allowance. :wink:


ya, but he still doesn't even come close to the rate he should be paying.

Romney's rate should be 15%, on his capital gains, but only pays 13%.

What the heck did he get deductions for....charitable donations, or something stupid like that?

:wink:

I believe the reason Dems want to cut the Chartable Donation deduction from the list of legal deductions is, it is the deduction few Democrats get to actually use. :wink:
 

flounder

Well-known member
Mitt Romney Taxes Enriched Foreign Governments At U.S. Expense

Posted: 08/20/2012 4:13 pm Updated: 08/20/2012 4:22 pm

WASHINGTON -- Mitt Romney sought and received $787,455 in foreign tax credits from the U.S. Treasury to cover his tax payments to other nations in 2008.

While there is no evidence that his actions violated the law, abuse of the foreign tax credit has been a problem for the Internal Revenue Service. The agency has prosecuted a number of international fraud cases in the last few years involving such credits. And the size of Romney's claim in 2008 raises questions about the sources of his foreign income.

"This could definitely be a contributing reason for Romney's unwillingness to disclose prior years' returns," said New York University School of Law professor Daniel Shaviro, a tax expert.

The U.S. government provides tax credits to Americans who also pay taxes abroad, so that foreign income is not taxed twice by different governments. While these credits do not save U.S. residents from paying taxes -- they still have to pay the foreign governments -- they do put a dent in the U.S. Treasury's collections.

"In the plain-vanilla case, the taxpayer is hurting the U.S. Treasury to the benefit of the foreign treasury, but isn't benefiting himself," Shaviro said.

The Huffington Post had previously reported that Romney received more than $25 million in foreign income between 2005 and 2010. At the time, he was governor of Massachusetts. His 2010 return also lists foreign tax payments that Romney made dating back to 2000. Through 2004, the payments were tiny -- for Romney -- averaging $37,000 a year. In 2005, however, his foreign tax bill shot up to $333,149 and stayed high for the next three years, prior to the Great Recession.

"Romney had a significant amount of foreign income," observed Rebecca J. Wilkins, senior counsel for federal tax policy with the nonpartisan Citizens for Tax Justice. "We don't know what the source of his foreign income is."

The Romney campaign declined to comment for this article, and there is no way to determine where Romney's foreign income came from without additional disclosures. HuffPost recently pointed out the circumstantial evidence showing that he may have used offshore corporations to avoid paying taxes.

The total $787,455 credit covers both "passive income" -- dividends and investment gains -- and "general income" -- foreign wages and business revenue. Some money from Romney's Bermuda-based corporation, Sankaty High Yield Asset Investors Ltd., could qualify as general income.

While there is no evidence that Romney broke the law, American taxpayers have set up illegal sham transactions involving foreign taxes in recent years to dupe the IRS. Such transactions can involve multiple taxpayers claiming the credit for the same foreign income or one taxpayer claiming multiple tax credits for the same foreign income. Individual taxpayers have also claimed credits for foreign taxes that they never actually paid.

Much of Romney's foreign banking activity is also shrouded in secrecy. He has not released a 2010 tax form that details his foreign bank account holdings. He has, however, disclosed the existence of a Swiss bank account. Such accounts are prized by global elites for Swiss banks' extreme levels of secrecy, which has allowed thousands of American taxpayers to shield offshore income from the IRS by stashing it in Swiss accounts. There is no evidence that Romney broke the law with his Swiss account.

But Romney's large foreign tax credit in 2008 was unusual. Many wealthy individuals who engage in aggressive tax planning choose to park foreign income in tax-free jurisdictions. Romney and Bain Capital, for instance, made extensive use of Cayman Island accounts. The U.S. Treasury, moreover, caps the foreign tax credit at whatever the U.S. tax rate would be on the income in question. Any additional foreign taxes can be "carried forward" and receive a tax credit in future years. Because Romney exceeded the foreign tax credit limit in 2008, he received additional credits based on his 2008 income in 2009 and 2010.

"What does he have that's generating all that foreign income?" Wilkins asked.



http://www.huffingtonpost.com/2012/08/20/mitt-romney-foreign-tax-credit_n_1812507.html?utm_hp_ref=politics



WASHINGTON -- President Barack Obama, at a surprise news conference Monday, called on presumptive GOP nominee Mitt Romney to release more years of his tax returns, linking the disclosure to the debate over tax reform.

"I think that is what the American people would rightly expect, is a sense that particularly when we're going to be having a huge debate about how we reform our tax code and how we pay for the government that we need, I think people want to know that everybody's been playing by the same rules, including people who are seeking the highest office in the land," Obama said.

"This is not an entitlement, being president of the United States," he continued. "This is a privilege and we've got to put ourselves before the American people to make our case."





http://www.huffingtonpost.com/2012/08/20/obama-mitt-romney-tax-returns_n_1812230.html?utm_hp_ref=politics





Weekly Standard editor Bill Kristol said Monday that he thinks Mitt Romney should pay a higher tax rate, calling the rate he pays on his investments "weird."

"I personally -- if I were designing the tax code -- would have a tax code in which Mitt Romney paid more than 13 percent, given what I know about the kind of investments he made money from," Kristol said Monday on C-Span.

The prominent conservative commentator added that he thought there would be no "economic detriment" to Romney if he paid more.

"I think it just seems kinda weird that he pays a lower rate than an awful lot of middle-class people," Kristol said.



http://www.huffingtonpost.com/2012/08/20/bill-kristol-mitt-romney-tax-rate_n_1810512.html?utm_hp_ref=politics



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.

maybe mitt needs to move overseas where he hides some of his money. ...
 

hopalong

Well-known member
SHOW US YOUR COLLEGE TRANSCRIPtS OBAMA NOW!!!!!!!!!!!!!!!!!!!!!!ALL OF THEM, INCLUDING WHERE THE MONEY CAME FROM TO GET YOU INTO COLLEGE

Maybe he should move back to Kenya, place of his birth...

EH flipper the flopping goldfish????
 

Tam

Well-known member
flounder said:
Mitt Romney Taxes Enriched Foreign Governments At U.S. Expense

-----
SHOW US YOUR TAX RECORDS MITT, ALL OF THEM.

maybe mitt needs to move overseas where he hides some of his money. ...

Gee the TAX argument AGAIN How liberal of you Flounder. :wink:

While you are investigating how Romney spends his money can I investigate the Fast and Furious records to see who Obama and Holder were enriching with their little gun running scam to force Gun Control in the US? :?

BTW what are the chance of Obama and Holder moving to Mexico now that they have armed the Mexican Drug Cartels with AK 47's? :?
 
A

Anonymous

Guest
hopalong said:
SHOW US YOUR COLLEGE TRANSCRIPtS OBAMA NOW!!!!!!!!!!!!!!!!!!!!!!ALL OF THEM, INCLUDING WHERE THE MONEY CAME FROM TO GET YOU INTO COLLEGE

Maybe he should move back to Kenya, place of his birth...

EH flipper the flopping goldfish????

According to Factcheck- much of these alledged "sealed" items that the rightwingernuts spout about are not sealed- many like college records are always confidential (which I found out when I was refused when I tried to get my kids- even tho I was footing the bill) and Obama has released the same as previous Presidents....

http://factcheck.org/2012/07/obamas-sealed-records/
 

hopalong

Well-known member
THat also applies to tax records??????

Not like fact check is absolute true on all things
:D :D :D

KInd of like your credibility oldtimer, kinda shaky
 

TexasBred

Well-known member
Oldtimer said:
hopalong said:
SHOW US YOUR COLLEGE TRANSCRIPtS OBAMA NOW!!!!!!!!!!!!!!!!!!!!!!ALL OF THEM, INCLUDING WHERE THE MONEY CAME FROM TO GET YOU INTO COLLEGE

Maybe he should move back to Kenya, place of his birth...

EH flipper the flopping goldfish????

According to Factcheck- much of these alledged "sealed" items that the rightwingernuts spout about are not sealed- many like college records are always confidential (which I found out when I was refused when I tried to get my kids- even tho I was footing the bill) and Obama has released the same as previous Presidents....

http://factcheck.org/2012/07/obamas-sealed-records/

BUT BHO has the originals of all of this....just like his tax returns...no reason in the world he could not make them available to the public. I mean he is the #1 PUBLIC official in the land. Show your subjects how you did in school.
 

hypocritexposer

Well-known member
Why do Liberals like flounder think a person should pay US federal tax on earnings that were incurred in another country? Would they also like to take on the same % of expenses?

Why do they want redistribution from that other Country to their own.

Hey flounder, what % of the middle income earnings I make in Canada, do you think you are entitled to?

pound salt.

I'll keep my taxes in Canada, thank you very much. I'm already paying enough to support Quebec, with my transfer payments. I'm not going to start supporting you and your deadbeat friends too.

If you are upset about jobs going offshore, then you should talk to Clinton about his US-China agreement 2000.

That was about the same time you accuse Bush of losing jobs and of Romney of taking advantage of Clinton's policies, isn't it?

By the way....how many years of tax returns did Clinton release?
 

Steve

Well-known member
I would like to know why Flounder isn't as concerned about Obama's foreign tax credits as well...

Over 30% of President Obama’s 2009-2011 Gross Income Came From Foreign Sources

From 2009 through 2011, the Obamas paid $87,429 in foreign taxes, which they applied toward a credit to reduce their U.S. tax bill.

Their returns do not disclose which foreign countries are responsible for paying the Obamas the $2.7 million in foreign source income,

Nonetheless, the Obamas did report foreign passive income in 2009 and 2010, a type of income that most often results from investments in foreign countries.

you liberals should be outraged... :shock:
 
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