Republicans won’t allow Obama tax cut to continue, and rich still pay less tax

This is a newly added addendum (but at the front) of this blog I posted in Dec. about rich farts and taxes…Lots of interesting conversation arose on face book about it–thanks guys.  Some people showed a chart showing how the millionaires are supposed to pay 35 per cent tax, blah blah blah…but what most people don’t know is that millionaires (and higher) learn how to move their money around to make it look like capital gains, charities, etc.  so people like Mit Romney pay less tax then I do sometimes (and I’m not even that good of a comic).   Here’s a copy of an article below explaining how he does it…Now a lot of people will say, “but look how he gives so much to charity.”  If you do the math, you will see that giving a lot to charity saved Romney hundreds of thousands of dollars on taxes.  Last night, I gave 40 bux to a Methodist youth group, and it didn’t save me anything, except maybe one of them won’t grow up to be a killer one day and come find me.  So I guess it was worth it.   You might read the following article and STILL not believe that many uber rich don’t pay much for taxes, but that’s because you don’t make as much money as they do, and you haven’t gained admittance into the magical land where money is made of air and speculation and can be called just about anything.  Romney is probably one of the more honest (sadly) of money moving people, but what I am interested to know is if the 1.5 million he donates to the Morman church can come back to him in campaign contributions?  Can it?  It’s not like the Mormon church ever doles out money for ads or lobbying or anything.  C’mon!  They’d never do that!    (As a side note, even though I’m not Republican or Democrat, I still like Ron Paul and President Obama, and I know I could eat those words tomorrow.)

One of the more Pleasant Tax articles on Romney (from Yahoo):

Mitt Romney’s tax returns show more than $42 million income over last two years

By Holly Bailey | The Ticket –

Mitt Romney paid $6.2 million in federal taxes over the last two years on income generated almost entirely on investments linked back to his days as a founder and partner in Bain Capital.

According to documents released by his campaign Tuesday, Romney earned $21.7 million in investments in 2010, and he will report another $20.9 million investment income in 2011.

In 2010, Romney paid $3 million in federal taxes but also gave about $3 million to charity—roughly half of that to the Mormon church—which lowered his effective tax rate to roughly 13.9 percent.

According to his 2011 tax return, which hasn’t been filed yet, he’ll pay $3.2 million in taxes with an effective tax rate of approximately 15.4 percent, according to his campaign. He gave $4 million to charity, including $2.6 million to the Mormon church.

The release comes after weeks of pressure from Romney’s rivals for the candidate to release his financial information. After weeks of hedging, Romney finally agreed to release his tax information for the last two years. During Monday’s presidential debate in Tampa, he pointedly declined to follow in the footsteps of his father, George Romney, who released 12 years of returns when he sought the presidency in 1964.

Romney said Monday there would be “no surprises” in his filings.

“I pay all the taxes that are legally required and not a dollar more,” Romney said during Monday’s debate. “I don’t think you want someone as the candidate for president who pays more taxes than he owes.”

But in the process, he took a shot at rival Newt Gingrich’s tax plan. Romney noted that his income is almost entirely derived through capital gains and noted that under Gingrich’s proposal—which would eliminate taxes on capital gains—he would have paid no taxes.

Other popular Yahoo! News stories:

http://news.yahoo.com/blogs/ticket/mitt-romney-tax-returns-show-more-43-million-135129751.html Page 1 of 5

 

MY ORIGINAL BLOG From Dec. 3rd–Well, I don’t use this blog for serious things usually, but I copied and pasted a mass letter I received below explaining what the Obama tax cuts have been, including a calculator that shows how much it saved you last year and how much more you will have to pay.  Republican, Democrat, and Other Party families should all appreciate this….There doesn’t seem there should be any political division, but rather a RICH against the MIDDLE CLASS division (disguised as a republican verses democrat issue, which it shouldn’t be, but that’s a great brainwashing way for the struggling republican families to vote in the people who are keeping them poor.)

I don’t understand why, if the Republicans joined  Norquist’s cult and said they won’t raise taxes, why is it okay now?  I guess it’s okay to do anything that will make the president look bad….and where is Grover Norquist in this?  Why is he not threatening the Republicans they will lose their posts this time?  Because it works in his favor to make even more money from the Republican lobbyists and big business, etc. when Republican law prevails.  The same laws that allowed the banking system to collapse in the first place.  Real bad guy that dude.  And apparently very two-faced.  Well probably, there’s more faces to him like one of those dice pieces in the board games that freak me out, because I’m a meek church goer, and I avoid the black “magics.”

So this conservative lady (me) is also learning, it’s good to be patriotic and support your country and the people of your country, UNLESS you are a millionaire or better, then there’s no need and it really is an inconvenience for these billionaires to pay a fair tax and take one less trip, so another less fortunate  family can buy vegetables this year.    AND SHAME ON CONGRESS FOR BREAKING (if they do).  If you, as a congress person,  had voted for soldiers to go over and fight in other countries, you (the politician who is at least pretending to fight for your country) should only be allowed the same breaks as those soldiers who you sent overseas.  When is that break even?  Every two years?  I’ll ask my cousin.  Certainly this is not too much to ask of a politician who is “fighting for the American people”–to sit thinking in his plush office where his offspring (who, by the way, are not at war, with exception to a few) can visit; to sit in that cozy office and serve the same amount of time before breaking as an endangered  soldier spends in hostile, life-threatening conditions.  Good God–what a joke this congress is.  When republican John Boehner said a few years ago that the republican politicians would focus the next four years on getting the president out of office, he was being extremely honest because the republican party has not done anything else beside that…except wasted our time and money trying to get the president out of office instead of working together to help the very people who voted for these  republicans.   HERE’S THE LETTER THAT WAS SENT OUT WITH THE HANDY CALCULATOR:

2012
Mikelle –In case you missed it — yesterday Congress voted on a bill that gave them two simple choices:

A) Let President Obama’s payroll tax cut expire, raising a typical family’s taxes by more than $1,000 next year, or

B) Extend and expand the tax cut, helping 160 million people and letting that same family keep $1,500. Click here to find out what it does for you.

The payroll tax cut would be paid for by requiring millionaires and billionaires to pay a little more. But some in Congress think millionaires and billionaires should get to keep paying the already-low rate they get, thanks to the Bush tax cuts.

This one isn’t complicated. And for a party whose leaders and candidates have pledged not to support any tax hike ever, taking money out of the pockets of middle-class families should have been unacceptable.

But almost every Republican in the Senate went with option A — blocking President Obama’s proposal, and refusing to make the wealthiest among us contribute their fair share to help struggling families and strengthen the economy.

So it’s clear that when they say no tax hikes, they really mean millionaires and billionaires shouldn’t pay more, ever — even if that means your taxes go up.

We’re not letting this one go until Congress reverses course and does the right thing. And one way to spread the word is to make sure you know exactly how the Obama tax cuts affect you and your family.

We’ve created a new Obama tax cut calculator — use it to find out how much money Republicans in Congress want to take from you, then share it with everyone you know so they can find out, too.

In these last few weeks alone, we’ve seen Congress fail to act over and over again. First by refusing to keep teachers, firefighters, and cops on the job and to hire more of them, and now by refusing to protect a middle-class tax cut that makes a real difference for millions of American families.

And the Republican presidential candidates are in lock step with the GOP leaders in Congress on this. Just last week, Mitt Romney said he’s “not looking to put money in people’s pockets” and backed his Congressional counterparts.

Try the calculator to see what’s at stake for your paycheck, and please share it with anyone you think needs to see it:

http://my.barackobama.com/Tax-Calculator

Thanks,

James

James Kvaal
Policy Director
Obama for America

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Published in: on December 3, 2011 at 6:51 pm  Leave a Comment  

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