Breaking News: Romney Paid Capital Gains Taxes in 2010

[PapaG]

Paid them at the same rate I did, and the same rate as us other "middle class" folk paid them, or even the "poor folk" who have money invested in various markets.

Obama is desperate. I just saw a menacing and incomplete new ad from Obama while watching the Olympics about Romney's "15%" tax rate in 2010. His income came from investments made with already-taxed money.

I mean, I could make the argument that the entire idea of a capital gains tax is double-taxation more easily than I could the Romney is somehow a tax cheat.

 

[chris_in_pdx]

Release the tax forms and if there's nothing fishy, we won't be having this discussion. It's that simple.

But when it's a birth certificate, it's a no-brainer, right?

 

[RedHotRollin]

No!

 

[PapaG]

Release the tax forms and if there's nothing fishy, we won't be having this discussion. It's that simple.

But when it's a birth certificate, it's a no-brainer, right?

Release the college records.

Release the SS number.

Release the Passport visits.

The "release" game is lame. The only reason we know Romney paid capital gains taxes, like everybody else with investments, is because he released his tax returns.

I suppose you also support Harry Reid's pathetic "Romney hasn't paid taxes in 10 years" nonsense that he said on the Senate floor last week. Stupid people will hear that and believe it, and besides some evidence here at times that may show otherwise, I actually don't think you're stupid.

 

[RedHotRollin]

Damn it, I thought we had him!

 

[chris_in_pdx]

I suppose you also support Harry Reid's pathetic "Romney hasn't paid taxes in 10 years" nonsense that he said on the Senate floor last week. Stupid people will hear that and believe it, and besides some evidence here at times that may show otherwise, I actually don't think you're stupid.

I can't even claim "broken irony meter" with you anymore because it's just too damn easy.

 

[PapaG]

I can't even claim "broken irony meter" with you anymore because it's just too damn easy.

Well, you're the one calling me a racist, repeatedly. Nice signature, by the way. Suicide is hilarious!

 

[drexlersdad]

 

[PapaG]

To summarize, Romney paid the tax rate that he was supposed to pay on income that was taxed once as income, and now twice in capital gains. This fact is now a misleading national ad the Obama is running.

Romney should actually run an ad illustrating how this is double taxation on the middle class. We're already taxed, and yet if we invest, we're taxed on earnings for investing wisely.

 

[jlprk]

Even when double-taxed, Romney paid less than the 15% that ordinary paupers pay. Until the rates for the wealthy return to the norm that kept this country solvent before the Bush tax cuts, the rich should be quintuple-taxed.

 

[PapaG]

Even when double-taxed, Romney paid less than the 15% that ordinary paupers pay. Until the rates for the wealthy return to the norm that kept this country solvent before the Bush tax cuts, the rich should be quintuple-taxed.

Only because he had charitable deductions. Like most of us who don't rely on the government have as well. He still was paying the same capital gains rate before he decided to donate a large part of that income to various charities.

 

[PapaG]

By all means, if the super rich should pay more in capital gains, and have no charitable deductions, then make that case for the Dems.

I'd actually respect that from Obama.

 

[jlprk]

Were these like Newt Gingrich's charities, which sell CDs of his partisan speeches, and donate the proceeds to him and his well-haired wife?

 

[PapaG]

Were these like Newt Gingrich's charities, which sell CDs of his partisan speeches, and donate the proceeds to him and his well-haired wife?

Not sure how Newt Gingrich is involved here.


Seems like you're trying to deflect things.

 

[chris_in_pdx]

Well, you're the one calling me a racist, repeatedly.

I fail to see how that fact is in any way germane to Mitt Romney's tax records being released.

Nice signature, by the way. Suicide is hilarious!

You, being sensitive about anything? That's rich (pun slightly intended).

 

[chris_in_pdx]

Seems like you're trying to deflect things.

Says the King of deflectors.

 

[Denny Crane]

If I were him, I'd hold out until the last few days of the campaign and then release the tax returns. Obama's whole campaign is about the tax returns or anything else that deflects analysis of his own record. If Romney were to release his returns now, there'd be an army of accountants from the Obama campaign scouring through them looking for anything they can use as a smoke screen or distraction.

That said, I don't think that PapaG is right about already taxed money. If he made $100 and invested it in something that he sold for $1M, he initially paid 50% on the $100 and 15% on the rest (at the time of sale). The gain is NOT already taxed money.

There are circumstances where he might pay no capital gains at all. If he has a holding company, much like Berkshire Hathaway, he can trade stocks all he wants and as long as he pockets no actual cash (reinvests in other stocks), he doesn't have to pay the gains. Obama ads might make hay of it, but I don't have an issue with it.

I think if anyone wants to get their panties in a bunch, they should look at GE who pays no corporate tax and whose chairman is a key Obama advisor and who appears to be making business decisions designed to make Obama's policy choices (e.g. buying Chevy Volts for the GE fleet) look good.

 

[MARIS61]

To summarize, Romney paid the tax rate that he was supposed to pay on income that was taxed once as income, and now twice in capital gains. This fact is now a misleading national ad the Obama is running.

Romney should actually run an ad illustrating how this is double taxation on the middle class. We're already taxed, and yet if we invest, we're taxed on earnings for investing wisely.

Sort of a moot point when he parks the vast bulk of his ridiculous fortune in foreign countries to avoid paying ANY taxes on them.

There's the letter of the law.

And then there's the spirit of the law, loyalty to country, common sense of what's fair, gratitude to those who toiled to make you rich...

Romney probably follows the letter of law.

 

[MARIS61]

If I were him, I'd hold out until the last few days of the campaign and then release the tax returns.

It's clear by now there's evidence of criminal behavior or some equally damning revelation contained in them or he'd save his failing campaign by releasing them right now. He can't win without them and he can't win with them.

He's done.

 

[Denny Crane]

It's clear by now there's evidence of criminal behavior or some equally damning revelation contained in them or he'd save his failing campaign by releasing them right now. He's can't win without them and he can't win with them.

He's done.

Utter nonsense.

 

[chris_in_pdx]

Utter nonsense.

So what's the reason, Denny? Come on... tell us why he's not releasing them, other then A) there's the smoking gun in there that John McCain found and then picked Sarah Palin, or B) he is such an out-of-touch prick that he honestly wonders why anyone wants to know what he does with his money.

 

[Denny Crane]

So what's the reason, Denny? Come on... tell us why he's not releasing them, other then A) there's the smoking gun in there that John McCain found and then picked Sarah Palin, or B) he is such an out-of-touch prick that he honestly wonders why anyone wants to know what he does with his money.

I already answered. Team Obama wants to scour through them to find anything they can to use as a diversion from Obama's record. The strategy is to NOT let it be a referendum on Obama. Get it?

So how do you feel about GE paying $0 in taxes, and it's CEO, Jefrey Immelt, being the head of Obama's "jobs council"? Other than the jobs council not being very effective.

 

[chris_in_pdx]

I already answered. Team Obama wants to scour through them to find anything they can to use as a diversion from Obama's record

Lack of answer noted.

 

[Denny Crane]

Lack of answer noted.

I answered the question in no uncertain terms. I think you're talking about your non-answer to my question about Immelt.

 

[jlprk]

Scouring his tax returns is par for the course. What is nonstandard is to hide them, not to scour them. He's obviously hiding bad behavior, and naturally, Obama's campaign is calling attention to that.

P.S. Denny, I think you're a space fan like me. NASA TV landing coverage starts in 1 hour, 8:30 PDT.

 

[Denny Crane]

He released one and people made a stink out of perfectly legitimate things like offshore accounts.

When John Kerry ran for president, he didn't release his wife's tax returns (she was worth 2x to 4x more than Romney).

 

[chris_in_pdx]

I answered the question in no uncertain terms.

No, you didn't.

 

[chris_in_pdx]

He released one and people made a stink out of perfectly legitimate things like offshore accounts.

When John Kerry ran for president, he didn't release his wife's tax returns (she was worth 2x to 4x more than Romney).

John Kerry's wife wasn't running for president.

And offshore accounts are perfectly legitimate (for someone with the means to have them). What he does with them may not be. The tax forms will show that.

 

[Denny Crane]

The offshore accounts are described here:

http://www.reuters.com/article/2012/07/20/us-usa-tax-romney-idUSBRE86J1BP20120720

The swiss bank account was his wife's account, not his. Kerry's wife, goose, gander, and all that.

I assure you that if Romney had done something like not paying taxes by using some offshore account, we'd already know about it. The one return for 2010 would show he paid taxes on those accounts or not.

I'd also like you to produce any kind of law that says a candidate must provide his tax returns. From what I've read, McCain produced just two, and Romney intends to do likewise.

 

[PapaG]

If I were him, I'd hold out until the last few days of the campaign and then release the tax returns. Obama's whole campaign is about the tax returns or anything else that deflects analysis of his own record. If Romney were to release his returns now, there'd be an army of accountants from the Obama campaign scouring through them looking for anything they can use as a smoke screen or distraction.

That said, I don't think that PapaG is right about already taxed money. If he made $100 and invested it in something that he sold for $1M, he initially paid 50% on the $100 and 15% on the rest (at the time of sale). The gain is NOT already taxed money.

There are circumstances where he might pay no capital gains at all. If he has a holding company, much like Berkshire Hathaway, he can trade stocks all he wants and as long as he pockets no actual cash (reinvests in other stocks), he doesn't have to pay the gains. Obama ads might make hay of it, but I don't have an issue with it.

I think if anyone wants to get their panties in a bunch, they should look at GE who pays no corporate tax and whose chairman is a key Obama advisor and who appears to be making business decisions designed to make Obama's policy choices (e.g. buying Chevy Volts for the GE fleet) look good.

False.

His income was taxed when it was earned as income. He invested the money post-tax, and whether he made money or not, it is taxed at the same rate.

It's secondary taxation. Learn the game, then post. I'll add that a part of the Dem platform is to tax 401k money for the common folk, since currently, that money isn't taxed for income prior to being placed into a 401k account.

As usual, you don't know what you're talking about, Denny.