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Forum Post: Not Enough Romney Tax Info . . .

Posted 12 years ago on Jan. 24, 2012, 10:56 a.m. EST by Toynbee (656) from Savannah, GA
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  • Sure Romney paid 13.9% on the tens of millions of dollars in income in each of the last couple years.

  • But what did he report while he was a corporate vulture at Baine Capital?

  • More important, what taxes did he pay?

  • Occupy Wall Street's Tax Returns.



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[-] 1 points by UtahDebater15 (10) from Coalinga, CA 12 years ago

Romney is releasing his tax returns today. But honestly, if you had the chance to pay lower tax rates while being completely legal, wouldn't you?

[-] 3 points by Toynbee (656) from Savannah, GA 12 years ago

Tax laws can be "perfectly legal" and still not pass the smell test.

[-] 1 points by beautifulworld (23769) 12 years ago

It would be interesting to compare the tax returns of some of the folks who lost their jobs because of Bain against Romney's tax returns from that period and since.

[-] 1 points by eldave1 (35) 12 years ago

Although I hate the term "class warfare" - the battle isn't against rich folks or how much people make and the arguments from the right in this vain are tedious. It is about a fair tax system. A five year old could see that it is wrong for one person to pay 25% because they get a paycheck for their living and a another person pays less then 15% because their income has a different name (capital gains).


[-] 1 points by MattLHolck (16833) from San Diego, CA 12 years ago

wealth is not distributed fairly among the people

taxes could change that

[-] 1 points by Toynbee (656) from Savannah, GA 12 years ago
  • Eldave, you are correct. We do need a fairer tax system.

  • My definition of "fair" is a progressive tax system, not a flat system or regressive system.

  • But the point in my post is that I suspect that there are other hidden issues in Romney's early tax returns while he was a Corporate Raider for Baine Capital. Most informed citizens are already aware of the inequity between the capital gains taxes and the "paycheck" tax rates. If there are no issues, then he should lay it all out on the table.

[-] 1 points by eldave1 (35) 12 years ago

Toynbee - we are pretty much on the same page other than I would not use the term "fair" - I would use "effective". Like you, I believe that a progressive tax system is needed because it is effective. I do believe that we need some level of a consumption tax (exempting food and medicine) in order to pick up all the under the table income and I would combine that with a progressive tax on income - regardless of income source (i.e., ordinary income or capital gains). There may be other issues in Romney's returns - too early to speculate - but if I had to bet I would bet on your side - the real embarrassment is ultimately not going to be how much taxes were paid - it's going to be the activities of Bain Capital