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?