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Romney avoided $100 million in taxes
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<blockquote data-quote="beentheredonethat" data-source="post: 1050736" data-attributes="member: 4886"><p>Road Runner... Here's what I don't understand, even if we assume everything you posted above is 100% true. Mitt Romney used legal methods to reduce his tax bill. Whereas, Timothy Geitner and many other members of President Obama's staff did not pay their federal taxes. What does that say? Other high ranking democrats like Charley Rangle former chairman of the house ways and means committee got in trouble for incorrect tax returns. </p><p></p><p>The federal tax returns are ridiculous. It should be vastly simplified for both companies and for the individual. Individuals (including wealthy individuals) should be able to sit down and do their taxes in a very brief amount of time with limited total number of deductions. The more deductions and exemptions that exist, the more people can legally use those to reduce their taxes. Also, this is a global marketplace, we have many companies that relocate their HQ overseas to avoid paying US income taxes (or at least reducing the taxes they owe).</p><p></p><p>I blame both Republicans and Democrats. The tax code should be completely rewritten, to avoid the ability to use tax havens etc. However, don't blame people who use legal tax laws, blame the politicians who made them. </p><p></p><p>I'll admit it, if I was rich, I'd use whatever legal methods existed to lower my tax bills. I think 99% of the people would do the same. Currently, I deduct the interest off of my house on my taxes, I claim deductions\credits for my kids. I could not claim those, but I do to lower my taxes. It is 100% legal, and I will take advantage of those deductions. I'm willing to bet everyone else on this board uses similar deductions (if applicable to them). Again, how can you call someone a tax cheat when they are doing what is within the law? Yet, you don't mention real tax cheats like Rangle and Geitner?????????</p><p></p><p>Hmm, what do they have in Common. I'll give you a hint before Sesame Street loses it's federal funding courtesy of the next President.. This message was brought to you by the Letter "D", and the number "16,000,000,000,000" (Too bad the count died recently, he would have loved to count the current debt.</p></blockquote><p></p>
[QUOTE="beentheredonethat, post: 1050736, member: 4886"] Road Runner... Here's what I don't understand, even if we assume everything you posted above is 100% true. Mitt Romney used legal methods to reduce his tax bill. Whereas, Timothy Geitner and many other members of President Obama's staff did not pay their federal taxes. What does that say? Other high ranking democrats like Charley Rangle former chairman of the house ways and means committee got in trouble for incorrect tax returns. The federal tax returns are ridiculous. It should be vastly simplified for both companies and for the individual. Individuals (including wealthy individuals) should be able to sit down and do their taxes in a very brief amount of time with limited total number of deductions. The more deductions and exemptions that exist, the more people can legally use those to reduce their taxes. Also, this is a global marketplace, we have many companies that relocate their HQ overseas to avoid paying US income taxes (or at least reducing the taxes they owe). I blame both Republicans and Democrats. The tax code should be completely rewritten, to avoid the ability to use tax havens etc. However, don't blame people who use legal tax laws, blame the politicians who made them. I'll admit it, if I was rich, I'd use whatever legal methods existed to lower my tax bills. I think 99% of the people would do the same. Currently, I deduct the interest off of my house on my taxes, I claim deductions\credits for my kids. I could not claim those, but I do to lower my taxes. It is 100% legal, and I will take advantage of those deductions. I'm willing to bet everyone else on this board uses similar deductions (if applicable to them). Again, how can you call someone a tax cheat when they are doing what is within the law? Yet, you don't mention real tax cheats like Rangle and Geitner????????? Hmm, what do they have in Common. I'll give you a hint before Sesame Street loses it's federal funding courtesy of the next President.. This message was brought to you by the Letter "D", and the number "16,000,000,000,000" (Too bad the count died recently, he would have loved to count the current debt. [/QUOTE]
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