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Harry Reid Still Whining About Taxes….Damn Those Rich Folks!
Flopping Aces ^ | 08-29-12 | Curt

Posted on 08/29/2012 5:40:41 PM PDT by Starman417

Harry Reid is still bringing up Romney's taxes. Here he is a few days ago:


Senate Majority leader Harry Reid tells George Knapp of KLAS his “source” is a “long time friend, a very wealthy person he’s known for 30 years who’s had business dealings with Bain Capital.” He told him Romney “hasn’t paid taxes like you and I for 10 years.” He adds, “he can’t give us his tax returns because it would be the end of his campaign for sure”

The end of his campaign eh?

Well, that bastion of conservative thought, the New York Times, disagrees:

Mr. Romney has insisted that his returns from 2010, and preliminary returns for 2011 (until he provides a final version) are enough for voters to evaluate his fitness for office. But even though he has not released his returns from earlier years, the 2010 return sheds some light on those years.

That’s because Mr. Romney paid income tax to foreign countries, and as result claimed in 2010 a $129,697 foreign tax credit, which he used to offset taxes he owed in the United States. American taxpayers who claim the foreign tax credit are required to report their total foreign taxes paid and tax credits used for the previous 10 years. So that return contains foreign tax data going back to 2000.

The good news for Mr. Romney is the forms suggest that he paid at least some federal income tax every year, as he has said he did. He used the foreign tax credit every year to offset his taxes in the United States, and American taxpayers can’t use a tax credit if they owe no federal income tax. This casts even more doubt on the claim by the Senate majority leader, Harry Reid, attributed to an unnamed Bain Capital source, that Mr. Romney paid no income taxes during that time.

Of course they have to throw an elbow here or there:

But the data does suggest that Mr. Romney was able to reduce his taxable income in 2009 to a very low level, and thus might have paid relatively little tax — even if it did, as Mr. Romney claims, amount to at least 13 percent of his taxable income. Tax experts also said it is theoretically possible, though highly unlikely, that he paid no federal income tax in 2009. At the same time, an unusually high foreign tax credit in 2008 raises questions about the size and source of Mr. Romney’s foreign income that year and how it was treated for tax purposes.

I find it hard to believe that someone would want to reduce their taxable income....oh wait:

[Diane] Feinstein. lists her as the seventh-wealthiest senator, with a net worth between $44 million and $94 million, according to her latest disclosure forms. And, just like Romney, she keeps a portion of it in offshore accounts. Her most recent reports say she has an unspecified amount (at least $1 million) “held independently by the spouse or independent child” in Coral Growth Investments, Ltd., in St. Peter Port, Guernsey. Guernsey, a tax haven, is a small island in the English Channel that early this year drew the ire of a British Labour-party leader for helping wealthy Brits dodge taxes. The California senator also has between $500,000 and $1 million in a fund called Cevian Capital II L.L.C. in Jersey, another of the Channel Islands. According to her latest forms, that holding generated between $15,000 and $50,000 in capital gains, interest, and dividends. Feinstein has another $1,000 to $15,000 in Mauritius, an island nation in the Indian Ocean off Madagascar that is an up-and-coming tax haven.

(Excerpt)

TOPICS: Business/Economy; Government; Politics
KEYWORDS: obama; reid; rich

1 posted on 08/29/2012 5:40:52 PM PDT by Starman417
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To: Starman417

To heck with “the rich”. TAX politicians first! They should pay their “fare share” to ride on the American porkwagon. I’m sick of politicians always stealing and spending other people’s money to get elected.

2 posted on 08/29/2012 5:47:38 PM PDT by FlingWingFlyer (Had enough of the freaks running the show yet?)
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To: FlingWingFlyer
Steve Wynn ssaid he Bankrolled him from the Beginning until Harry refuse his call over Obamacare

It Sounds like the Vegas money has left Old Harry.

3 posted on 08/29/2012 6:18:49 PM PDT by scooby321 (AMS)
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To: Starman417

This pathetic excuse of a man should be horse whipped.

4 posted on 08/29/2012 6:25:38 PM PDT by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: Starman417

Harry who?

5 posted on 08/29/2012 7:31:59 PM PDT by publius911 (Formerly Publius 6961, formerly jennsdad)
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To: Starman417

Harry when are you going to release YOUR tax records? So far you have release ZERO years.

6 posted on 08/29/2012 7:35:46 PM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: Starman417


This man is a treasonous scofflaw...

And a totally corrupt political whore...

He belongs in handcuffs...
Then life in prison for his malfeasance in office...


7 posted on 08/29/2012 8:07:33 PM PDT by Wings-n-Wind (The main things are the plain things!)
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