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morningfog

(18,115 posts) Fri Aug 3, 2012, 12:34 AM Aug 2012

Any tax experts here that can discuss the feasibility of Reid's claim?

I believe Reid has a good source. I believe the claim is true.

I am just curious how easy or hard it is for someone making $20+ million a year to not pay any taxes. How does one do it?

And, how does one think that it is okay? Especially with intentions of being President.

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Any tax experts here that can discuss the feasibility of Reid's claim? (Original Post) morningfog Aug 2012 OP

I'm no expert, but look at certain corporations Cali_Democrat Aug 2012 #1

Found this emilyg Aug 2012 #2

Cali_Democrat

(30,439 posts)

1. I'm no expert, but look at certain corporations

Reply to morningfog (Original post)

Fri Aug 3, 2012, 12:53 AM

Aug 2012

Bank of America, Citibank, GE, Exxon etc.

They have all got away with paying zero taxes at times using loopholes and odd deductions. Hell, many even get money back from the government, a negative tax rate.

The tax code is so convoluted. It wouldn't surprise me if people like Mittens get away with paying zero taxes or even get money back. The thing is, most people's taxes are private unless they decide to run for office and release them voluntarily. There are probably loads of rich people who pay zero taxes. We just don't know about it.

emilyg

(22,742 posts)

2. Found this

Reply to morningfog (Original post)

Fri Aug 3, 2012, 01:10 AM

Aug 2012

higher costs in releasing them.”

The question is what could be in them that would be so damaging to the Romney campaign. Right now, the most popular theory is that Romney simply didn’t pay any federal taxes at all in 2009. As Joshua Green wrote, ” It’s possible that he suffered a large enough capital loss that, carried forward and coupled with his various offshore tax havens, he wound up paying no U.S. federal taxes at all in 2009.”
http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/07/17/did-mitt-romney-pay-any-federal-taxes-at-all-in-2009/

My guess is the person who spends the most time wondering why Mitt Romney didn't clean up his taxes in 2008 is...Mitt Romney. (AP Photo/Evan Vucci)

But the tax experts I’ve spoken to are skeptical. “Romney had a $4.8 million capital loss carryover coming into 2010,” says Edward Kleinbard, a professor of tax law at the University of Southern California. “So that means no capital gain income in

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