Romney aide says You People should shut up about supporting rich people tax cuts because of the BOOM

Yes, just because biased elites at the non-partisan Tax Policy Center SAID a bunch of stuff, like, how Romney’s plan would save mega bucks every year for millionaires and billionaires while causing poors and middle classies to pay more in taxes every year, it doesn’t mean a thing because they forgot about the coming economic boom that Willard’s Majik Tax Plan will bring about!!

So, sigh, the Tax Policy Center people (who are totally biased in favor of Democrats because some of them used to work for Bush 1 AND Bush 2) pointed out that, even though they didn’t believe it was gonna happen, they so DID do an alternative analysis pretending there would be a boom and, yawn, same result.  Unfortunately since the Romney campaign won’t (is incapable of?) provide the figures that they think the Policy Center should be using, well, not much of a rebuttal.

So be aware 99%s - under King RMoney the First’s rule we will all lose our deductions for mortgage interest (if we’re lucky enough to get a mortgage) and our silly little credits like the child tax credit, education credit, earned income credit and etc etc etc so we can pay that tax to the IRS who will transfer it to King RMoney and his friends’ Cayman Island bank accounts.  Yay for a progressive tax system!!

And speaking of King RMoney and his taxes, Mr. Senator Harry Reid will not shut up about his claim that *someone* told him King R hadn’t paid any taxes for 10 years!!  Crazy right!  Except maybe not so crazy. 

First of all, the claim is supposed to come from an investor at Bain Capital.  Does anyone doubt that if Willard had figured out how to not pay taxes for years he would not be bragging about it to the investors he was bringing in and promising to help them save mega-taxes too?

Second, your humble scribe has a day job as a CPA and I have been following for several years a tax scam involving setting up a foreign corporation owned by a foreign trust in a tax haven country and then contractually designating your massive earnings to be paid to this foreign entity.  Technically the money is not taxable here as long as you keep it offshore.  But how to continue to live a life of luxury while your money is basking in the Caymans?  Well, that’s where the consultants you paid the big bucks for setting this up in the first place come in.  Through various stages of what can only be described as money laundering the funds come back to you in different form, generally using debit cards which are ultimately funded through the foreign trust which owns the foreign corporation.

I have been following this as I have had a couple of clients approached through “investing seminars” and given this pitch.  Fortunately they took my advice to steer clear.  I say “fortunately” as, for some reason, everyone assumed the IRS was too dumb to ever hear about these seminars and look at the websites they had set up.  Since they weren’t that dumb they initiated a massive offensive to find these tax cheats and put the screws on.  Lots of people paid huge fines for tax fraud and some went to jail.  A few years ago they came up with an amnesty program to let people voluntarily come in from the cold, pay the taxes, the interest and penalties but no prosecution for tax fraud.

Did our Willard play with this kind of “tax shelter” and did he see the sense of taking advantage of the amnesty program?  Irresponsible to speculate or irresponsible not to?

P.S.  I love how at that Harry Reid link the author points out all the other “head turning” comments that Harry Reid has made:

If nothing else, Reid’s remarks could be entered onto a list of other head-turning comments he has made over the years, including calling President George W. Bush a liar and a “loser” on separate occasions.

He has declared Supreme Court Justice Clarence Thomas an “embarrassment” and said Federal Reserve Chairman Alan Greenspan was “one of the biggest political hacks” in Washington.

In the Huffington Post interview, Reid trained his anger on William Magwood, a member of the Nuclear Regulatory Commission.

Reid called Magwood a “treacherous miserable liar,” saying the official had misled him about his position on the Yucca Mountain nuclear waste site.

There is not a single comment there with which I would disagree.  Kinda makes you wonder about his tax claims, doesn’t it?

Posted by marindenver on 08/02/12 at 12:54 PM • Permalink

Categories: PoliticsElection '12MittensOur Stupid Media

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Yay for a progressive tax system!!

No doubt. If this dickweed gets elected he’ll do for the economy what Dubya did for our foreign policy.

RMoney better dial back the excitement! Because since he unzipped and showed the real Romney to everyone the markets have gone back up and the price of gas has dropped. Next thing you know housing prices will go up, unemployment will go down and the American People won’t understand it the Magic Mitt’s influence.

And then how are we going to raise taxes on the Poor and Middle Class and funnel it to the Riches cayman island bank accounts???

So be aware 99%s - under King RMoney the First’s rule we will all lose our deductions for mortgage interest (if we’re lucky enough to get a mortgage) and our silly little credits like the child tax credit, education credit, earned income credit and etc etc etc so we can pay that tax to the IRS who will transfer it to King RMoney and his friends’ Cayman Island bank accounts.

How the hell can we make the 27% of the population which is enamored of authoritarianism and hate the “unworthy” poor that they’ll suffer under Mittens?

How the hell can we make the 27% of the population which is enamored of authoritarianism and hate the “unworthy” poor that they’ll suffer under Mittens?

That’s why it’s referred to as the crazification factor.

Kinda makes you wonder about his tax claims, doesn’t it?

Kinda makes me wonder where THIS Harry Reid has been hiding for the last four years.

How the hell can we make the 27% of the population which is enamored of authoritarianism and hate the “unworthy” poor that they’ll suffer under Mittens?

We can’t, so the best approach is to convince them that he’s not *enough* of an asshole (e.g. pats on the back for Romneycare.)

Don’t know what to make of this; but here’s my take—there’s not much more anti-climactic in light of the 99%—53% argument than discovering that one of the 1% managed to duck any tax liability.

I remember the whole 53% nonsense in response to “We are the 53”. It was especially obnoxious because a lot of the people who don’t pay tax do work—sometimes quite hard and no few of which are self-employed—they just happen to qualify for those nifty credits Romney wants to do away with (the EITC, especially).  But the theme was that those people who didn’t have a tax liability were somehow being goldbrick parasites on the hard work of others—

So enter Romney with a possible 0% effective tax rate for some years. Without even implying that it isn’t perfectly legal (as he insists he has always paid his legal dues) it absolutely 48 point bold-face and italics challenges the narrative about tax fairness and income inequality.

That might be enough of a jolt to some of the working stiffs who didn’t quite realize who the gold-plated goldbricks were, to, if they don’t actually vote against Romney, at least discover it’s not entirely possibly to vote for him, either.

Perhaps the most mind boggling thing about this is that the Romney campaign is basing its tax policy on a goddamn hypothetical. 

How the hell can they think that this can work?  Oh, who am I kidding? I know the answer.

B to the 4, I’m going with because “They don’t think it matters whether it’ll work for everyone—it works for them” and “Drank the supply-side Kool-Aid and ain’t coming down soon.” At a distant third—they don’t think about whatever it is they think about, because Rapture. On any given day, Romney’s staff believes one of the choices, sometimes they trade off beliefs, sometimes they believe all three at the same time.

This super-duper growth thing is what is supposed to make the tax cuts create bigger revenue from RW knee-slappers starting with the Laffer curve through Ryanomics (has anyone called it Ryanomics, yet?) There have been no signs that it even sort of happens in the face of tax cuts ever, in practice. (That I know of.)

In reply to me—I meant “in response to “We are the 99%”.

@Vixen - there is simply no way RMoney could have legally paid a zero percent tax rate on his income with the way it is structured.  This is after I have looked pretty carefully at his released 2010 actual tax returns (which, interestingly, did not include the required disclosure of investments in foreign bank and investment accounts) and his estimated 2011 tax return amounts.

He did show a large carryover of capital losses into 2010 from 2009 which would indicate he bet against the market heavily in the year or so earlier but it still would not wipe out his income from other sources.  If Reid is correct and someone that he considers a good source really did tell him that Willard paid no taxes at all for, anyway, many years, then many, many questions need to be answered as to just what Willard was reporting and paying taxes on.

Huh—I thought NOL or carried interest might account for it—if that’s true, he’s a more arrogant bugger than I gave him credit for for thinking it wouldn’t come up. The IRS should be pretty damn interested.

Harry Reid is 72 years old, and thanks to the tea party loons who put a babbling crazy person up against him in 2010, he’s got the lion’s share of a six-year term in front of him. He’s probably not going to run again, given his age. And he probably hates the Republicans for making his stint as Senate Majority Leader a living hell with their unparalleled levels of obstructionism.

So he’s going to use his power and the prestige of his office to lob some bombs at Willard. Good for him, I say.

Now, I personally doubt that Willard has done anything illegal—he’s been running for office for 20 years, for Pete’s sake! But I think it’s entirely plausible that he paid an astonishingly low percentage of his income in taxes—much lower than the 13-and-change percent on the one year we know about.

Now crafty old Harry has boxed him in good: He can either prove Reid wrong by releasing more returns—and revealing the extent to which the system is rigged in favor of plutocrats like himself, thus strengthening Obama’s unfairness narrative and undermining his own overtaxed narrative. Or he can look like a shifty-eyed crook who’s hiding something. Well done, Mr. Reid!

We’ll have to see how the Bain claims via Reid pan out, but I think it could also be a feint, or not the only factor.

One other thing Mitt’s returns could reveal is voter fraud. To disprove one allegation (if indeed Reid’s wrong) might entail providing evidence of the other. Or both may be true. Oh, what a tangled web ...

I suspect YAFB has a very strong thesis here, but every aspect of this stinks to high heaven.  It does add further confirmation to the theory that rMoney is an entitled snob who thinks the rules don’t apply to him, just to us ‘little people’. 

It is most likely that, as Betty noted, everything that was done with his taxes is quite legal.  It is also more than likely that the twists, turns, deductions, tax shelters, etc that were used to do that are the sort of thing that would make all us ‘little people’ angry enough to start sharpening pitchforks and greasing up the wheels on the tumbrels.  This alone may be why so many of his fellow-class non-sycophants hate his guts - he’s about to stumble into revealing their game for all of us to see.  Media goes nuts, pitchfork sales skyrocket, etc.

he’s about to stumble into revealing their game for all of us to see.

This is pretty much what he did for the Olympics, too - everybody knew that the whole thing was corrupt, but he was so bumbling about it he bared its ass for the world.

My personal theory, which I may have mentioned here at some point, is that one of the things Romney doesn’t want revealed by his tax returns is that he and Ann don’t, in fact, tithe 10 percent of their wealth to the Mormon Church.  And, at the same time, that any revelation of his “charitable deductions” to the church will remind the evangelicals that he’s a huge supporter, whether its ten percent or not, of a church they consider a cult. He’s damned if he does and damned if he doesn’t specifically with both halves of his religious coalition. If the Mormons ever give up on him he’s toast, and if the Evangelicals give up on him he’s toast.

aimai

@aimai - he tries to have it both ways by paying his required 10% directly to the Mormon Church then hedging his bets by paying another good chunk to his family private foundation (which looks like “oh, cool, he’s giving to all sorts of charities!” but in reality is just more tithing because the only organization which the family foundation supports is. . . wait for it. . . ta daaa - the Mormon Church!!!

Technically, no one knows how much money the Romneys have, or make, during a given year so no one can know whether the amount they give is ten percent or not.

aimai

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