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We still don't know exactly why Mitt Romney set up a shell corporation in Bermuda, stashed cash in the Caymans, and opened a Swiss bank account. One running theory is that the Republican hoped to avoid paying U.S. taxes through offshore investments in notorious tax havens.
But today one of Romney's allies stood up for him, arguing that even if Romney was trying to circumvent American tax laws, what's so bad about that?
Mitt Romney shouldn't be criticized for using off-shore tax havens because "it's really American to avoid paying taxes, legally," Sen. Lindsey Graham (R-S.C.) said Tuesday. [...]
Graham argued that Congress is responsible for tax avoidance because it has crafted such convoluted rules and said he was fine with Romney's taking advantage of the loopholes.
"As long as it was legal, I'm OK with it," Graham said. "I don't blame anybody for using the tax code to their advantage."
So, let me get this straight. So long as Romney didn't commit any actual felonies, the American mainstream shouldn't mind that they had to pay their tax bill, but Romney could use some creative accounting tricks, send his money to the Cayman Islands, and magically lower his own tax bill in ways average folks can't.
And this is a defense? From one of Romney's Republican allies?
For that matter, as the Obama campaign's Ben LaBolt argued over the weekend, "Mitt Romney is effectively saying he hasn't technically broken any laws by keeping his money in offshore tax havens. Here's the question: is not technically breaking the law a high enough standard for someone who wants to be president of the United States?"
If Lindsey Graham is parroting the Romney campaign's new talking points, I'm afraid Republicans might need a better argument.
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Mitt Romney - a true Patriot.
I wish I could afford to be so patriotic, and let the rest of you pay more of your income for our roads, military, and oil company subsidies. And then have the gall to say I think I should be your President.
The sentiment is exactly true. Everyone filling out their taxes does NOT look for ways to pay MORE taxes, we look for ways to pay less. Unless you do look for ways to pay more taxes, I'm right on this one.
The problem is not the statement or the action it implies, it is the reason for the legal "tax evasion." Our tax system is so convoluted and complex who knows what anyone is paying?
Just look at President Obama's case for raising taxes on above $250,000 income making business owners, he's already given them 17 tax breaks. So, he's lowered and raised their taxes to what benefit? Is is a "wash?" Is the average small business owner coming out ahead? Is the government up .9%? Who knows!
If the tax code were simple, this would not be an issue. Off soapbox now.
ok...
RobDon's post translated:
So: Vote for Robme because we ALL lie/cheat/steal on our taxes!
And if that doesn't work for ya:
So: Vote for Robme because nobody understands the tax system!
And if that doesn't work for ya:
Bermuda: if it's good enough for Robme cash it's good enough for my cash!
Romney/???? 2012
RobDon,
I agree that we need a simpler tax code. But when it comes to the folks like Romney, who find ways to put money in places where it cannot be touched, and can afford whatever accountants and tax attorneys they need to protect it from being counted, I don't care if it's technically legal or not. The system needs to be unplayable in order to be fair.
I could probably pay someone who could find ways for me to pay less tax, but the difference he/she would make is probably what I would end up paying them to find it anyway. In other words, the system only benefits those who can easily afford to game it.
So, RobDon, you'd be fine with totally eliminating all tax preferences (deductions, differential rates, shelters, etc.)
Is that correct?
KJ CR IA well said.
KJ, I don't disagree with your last post. I do think people with the resources of Romney take "legal" tax evasion to an new level.
I would note that it is present in all economic level. Us regular Joes fill out our return reading and trying everything that we find that is appropriate/legal. Next level may pay H&R or someone else to do the same with more expertise. And those a bracket up may actually pay a CPA or accountant to do their taxes although they don't employ them for the full year. Next level has an accountant who does monthly or quarterly finances, etc. So each level raises the bar sort to speak.
and
I think a simpler system would "level the playing field." I would keep only a few deductions for home, children, and maybe something to encourage saving. I'm not an expert here, so my opinion is just as a tax payer. So, yes, D. C., to answer your question.
All this is silly talk by the Obama campaign to deflect from a poor job market and slowed economy. I agree Romney should reveal more years of returns to remove the suspicions, and he said he will. Just as the Pres' proposal to extend the Bush tax cuts on everyone making less than $250,000. What a charade, considering it will raise $85 billion a year while we have trillion dollar deficits. Where is the plan to reduce the deficit by half in his first term.
The only chance is a Simpson-Bowles like proposal, which Obama threw under the bus. Cut spending, Expand the tax base by removing deductions and shelters. And get rid of Obamacare.
Tom, granted Obama commissioned Simpson-Bowles but the Republicans aren't pushing it either. If memory serves correctly, it included taxing capital gains and dividends as regular income.
There's absolutely nothing wrong with using any and all opportunities for tax avoidance (as opposed to tax evasion, which is illegal). However, if you're running for national office--especially if you're a major party candidate for President--you're going to have to explain to people why investing in a foreign country is better than investing in the USA. That's what one is doing when one puts money in foreign bank accounts.
And therein lies the rub. Romney isn't willing to do that. The more he dinks around, dissembles, and dodges the issue, the worse he looks. He's literally on trial on that issue, and right now people are adjudging him guilty.
In the end either he WILL have to come up with an explanation that satisfies moderates and independents in the swing states, or he WILL NOT win the election.
RobDon: I fault all of Congress for not pushing a comprehensive package. But I also fault the Pres' leadership style. He's more inclined to toss an idea and let an undisciplined Congress run with it. In my opinion, he should have pushed the study's recommendations, even while modifying them. Instead, he let them lanquish. What did we get? Secretive meetings between him and Boehner and then finger pointing.
I agree we should reform the tax code, expand the base, and end the disparity between the different sources of income.
If it was discovered that a professional athlete had bet against his team, he would be banned from the league and face public humiliation for the rest of his life. And yet, when Romney bets against America and the American people by placing his money in Swiss bank accounts and tax havens and shelters in the Cayman Islands and creates a shell company in Bermuda, that's apparently okay with republicans.
America First, right?
kaneblues, two things about your analogy. 1) To bet for the other team in sports means your team has to lose. This is not true in the world of finance. Other countries doing well actually HELPS America. 2) One of the top rule of investments is diversity and this includes world market investments and the use of multiple banks/financial institutions, etc.
If you ask President Obama if he has money invested in foreign companies, odds are he'd have to say "I don't know. My investments are administrated in a blind trust." Just like Romney's.
That said, I do think Romney will have to be more forthcoming on the issue.
I would say it's a lot stronger than a "running theory." It's the only logical theory.
But give the guy a break, will you? At least he fired all the undocumented aliens working for him when he started running for president. How much more do you expect a guy to do to be "technically" legal?
Can a presidential candidate evoke executive privilege?
Like I said earlier, 2012 Republicans now seem to spend all of their time saying things that will only sound convincing to people who already vociferously agree with them. I said a minute ago that it's because they're so deeply embedded in their own bubble of crazy, they can no longer even dimly conceptualize what kind of thing might sound convincing to someone who's undecided or weakly leaning the other way. But I think a big part of the problem is also that, even after the general election is underway, they're stuck in primary mode for the duration because the slightest hint of apostasy risks losing the crazified base.
Romney is awash in one percenter money because Obama huwt their delicate fee-fees by saying mean things about them. Any hint that tax evasion isn't as American as Land Rovers and private islands risks alienating them. And he's trying to hold on to the votes of people who think it's perfectly normal and okay to brandish assault rifles at presidential speeches and engage in Revolutionary War cosplay. People who've excised the "without representation" part from "no taxation without representation" motto and think paying taxes in any amount is tyranny.
Seconded. One of the most striking changes in the Republican Party I've seen over my short life is the total disconnection from actual reality as it's experienced by real people. Nixon was a scumbag, but he knew where his power lay. Reagan was a sock-puppet, but he could give a barn-burner of a speech (it was all moonshine & unicorn farts, but it was convincing for many), and Dubya, tho he mastered no other skill, could at least fake the down-home, aw-shucks style.
What the hell are these guys thinking?
Boy don't we all wish we had Swiss bank accounts and Bermuda bank accounts and Caymen Island bank accounts. Romney is a liar and a cheat.
Now wait a minute here, Romney's swiss bank account is a down payment on a swiss chocolate company.He will introduce a new product called Swiss Mitts Instant Cocao.
Just like the Dem chair!....
http://www.weeklystandard.com/blogs/dem-chair-invested-swiss-banks-foreign-drug-companies-and-state-bank-india_648350.html
Nice try, Timmy, but investing in foreign ventures is different from hiding one's money in them. Her investments were public; his were hidden. Hers report on how much and where; his do not. False equivalence.
joca41 . . . Or he's beginning to establish a fallback position when he loses to Obama in November: running for president of Switzerland.
His foreign investments have been held in a blind trust and managed by a trustee. So what if he is rich...the dems say he is evading taxes, what about all the tax cheats PROVEN like Geitner and othesr in the Obama administration? You don't see balanced reporting on that from MSNBC do you? Here from the liberal biased la times.
http://latimesblogs.latimes.com/washington/2009/03/obama-kirk-taxe.html
Geithner is not running for president and Rmoney is hiding his finances. Geithner was involved in stuff that caused this economic implosion. I view him as a weasel that Obama says, "fix your mess".
Swiss bank account, Camen Island account, Bermuda account isn't it the nearly the same as offshoring jobs?
I'm sorry (not literally sorry), but I agree with this person. http://takingnote.blogs.nytimes.com/2012/07/11/tax-avoider-in-chief/
How can anyone say that it is patriotic to send jobs away and tax shelters in secret accounts in foreign countries?
Besides, investing in foreign currency just smacks of "hell with U.S. dollar, I bet on other countries for profit".
The secrecy of all this is what is in question and it seems to be selfish and uncaring about America to avoid taxes, which Graham called American. What a sad bunch of selfish greedy partisans.
Again with the false equivalence.
I've said this before, I'll say it again...do the Republicans actually want Romney to lose?? Because with allies like this, you have to wonder!
Some of them very much do want him to lose, because that puts the 2016 election wide open.
Off-shore tax havens are people too, my friend.
Pardon me, but might I remind us all who started the American Revolution in the first place? A bunch of old guys who didn't want to pay taxes.
On a superficial level that would be correct, but the causes of the American Revolution were much deeper. If you look at the Declaration of Independence taxes were mentioned once. The rest of the complaints relate to representation in government, local and Parliament. King George abused his powers by stripping the colonies of the basic rights of every Englishmen and that is what really caused the revolution.
There's another aspect to this issue, and I'm frankly surprised that the Republicans are so apparently clueless about it.
Even a Joe Average, not-obsessed-with-politics voter is very aware that the ultra-wealthy and big corporations have the influence to essentially write the laws & regulations in this country to benefit themselves. So when Romney and his allies go on about how all of Mitt's financial schemes are perfectly legal, it sounds extra-weaselly, because Romney is exactly the type of guy who we can imagine dropping millions of bucks into a sleazy politician's pocket, in order to get the law customized for his pleasure. In other words, "legal" is meaningless when you are among the super-rich who define what is legal and what is not. Seems like this is the kind of gut-instinct attack the Dems could easily wield against Romney -- simple, populist, easily understood. I like how the Obama campaign has been hitting Romney over Bain and his business record, and I hope they keep it up.
Just like the Dem chair!....
http://www.weeklystandard.com/blogs/dem-chair-invested-swiss-banks-foreign-drug-companies-and-state-bank-india_648350.html
Repeat because he did:
Nice try, Timmy, but investing in foreign ventures is different from hiding one's money in them. Her investments were public; his were hidden. Hers report on how much and where; his do not. False equivalence.
Thats because she is a politician and he was a businessman...she is accountable to us. Romney wasn't accountable to you....plz.
Nice deflection but point being she invested in similar "foreign" investments...but of course you won't see that reported on MSNBC.
Timmy . . .Romney can continue to hide his money away in foreign accounts and ventures, and tell people nothing about them if he so desires. Of course, should he choose that course of action, he will be able to be a full-time businessman again after the first week in November. Because there won't be any politics in his future.
Ummm... Timmy... he's running for PRESIDENT. That means he's a politician. A little remedial civics would seem to be in order.
Those on the right operate on the Humpty Dumpty principle of word definitions:
"When I use a word," Humpty Dumpty said in rather a scornful tone. "It means
just what I choose it to mean - neither more nor less."
"The question is," said Alice, "whether you can make words mean so many different things."
"The question is," said Humpty Dumpty, "which is to be master - that's all."
Facts....
http://www.politifact.com/truth-o-meter/statements/2010/jul/13/ed-gillespie/gillespie-touts-bush-record-taxes-job-creation/
I know liberals sparknock in the face of facts that are opposite of what liberal lapdog media tells you, but if you reach outside your box you might find some interesting knowledge.
• Were revenues at an all-time high in 2007? Strictly speaking, yes.
According to the Urban Institute-Brookings Institution Tax Policy Center, total federal tax receipts hit $2.57 trillion in 2007, before declining in 2008 and 2009, when the current recession was under way. (Tax revenues almost always sink during a recession.) The 2007 level was the highest recorded since 1934, when statistics were first collected.
damn
what the hell is in those tax returns?
I suspect something REALLY damaging.
Romney and his team had to know the political hit he was going to take. Their calculation must be that whatever is in those returns is much worse.
When will a reporter talk to John Mccain about this? He got to see 23 years of Romney's returns and then he picked Sarah Palin.
I was thinking the very same thing. Seems like the RepMachine is getting in gear for some big political spin on a bad situation. We'll just have to wait & see but this has been their habit lately.
I'm pretty certain that even if Grandpa McWar were asked about those returns, he would not hesitate to lie about what is in them.
Yeah, don't worry about all the tax cheats in Obama's administration and other dems...
http://latimesblogs.latimes.com/washington/2009/03/obama-kirk-taxe.html
Okay. I think I have got what the Righties are saying :
It is okay for Willard Mitt Romney to not pay his fair share of taxes and lie about the fact that he is doing that.
So, this Presidential wanna be ls :
a liar,
a fraud,
a military service dodger,
a job destroyer for profit,
a business destroyer for profit,
a Howdee Doodee racist,
a woman hater who uses his wife like a prop,
someone who used to be for women's right to choose,
someone who used to be for the individual mandate,
a raging Vulture Capitalist.
Did I miss anything ?
Sounds like the perfect Republican candidate to me ! He totally fits the profile.
wow....sorta sums up obama.
1.Obama promised to have healthcare debates on cspan. Liar.
2. Executive order against revealing DOJ documents. fraud
3. Obama wouldn't qualify for the military.
4. Job destroyer through his obamacare.
5. Business destroyer through obamacare for cronny profit, insurance and lawyer lobbyists.
6.Racist....vilified the police when they arrested a black professor.
7 Obama woman hater who pays his male staffers 18% more
8. Obama opposed the mandate........ http://www.youtube.com/watch?
9.
Mr. Obama, after all, is no mere mortal president. Even as he's been busy with
the day job, he's found time to moonlight as CEO-in-Chief of half the nation's
industry. Detroit, the energy sector, health care—he's all over these guys like
a cheap spreadsheet.
Like Mr. Romney, Mr. Obama has presided over bankruptcies, layoffs, lost
pensions, run-ups in debt.
Ahhhhhhhhhh . . . More Jr. High School comebacks from robo rhetoric righties !
http://www.youtube.com/watch?v=7AOJBiklP1Q
http://www.youtube.com/watch?v=Api4fUziAnI
cspan promise....
Executive order to hold back DOJ documents and his refusal to release his college transcripts, bills to been seen for five days...cspan coverage on healthcare. Still looking for those bills online for 5 days.....blah blah blah....so much for change. Promised not to have former lobbyists working in the whitehouse...fail.
http://www.youtube.com/watch?v=m9GSBT_-JoQ
No lobbyists in his administration?...sounded good for the "change" mantra drones didn't it?
http://www.politifact.com/truth-o-meter/promises/obameter/promise/240/tougher-rules-against-revolving-door-for-lobbyists/
What has President Barack Obama done so far?
Answer:
In his first week in office, Barack Obama did the following:
Froze the salaries for top White House staff members. This is a largely symbolic act, but might be an important one.
Set a deadline for the closing of Guantanamo Bay. Some of his supporters would say this is a great thing because they believe it operates as something from the Dark Ages. Others believe this characterization to not be true, and that no plan will be put place to determine what to do with the prisoners. Time will tell.
Fast-tracked the process to apply new fuel standards to 2011 car models AND initiated steps to allow California to set its own standards for auto emissions that are stricter than that of the Federal government. Again, this is a measure that some of his supporters hail as a grand step forward, while his detractors (or flamers) point out that it could provide an additional severe drag on the economy, especially in car manufacturing areas.
Signed a detailed executive order to ban torture and inhumane treatment of prisoners.
Asked the military leadership to engage in additional planning necessary to execute a responsible military draw down from Iraq.
Released the interrogation memos without consulting the Bush staff and/or Bush about it. And they were only partially released some of the information in the memos were not made public.
Signed an executive order that restored a 30-day time frame for former presidents to review records before they are released. It also eliminated the right for the vice president or family members of former presidents to do the reviews.
Signed an executive order that requires that appointees sign forms saying that they were not hired because of political affiliations or contributions. This is far from an unbeatable measure, but is an important early step towards cleaning up governmental hiring policies. It is easier to prove someone lied when their signature is right next to the statement in question.
Signed an order banning gifts from lobbyists and banning anyone from working in an agency they had lobbied in previous years. Promptly made the order toothless by immediately granting a waiver to a former defense lobbyist.
Lifted a ban on giving federal money to international groups that perform abortions or provide abortion information.
Granted his first TV interview as president to Al-Arabiya, a channel described as a "voice of moderation" to the Middle East. His supporters call this a very smart move to help angered nations and groups feel a bit less cast aside, and let them know that they need not resort to violence to be made a part of the world discussion. Detractors point out that this is the type of thing Neville Chamberlain would have done, though a TV interview and "the Munch Agreement" are leagues apart.
In his first 7 months in office
He's done quite a lot actually.
He has so far passed an economic recovery bill which has met mixed criticism but is slowly progressing. He has passed the AMD Stabilization and Support bill which was tailored to help stabilize and strengthen the United States Military, and has shown improvement within the standard. President Obama has also been working on other proposals, bills, and acts to be passed on topics such as Health Care reform, Education, the Mortgage crisis, the war on Al-Qaeda, and Domestic policy.
Promised to send additional troops to Afghanistan in March and began the pullout of troops in Iraq.
Passed the bailout of the auto industry and pressured their management to tow the party line.
Waffled on sending troops and allowed those serving no suffer from lack of support. (If you had to send 30,000 Americans to a war zone I bet you would hesitate unless I realized lives were at stake and I was in charge)
Refused to allow open meetings regarding health care reform as promised.
Passed more tax increases on middle America than any other President.
Encouraged Cap and trade passage to increase demand of foreign oil and raise the cost of our supply. (How does cap and trade increase demand? (See discussion))
Promised to make tough decisions regarding the ability to continue paying medicare payments. Cutting $400 billion from their budget.
Insulted police doing their jobs making the office look foolish. (How? (See discussion)
First Year:
Sent troops to Afghanistan but pulled troops out of Iraq (What planet? He has NT pulled out of Iraq!) we are now at 115,000 troops as of 2/11/2010! Zero actual draw down.
Made a more transparent form of Government (almost daily daily Facebook Q&A's with his staff) Has had more closed door meetings then any previous administration. Even his open door committee only has closed door meetings!
Tried several times to get the Republicans to join him and get bi-partizanship on the destruction of democracy. Republicans did not wish to contribute!
Passed a stimulus package that is creating no jobs across the country. This bill has given more to the rich then every previous President combined!
Well on his way to passing the HC bill which will ration health care to most Americans and help less then 12 million. The cost will destroy our children's and grand children's future.
Managed to have the two worst months for deficit spending ever. (The two Februarys he has been President)
_______________________________—
He became President of the United States. President Obama is also the first black President of the United States.
He also:
Saved the collapse of the American automotive industry by making GM restructure before bailing them out, and putting incentive money to help the industry
Shifted the focus of the war from Iraq to Afghanistan, and put the emphasis on reducing terrorism (where it should have been all along)
Relaxed Anti-American tensions throughout the world
Signed order to close the prisoner "torture camp" at Guantanamo Bay
Has made the environment a national priority, and a primary source for job creation
Has made education a national priority by putting emphasis and money behind new ideas like charter schools, but speaking directly to school children in telling them they have to do their part
Won the Nobel Peace Prize
Created a $789 billion economic stimulus plan
Made the appointment of first Latina to the Supreme Court
Pushed for attractive tax write-offs for those who buy hybrid automobiles
Authorized construction/opening of additional health centers to care for veterans
Renewed dialogue with NATO and other allies and partners on strategic issues
Began the process of reforming and restructuring the military 20 years after the Cold War to a more modern fighting force. This includes new procurement policies, increasing size of military, new technology and cyber units and operations, etc.
Provided better body armor to our troops
Created the "Cash for clunkers" program that offers vouchers to trade in fuel inefficient, polluting old cars for new cars to help stimulate auto sales, save energy, and help the environment
Changed the failing status quo military command in Afghanistan
Closed offshore tax safe havens
Deployed additional troops to Afghanistan
Ended previous policy of awarding no-bid defense contracts
Ended media blackout on war casualties and the return of fallen soldiers to Dover AFB
Ended the previous practice of cutting the FDA and circumventing FDA rules
Ended previous practice of forbidding Medicare from negotiating with drug manufacturers for cheaper drugs; the federal government is now realizing hundreds of millions in savings
Ended previous practice of having White House aides rewrite scientific and environmental rules, regulations, and reports
Enabled the American Recovery and Reinvestment Act that has created 2.1 million jobs (as of 12/31/09)
Ended previous policy of not regulating and labeling carbon dioxide emissions
Ended previous policy of offering tax benefits to corporations who outsource American jobs; the new policy is to promote in-sourcing to bring jobs back
Ended previous policy on torture; the US now has a no torture policy and is in compliance with the Geneva Convention standards
Launched website Recovery.gov to track spending from the Recovery Act, an unprecedented step to provide transparency and accountability through technology
Ended previous practice of protecting credit card companies; in place of it are new consumer protections from credit card industry's predatory practices
Ended previous "stop-loss" policy that kept soldiers in Iraq/Afghanistan longer than their enlistment date
Enabled law that energy producing plants must begin preparing to produce 15% of their energy from renewable sources
Established a National Performance Officer charged with saving the federal government money and making federal operations more efficient
Established a new cyber security office
Expanded the SCHIP program to cover health care for 4 million more children
Expanded vaccination programs
Allows families of fallen soldiers to have expenses
Provided the Department of Veterans Affairs (VA) with more than $1.4 billion to improve services to America's Veterans
Encouraged Federal support for stem-cell and new biomedical research
Budgeted funds for high-speed, broadband Internet access to K-12 schools
Responded with compassion and leadership to the earthquake in Haiti
Responded immediately and efficiently to the floods in North Dakota and other natural disasters
Launched Business.gov - enabling conversation and online collaboration between small business owners, government representatives and industry experts in discussion forums relevant to starting and managing a business - Great for the economy
Improved housing for military personnel
Improved conditions at Walter Reed Military Hospital and other military hospitals
Changed failing war strategy in Afghanistan
Improved benefits for veterans
Increased infrastructure spending (roads, bridges, power plants…) after years of neglect
Donated his $1.4 million Nobel Prize to nonprofit organizations
Increased opportunities in AmeriCorps program
Provided tax credits to first-time home buyers through the Worker, Homeownership, and Business Assistance Act of 2009 to revitalize the U.S. housing market
Increased pay and benefits for military personnel
Increased student loans
Instituted a new policy on Cuba, allowing Cuban families to return "home" to visit loved ones
Cracked down on companies that deny sick pay, vacation and health insurance to workers by abusing the employee classification of independent contractor. Such companies also avoided paying Social Security, Medicare and unemployment insurance taxes for those workers
Limited salaries of senior White House aides; cut to $100,000
Placed limits on lobbyists' access to the White House
Protected 300,000 education jobs that would have otherwise been lost, such as teachers, principals, librarians, and counselors through the Recovery Act
Placed limits on White House aides working for lobbyists after their tenure in the administration
Pushed for the Children's Health Insurance Reauthorization Act on February 4, 2009, which provides quality health care to 11 million kids - 4 million who were previously uninsured
Lowered drug costs for seniors
Made more loans available to small businesses
Held many more press conferences and town halls and provides much more media access than previous administration
Signed the Christopher and Dana Reeve Paralysis Act, the first piece of comprehensive legislation aimed at improving the lives of Americans living with paralysis
Negotiated deal with Swiss banks to permit US government to gain access to records of tax evaders and criminals
Promoted a new Afghan War policy that limits aerial bombing and prioritizes aid, development of infrastructure, diplomacy, and good government practices by Afghans
Announced creation of a Joint Virtual Lifetime Electronic Record for medical records of members of the U.S. Armed Forces to improve quality of medical care
Encouraged new federal funding for science and research labs
Created new funds for school construction
Ordered all federal agencies to undertake a study and make recommendations for ways to cut spending
Ordered a review of all federal operations to identify and cut wasteful spending and practices
Began the phasing out the expensive F-22 war plane and other outdated weapons systems, which weren't even used or needed in Iraq and Afghanistan
Reengaged in the talks on global warming and greenhouse gas emissions
Provided tax credit to workers thus cutting taxes for 95% of America's working families
Reengaged in the treaties/agreements to protect the Antarctic
Removed restrictions on embryonic stem-cell research
Helped reverse a downward spiral of the stock market. On January 19, 2009, the last day of President Bush's presidency, the Dow closed at 8,218.22. In February 2010, the Dow closed at 10,309.24
Renewed loan guarantees for Israel
Restarted the nuclear non-proliferation talks and building back up the nuclear inspection infrastructure and protocol
Returned to the government the money authorized for his family's refurbishment of White House offices and private living quarters
Sent envoys to the Middle East and other parts of the world that had been neglected for years; reengaging in multilateral and bilateral talks and diplomacy
Unveiled a program on Earth Day 2009 to develop the renewable energy projects on the waters of our Outer Continental Shelf that produce electricity from wind, wave, and ocean currents. These regulations will enable, for the first time ever, the nation to tap into our ocean's vast sustainable resources to generate clean energy in an environmentally sound and safe manner
Signed national service legislation; expanded national youth service program
Permitted states to enact fuel efficiency standards above federal standards
Arranged for students struggling to make college loan payments to have their loans refinanced
Commanded and authorized the SEALS team to gain the successful release of a US captain held by Somali pirates
Pushed for the FDA to now regulate tobacco
Ended the previous stop-loss policy that kept soldiers in Iraq and Afghanistan longer than their enlistment date
Cut the missile defense program by $1.4 billion in 2010
Provided for the public to meet with federal housing insurers to refinance (the new plan can be completed in one day) a mortgage if they are having trouble paying
Arranged for the closing of the "secret detention" facilities in Eastern Europe and elsewhere
Implemented the US financial and banking rescue plan
Commanded the US Navy to increase patrols off the Somali coast
Signed the Weapons Systems Acquisition Reform Act to stop fraud and wasteful spending in the defense procurement and contracting system
Visited more countries and met with more world leaders in his first six months in office than any prior President
Improved relations with Iran
Improved U.S. policy on climate change
Set timetable for exiting Iraq and brought troops home
Improved relations with Russia
Improved relations with the Islamic World
Made progress towards greater cooperation on limiting nuclear proliferation
Created jobs with his economic stimulus plan causing the unemployment rate to decrease
Drastically slowed down the recession
Saved Wall Street
Passed the Lilly Ledbetter Act (equal work for equal pay)
Signed the healthcare reform laws
Read more: http://wiki.answers.com/Q/What_has_President_Barack_Obama_done_so_far#ixzz1xLCaHCY9
http://www.realchange.org/romney.htm
Mitt Romney's Skeleton Closet: Scandals, Quotes, and Character :
Quotes
ROFL..... "realchange.org" and "wikianswers" are your sources?....wow dude, thats not slanted or unrealiable at all.....lol. Use this, you might learn some facts.
http://www.politifact.com/personalities/barack-obama/
http://www.realclearpolitics.com/?state=nwa
You probably didn't even read the section from your site on Obama...just as much cronny capitalism going on according to your source.
http://www.realchange.org/obama.htm#solyndra
So, if Romney becomes President, would he OK with every American citizen putting their earnings in foreign banks?
If not, why not?
LOL ! Bingo !
What makes Senator Graham's statement true is "avoid taxes legally." We all do that. When you fill out your tax returns, aren't you looking for ways to pay LESS taxes legally, not MORE?
RobDon,
So you're willing to take Mitt at his word that he pays the legally-required level of taxes for his income?
Sorry, I don't. Otherwise he'd be willing to release more information. If I were running for office, I'd release every bit of my tax information from the first year I ever filed.
I don't know that I'm willing to take him at his word more than I'm willing to take President Obama at his word. I haven't looked to see what others have done and what he did in running for Governor. So, no, I don't necessarily take his word.
As a political tactic, it would be good to release a minimal amount and wait for the cry to reach a crescendo and then release more to say, "see, there's nothing their, my opponents are paranoid."
This argument applies to their college records as well, although I realize that was much farther in the past. Neither have released transcripts or papers, I think.
My taxes are not very complicated, I follow directions and write income numbers in, get a calculator, get my interest statement and add that little number. I multiply by whatever fraction and put down zero for medical (I am not qualified to get a deduction for that I say THANK-YOU because I am healthy overall and I have insurance). Then I find taxes I paid, interest paid add that up. Then I subtract that number from my income. Find the tax table, write that number down. Find taxes paid, then subtract or add and that's pretty much it. The most difficult thing is keeping my papers together and taking time to file.
Nobody likes doing their taxes, but in my case… it doesn't bother me that I pay taxes to live in America.
Maybe having more money makes it more difficult to figure, but you can pay a person to do the calculations and know the laws. The paying of taxes is a civic duty, like jury duty and voting. All those pro America "support our Troops" kinds visualize their money going to the troops, the pro environment folks visualize the EPA getting theirs, or divide up between the two in my case.
Sandy, I totally agree with your view..I too fall in to the I don't like doing (paying) taxes but I live in a great country and so recognize it is my responsibility to do so.
That said, when I needed a new AC/Heat unit and found out there was a tax credit if I got A, B, and C and if I did X, I did those because in the end I got improved air/heat AND got to write off the purchase.
I also have enough deductions to itemize. Sometimes I seek a receipt or documentation for my charity giving, other times I do not, BUT I use what I have because it is A) LEGAL and B) RESULTS IN MY PAYING LESS TAXES.
The charity is honorable, the air unit...not so much. That's all I'm saying. But I kudos to you for seeing it as a civic duty (and really a privilege of sorts) and here's to continued good health.
Like the Dem chair? http://www.weeklystandard.com/blogs/dem-chair-invested-swiss-banks-foreign-drug-companies-and-state-bank-india_648350.html
To health; cheers RobDon. I would point out that tax credit is for replacing with higher energy efficient unit, that is why it's there. A good carrot for doing what conserves energy. I wonder if it would apply if someone in charge of gov't. tax law wished to use as much energy as possible for profit.
Tax reduction is to be used as incentive, like not rewarding outsourcing or doing nothing that injects capital, but still get a reduced rate? That's what I'm talking about.
See, recycling cans and bottles creates jobs, conserves resources and provides incentive (money) for removing litter from landscape and landfill. A win-win for many. As it should be with taxes.
Good talk, we agree here and there. I think my way of thinking is not that avoiding/evading taxes is American, but rewarding what benefits and conversely, not promote tax credits for something that does not give back something of benefit.
Avoiding taxes could mean mowing your neighbor's lawn or babysitting without paying taxes (working under the table). Then again, there is no benefit of Social Security credit, when the need comes.
These businesses that provide employment and play by rules deserve tax credits, those that put in offshore Swiss accounts are not doing anything for America. Those serving the country deserve education and loan perks. Instead Republicans say they are freeloaders and lazy people.
I believe my point is in context with the narrative of tax credit, when it is due and not some imaginary trickle down theory. Rich people are using our public resources and paying a lower rate because of lucky gene pool or bought Apple stock when it was 50 cents a share.
I believe the desire to avoid taxes for no good reason is unethical and worthy of scorn, not envy, scorn. They have not provided any jobs that can be seen by virtue of the last fiasco of real estate loan to encourage things that cause chaos and hurt many and reward a few.
So I guess Mitt is in favor of closing all the loopholes and making it a crime to hide money in offshore accounts. That would be the way to correct this evil temptation they have to "avoid taxes".
Paul, you are making two assumptions. 1) loophole implies he did not pay taxes on this money and 2) that the money is "hidden." Diversity is king in investment and if you have as much money as Romney putting in one bank or only in US banks would not be diversification as I see it. But I don't have millions.
And to your point, Romney could clear suspicion up if he so chooses.
See earlier comments I made regarding how the tax system should be simplified so it is easy to know what everyone is paying and loopholes are not possible. IMHO
Oh my our scholar is back. Thank you for your insight into right think.
If willard mitty wants to be loyal to his party, he should give up his dream and fess up now. The gop still hasn't had it's convention, have they? There's still time to chose a Perry/Bachman ticket.
How about a limbaugh/palin ticket? Then the party could celebrate with self-flagellation.
ROFLMAO ! How about Satan and Glenn Beck ?
Remember awhile back when there was a lengthy discussion about eliminating certain deductions only utilized by the ultra-wealthy? The Republicans were, of course, horrified at the idea. If nothing else, this sort of thing should reopen that discussion, because Romney, with his all off-shore bank accounts, is the poster child for why that needs to happen.
Romney paid less than 14% of his income in taxes in 2010. Yeah, I suspect there's a lot contained his tax returns that he doesn't want us to see.
Not really out of line with others whose income is all capital gains. In fact, I'm really surprised it's as high as it is given the deductions he has (including 10% to the Church.)
Even if his tax percentage was only 10 % he would owe MILLIONS more than he has paid because he has hidden his income for decades. But being a liar is okeeeee dokeee with Mormons and Righties I guess.
D. C. .... How does Romney, unlike the rest of us, find a way to keep his deduction for such things as church contributions when he has large amounts of capital gains and other "tax preference income?" I had what by Romney's standards would be a miniscule capital gain a few years back (a couple hundred thousand), and I lost all of my itemized deductions and my exemption deduction because of the AMT (Alternative Minimum Tax).
Maybe Romney doesn't want his taxes revealed because they would show he is not contributing the obligatory 10% tithe to his church. Seriously -- 10% of his yearly income must be a staggering amount. Not sure if there is enough room for all of those 0's on the tax forms. I guess maybe in 4 point font.
I can't imagine that someone who is so good at holding his money would be so willing to let go of 10% of it. 10% of his yearly income would probably support the church indefinitely.
IIRC if you set aside a block of your income before it's realized, it's not counted in the first place (according to the IRS) but the Church doesn't go into legal technicalities.
Yeah, no tax cheats in the obama administration or dem isle....
http://latimesblogs.latimes.com/washington/2009/03/obama-kirk-taxe.html
How many other practices that Romney might engage in would be approved by Senator Graham? Legally taking the widow's last mite? Letting kittens drown that he could save with some effort? Passing by an unconscious, convulsing man on the street when no one else is around?
This is actually what you are taught in business school - at least when I went 30 years ago. It's not surprising that this is taken as de facto truth by conservative folks. In theory, it works fine...but the theory omits the ability for the super-rich to hire accounting specialists to find every last method for paying the least amount of tax. So, what we have is theory and reality in mis-alignment.
- PonB
W T F ?????
It's really Amercian to commit murder, cheat on your wife, drunk dial folks at 4:00 AM, you name it, legally!
Remember during the Whitewater investigation?How conswerveitives stood together with president Clinton and said "Stop this investigation!" "It's class warfare and dividing the nation!" And how they stood with Hillary while they investigated those stock deals?"Quit persecuting success!"they all said. Remember? ME NEITHER but,IOKIYAR.
Im personaly not jealous of Mitt for having enough money to put some in offshore accounts. I dont see this in any way relative to him serving as President. We probaly need to come up with a tax system where everybody pays their fair share with no loopholes. just make it where eveybody pays 25% ( are whatever amount). For every dollar you make you pay 25 cents. If you make 1000.00 you pay 250.00. If you make 100,000.00 you pay 25,000.00. This business of being jealous of Mitt Romney is childish if you ask me. Only like 52% of people pay income taxes in this country. What we need to be worried about is the 48% who dont pay taxes. Im not 100% sure but didnt Mitt work for free a few times in his life?
You're suggesting a flat rate income tax. No matter what the flat rate is, there are problems with it. Do you plan to tax a business' gross or net income? If you tax the gross, you're going to put almost every manufacturer and most retailers out of business. If it's the net, you'll need volumes of tax code language to specify how to get from gross to net.
Are wage earners' deductions incurred in earning their income no longer going to be allowable? What about the mortgage interest and property tax deductions that fuel homebuilding and are of huge benefit to the middle class? What about contributions to churches?
mpguy,
All excellent points. The so-called "flat tax" is an ideological scam.
No loopholes whatsoever everybody will have to pay their fair share. The owner of the company will have to pay on his profit. Yes you will still have to pay your property taxes sales tax and so on. The flat tax would be for income.
Yes, everyone looks for ways to lower their taxes, it seems to me the "how" of it is what we are talking about. I don't know much about economics, but I remember a friend in the 80's (OMG!) who had a tax shelter business. Most of what they did was entrepreneurial. You invested money in new companies, new movies, new partnerships, or new equipment in your own business in order to not give it to the government. Sure, some of them failed, like some films die at the box office, but the money was moving and people were creating new things. What is different in our tax code now?
Remember, for many self-proclaimed capitalists, "patriotism" has more to do with green than red, white, and blue.
Mitt is a master of both outsourcing and offshoring. He outsources his work force and he offshores his income -- both done purely for personal financial gain.
Romney judges a person's qualifications to lead based on the depth of one's wallet rather than the depth of one's wisdom. He evaluates a person's net worth based on the value of one's portfolio rather than one's value to their community.
To that end, engaging in nefarious accounting practices in order to avoid paying federal taxes is a fundamental component of Romney's view of "good ol' American capitalism". Behavior which most people would regard as unethical is quickly dismissed by Romney and other corporate bullies as being shrewd.
Republican response to the outrage? "It's how we roll. Get over it!"
Obama's tax the rich rhetoric would pay for 8 days of federal gov....we don' have a revenue problem, we have a spending problem....period.
Since Republicans justify low taxes for the top two percent with the claim that these are job creators, why not submit a bill that enables the rich to achieve their current tax level by directly tying their rate to actual job creation (eg., If you create X jobs, you get a tax deduction of Y)?
Once again, the federal gov has a spending problem, not a revenue problem. The fedeal gov had more tax revenue under GW Bush after tax cuts, not to mention all states that elected a GOP governor in 2010 have seen lower unemployment than dem governors in the same time period....FACTS
Here is a sample of what happens...on a federal level the same happens out of country. Let me put it simple.....Rich ppl own businesses = employment + high taxation = business outsourced....FACT
http://taxfoundation.org/blog/are-new-yorkers-fleeing-higher-taxes
Timmy3 . . . You'd have more credibility if you'd stop citing a bunch of sources that tailor statistics and accounts of events to their radical right wing point of view and then label them as "facts." There's a difference between fact and opinion. There's an especially large difference between facts and outright lies.
Those on the right have little or no use for objective reality.
Ok, you show me where GW Bush DIDN"T have record federal tax revenue under his tax cut policies.....
http://www.politifact.com/truth-o-meter/statements/2010/jul/13/ed-gillespie/gillespie-touts-bush-record-taxes-job-creation/
So your Bahamian company (be it ever so just a PO#) charges your U.S. company millions of dollars in consultation fees, thereby making your income tax free? Legally?
Do people have good reasons for putting "clean" (after taxes) monies in foreign bank accounts?
I'm gonna lie, cheat, and steal my way to the presidency of the United States! The lie that will win the most votes for me, will be telling everyone that my opponent is also a liar...
Remember when Bush Sr. said he wanted to be remembered as "The Education President",,, kinder gentler days those lies were...
Bush Jr's first lie once he became president??? The Clintons had trashed the White House,,,, for like a couple hundred thousands worth? Then the lie was exposed when they couldn't show any work orders to repair the damage...
When we all die and all go to that campfire on the other side,, I'll win the bet that Haliburton stole more money from our government (us) than any other company.
What about all the tax cheats in the Obama administration?...does MSNBC cover that? At least the liberal LAtimes had the balls to report on it.
http://latimesblogs.latimes.com/washington/2009/03/obama-kirk-taxe.html
What about the half a billion of our tax money Obama through away to Solyndra? Thats not cronny capitalism?
Does anyone deny that to research energy technological improvements is a waste of money, when we have Ben Franklin saying it's worth doing so?
U.S. Constitution powers of Congress:
Patents, but for limited times. It is good for the country to seek and promote new energy technology.
We spent how many billions trying to be first to walk on the moon? What good did our country get for doing that? Pride. What good did our nation get from "Star Wars" spending? We have a department of energy that is a good thing, because we need energy here in America.
Why are we so enamored with old, polluting energy? Would it be good for America to have clean renewable energy, more jobs? Not just for cronies.
You don't name a person connected as a conspirator with ties to Obama making money from Solyndra. You are giving examples of wrongheaded thinking. That is not crony capitalism. Dick Cheney at Halliburton, then handing Hallibuton a no bid contract is crony capitalism.
A handful of other executives affiliated with Solyndra's management and board donated to the Obama campaign or other Democrats over the years, according to the Daily Caller.
Never mind the fact that $10 billion went to Goldman Sachs from Obama's "stimulus" and bailout funds. Oh, wait, who was one of Obama's top campaign donors?....hmmmmm
http://www.opensecrets.org/pres08/contrib.php?cid=N00009638
If you think the dems and Obama's hands are not dirty from cronny capitalism your nieve.
So, how many at Solyndra donated to McCain or Ron Paul or Nader? You put words in my mouth, I never said that.
I would not call that crony capitalism, more on the Cheney-Halliburton range.
What do any corporate donor or private donor expect in return for donations?
A stock in trade of trolls is crass misrepresentation. They act like they would prefer to outright lie, but sometimes they figure that they are more likely to get way with misrepresentation. Nothing anyone on the right says can be taken at face value or trusted.
I am sometimes compelled to call it when I see it, maybe they will figure out how to debate better, maybe not. I think it only appears they have no valid argument, so deflect and say something that sounds a bit similar.
The elitists, the liberal lapdog media, and the corporate oligarchy wouldn't allow such a true statesman, constitutionalist, and a true common folk politician like Ron Paul to be elected. They would actully be scared that the status quo control over our government might be held accountable for once....
http://www.opensecrets.org/politicians/summary.php?cid=N00005906&cycle=2012