Romney Reports Income From Funds at Goldman Sachs

reply to post by ModernAcademia


Supposedly it's because none of his income was earned. All of his income was profits from investments.
I fail to understand the logic behind giving someone who doesn't even work a tax break, but hey it is what it is.

I just wanted to post an update with a more recent article with some extra information in it:

Romney's Tax

Mr. Romney’s 2010 returns also suggest he may have paid far less taxes the previous year. The 2010 return shows the family made estimated tax payments for 2009 of $1,369,095. To avoid penalties, estimated tax payments must be at least 110 percent of the taxes owed the prior year. Assuming that is what he paid, his federal tax bill for 2009 would have been $1,244,632, far less than in 2010. - NY Times

Man, it must be nice...

If he made $20 Million in 2009 and paid $1.2 Million in taxes... that's only around 5% tax...

reply to post by tsawyer2


your out of your mind. Add up all the tax they pay besides the income tax and you should see why they shouldnt have to pasy an income tax. Irv Homer was the best he explained how much of your money is taxed not the income tax. Dont believe the BS that comes from the talking heads that everybody should pay their fair share. Romney pays long term cap gains tax. He earned that money off the backs of hard working individuals trying to get ahead only to be taxed heavily so they cant accumulate the wealth to supply them with income from long term cap gains.

The primary difference here is that wage earners are actually working for their taxable income and the wealthy investors such as Romney are not.

Romney's income is derived from capital gains...which are taxed at a lower rate...because the wealthy are who make our tax laws and benefit the most from this method of earnings.

Romney is merely handing over a portion of his inherited Millions to Goldman Sachs (who are the investment arm of the FED) who in turn lend it to Nations such as Greece and charge a significant amount of interest.

These returns are taxed according to the capital gains laws without nary lifting a finger...

The system is skewed so the wealthy can pay Less in taxes by simply investing for their income than those who actually work and contribute to society by producing something tangible.

This is the nature of a system of the Haves and Have Nots where the Haves make the laws that benefit themselves and not the Have Nots haven't any say in the matter.

This is representative of a Oligarchy where the majority of poor work to support the few Rich and why we such disparity in wealth.

Think of Master vs Slave...

Plain and Simple.

Peace