General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forumsthe money you and I make to support ourselves is called income and is taxed up to 35 percent
The ostensible excuse for this outrageous difference is based upon a built-in cultural value judgment, which says that the work Mitt Romney does raiding companies with borrowed money is more valuable than the work ordinary people do laying asphalt or teaching autistic children. Here's what one private equity spokesperson said by way of explanation for this difference:
Steve Judge, the president of the Private Equity Growth Capital Council, a trade group for private equity funds, said carried interest is a way to reward risk takers in a way that tax havens do not. "They dont have the purpose of incentivizing risk taking," Judge said. "That makes it inappropriate to blend carried interest with them."
So the carried interest tax break is a way to "incentivize" the kind of work Mitt Romney does. One wonders then if the relatively higher tax rates paid by teachers and librarians and cops is ... what? A disincentive? Anyway, it's this skewed set of obligations that Mitt Romney thinks is "fair."
The Obama administration, if it wanted to, could make a lot of hay over this. It could say, Mitt Romney doesnt want to release his tax returns for years and years during the last decade. But the years for which he did release returns, he paid a rate thats less than half of what most ordinary American professionals make and he thinks thats 'fair.'"
Read more: http://www.rollingstone.com/politics/blogs/taibblog/obama-not-reid-should-be-taking-on-mitt-romneys-tax-record-20120809#ixzz2349BejKI
MineralMan
(146,338 posts)The rest of us pay.
dodger501
(1,069 posts)at the same rate as us is that you will scare them away, they won't risk their money.
Bullshit. What are they going to do then, go to work at the factory or the car wash?
hifiguy
(33,688 posts)there was no incentive for executives to loot their corporations because they'd be taxed up the wazoo on it. So the money went back into the businesses for things like R&D.
RC
(25,592 posts)We have a winner! The very last thing that will be done is the very first thing that needs to be done.
Egalitarian Thug
(12,448 posts)hifiguy
(33,688 posts)Egalitarian Thug
(12,448 posts)we have become.
Scuba
(53,475 posts)woo me with science
(32,139 posts)Wilms
(26,795 posts)Bad idea.
AllyCat
(16,235 posts)These people have more loopholes, strategies, and advantages than every taxpayer in the world combined. Shame on them. Then send them to jail.
Hydra
(14,459 posts)Why have obscure loopholes when you have the police and military on your payroll? All they have to do is say "If you have more than 100 million in assets, you are exempt from all laws."
Bet that's coming, too.
Blue Owl
(50,529 posts)You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less. You pay more, Mitt pays less.
Repeat as necessary!
99Forever
(14,524 posts)In fact, he's kind of a piker compared with the real money assholes. Try it this way:
The 99% pays more, the 1% pays almost nothing.
Response to phantom power (Original post)
bvar22 This message was self-deleted by its author.
HeiressofBickworth
(2,682 posts)who famously said only the little people pay taxes. I think that sums up the Republican viewpoint on the matter.