Posted on 09/27/2012 4:01:43 AM PDT by Kaslin
You sure you're on the right board?
What are you reading? I don't advocate tax increases on anyone. I support tax cuts for everyone. I called you on your attempt to argue by distortion. It is an unaccptable methodology here or anywhere else.
I favor that option which makes it absolutely irrelevant how much Mitt pays, or what he does with his money. He can give it all to his church if he wants ~ they'd probably like that! But gifts are not taxes.
Currently the system is inherently inequitable and cannot be fixed. The federal income tax system is a failed federal program ripe for abolition.
ROMNEY did NOT write the millions of pages of US TAX CODES.
EVERY person I have ever met in 65+++ years who is wealthy has the very best accountants & bookkeepers available. They don’t want any trouble with their books, because they know how long & tiresome audits can be.
The audits done of returns of wealthier persons is far more diligently done by the IRS than the audit of the mechanic.
A friend of mine just went thru a 18 month long audit of her 2 businesses.
The IRS wanted to not recognise ANY of the expenses of the secondary business & many legitimate deductions of the primary business. They did want to tax her on the income from BOTH sources, tho. Just NOT let her use the expenses getting that income!!! I don’t even want to ask her how much it cost her in legal & accounting fees. These accounting fees were on top of the normal accounting/bookkeeping she has always done. She hired a 2nd firm to review ALL of her records for the past 6 years ++. They found nothing wrong. They even found a couple of small items she could have deducted, therefore she overpaid a few years back.
She does very clean & detailed records and always has. She doesn’t discard any receipts and keeps them in an orderly fashion.
A few of us who are also involved in businesses like her secondary business wrote letters in her behalf, explaining the details of what we were doing.
Long & short of this story?
She won—beat the IRS on both businesses.
The letters some of us wrote were very informative to the IRS agent—he even complimented her on those letters & the details he never knew about such activities.
I don’t for one little second believe that Mitt Romney would not have the experience & ability of very good bookkeepers & accountants working for him.
Funny, my average rate has always been higher than what Mitt claims ~ and he made an awful lot more money than me.”””
It isn’t how much money is made-—it is the category of the money made which determines the rate.
MOST money made on INVESTMENTS has already been taxed at the company which made the income in the first place.
Therefore, the same beginning income got taxed TWICE.
There is EARNED income & PASSIVE income.
Have your local CPA explain this.
Just ignore him
Good move.
Note, if you take earned income and put it into a 401(k) plan, once you reach the appropriate age you can begin withdrawing those funds and any investment income you may have earned inside the fund, and pay taxes at the personal income tax rates.
Which means, of course, that there's investment income that's NOT eligible for the capital gains rate. Rather inequitable eh!
Frankly the Constitution says INCOME, and the courts say they can carve out income any way they wish, and use variable rates, flexibile rates, progressive rates, or no rate at all!
The federal income tax is an antiquated vehicle that's outlived its usefulness. Time to cut back government expenditures and cut back on taxes.
Starve the Beast.
The income tax is a failed federal program. Do not imagine tax lawyers, tax accountants and cpas are the only people who know something about how it works.
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