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#3647323 - 01/26/12 11:08 PM Re: 36 Obama aides owe $833,000 in back taxes [Re: TexasBlue]
tgas2010 Offline  

Permanent Resident

Registered: 07/06/06
Posts: 6169
Loc: Barsoom
Originally Posted By: TexasBlue
Not talking capital gains, pal. We're talking non-payment. You do it and see where it gets you...


I think you're confusing 'back taxes owed' with the more dire complications of not filing a return.

"As with ordinary people, the IRS attempts to negotiate back-tax payment plans with all delinquents..."

http://www.backtaxeshelp.com/Solutions.html
_________________________
Live life to the fullest...think of all the people on the Titanic who passed up chocolate dessert.


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#3647324 - 01/26/12 11:09 PM Re: 36 Obama aides owe $833,000 in back taxes [Re: ]
TexasBlue Offline  

Monitor Tanned

Registered: 02/03/05
Posts: 5383
Loc: Minnesota
Originally Posted By: foobar456
If you're going to get technical, the 15% tax is NOT on money he already paid tax on. It's on the GAINS. FACT.


Technically, yes. But there's also the fact that the money that was invested in the first place was taxed once already.

Hey, I got an idea! Let's raise that capital gains tax and watch investment take an even bigger shit. We'll show those rich bastards! Screw the economy. We need to see the rich take a hit.

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#3647342 - 01/26/12 11:32 PM Re: 36 Obama aides owe $833,000 in back taxes [Re: TexasBlue]
foobar456
Unregistered


Originally Posted By: TexasBlue
Originally Posted By: foobar456
If you're going to get technical, the 15% tax is NOT on money he already paid tax on. It's on the GAINS. FACT.


Technically, yes. But there's also the fact that the money that was invested in the first place was taxed once already.

Hey, I got an idea! Let's raise that capital gains tax and watch investment take an even bigger shit. We'll show those rich bastards! Screw the economy. We need to see the rich take a hit.

Just keeping you on the straight and narrow. You start with an incorrect fact here, an exaggeration there, next thing you know you're a liberal, right? whistle

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#3648843 - 01/28/12 11:20 AM Re: 36 Obama aides owe $833,000 in back taxes [Re: ]
dblboggie Offline  


Urban Myth

Registered: 01/26/05
Posts: 51757
Loc: Nowhere... I'm a Myth!
Originally Posted By: foobar456
Originally Posted By: TexasBlue
Fact: Romney paid taxes of 35% on his income

Fact: He invested the money "left over" into stocks.

Fact: The tax on those stock gains (profit on investment = capital gain) is 15%.


It's pretty simple. He already paid his fair share and then had to pay another 15% on money he was taxed on once before.

Why is it that some of you refuse to research this stuff It's not even rocket science. You make blatant excuses and even twist things so out of proportion that it makes a person that is totally ignorant about this think that you're stating fact.

Heck, my Democrat voting uncle knows this stuff to the letter and actually sides with Romney.


If you're going to get technical, the 15% tax is NOT on money he already paid tax on. It's on the GAINS. FACT.


Actually, if we are getting technical, capital gains ARE taxed twice.

Romney bought a share in a company, which means he owns a portion of that company and any profit that company makes.

When the company makes a distribution of profits to share holders, that company must pay a corporate income tax on those profits, usually 35% (as a company large enough to be publicly traded will be making revenues high enough to be taxed at the highest marginal rate). As a shareholder is, in fact, a partial owner, it is THEIR profits that are being taxed at the corporate level.

Then, when they have what's left of those profits in their personal bank account, the federal government steps in AGAIN, and asks for 15% MORE of those profits with the capital gains tax.

So technically, yes, Romney's capital gains are money that is being taxed twice.

FACT!
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#3648926 - 01/28/12 12:43 PM Re: 36 Obama aides owe $833,000 in back taxes [Re: dblboggie]
foobar456
Unregistered


Originally Posted By: dblboggie
Originally Posted By: foobar456
Originally Posted By: TexasBlue
Fact: Romney paid taxes of 35% on his income

Fact: He invested the money "left over" into stocks.

Fact: The tax on those stock gains (profit on investment = capital gain) is 15%.


It's pretty simple. He already paid his fair share and then had to pay another 15% on money he was taxed on once before.

Why is it that some of you refuse to research this stuff It's not even rocket science. You make blatant excuses and even twist things so out of proportion that it makes a person that is totally ignorant about this think that you're stating fact.

Heck, my Democrat voting uncle knows this stuff to the letter and actually sides with Romney.


If you're going to get technical, the 15% tax is NOT on money he already paid tax on. It's on the GAINS. FACT.


Actually, if we are getting technical, capital gains ARE taxed twice.

Romney bought a share in a company, which means he owns a portion of that company and any profit that company makes.

When the company makes a distribution of profits to share holders, that company must pay a corporate income tax on those profits, usually 35% (as a company large enough to be publicly traded will be making revenues high enough to be taxed at the highest marginal rate). As a shareholder is, in fact, a partial owner, it is THEIR profits that are being taxed at the corporate level.

Then, when they have what's left of those profits in their personal bank account, the federal government steps in AGAIN, and asks for 15% MORE of those profits with the capital gains tax.

So technically, yes, Romney's capital gains are money that is being taxed twice.

FACT!


Originally Posted By: TexasBlue
It's pretty simple. He already paid his fair share and then had to pay another 15% on money he was taxed on once before.

Tex was saying that Romney was paying tax on the same money twice. That is wrong.



FACT!!!

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#3648929 - 01/28/12 12:47 PM Re: 36 Obama aides owe $833,000 in back taxes [Re: dblboggie]
JT Offline
Mythical Figure

Registered: 08/09/04
Posts: 66473
Loc: Nueva York
My paycheck gets taxed 5 times over. Beat that! I get taxed by the feds, state, city, social security, and medicare.

They get taxed twice, cry me a freakin river. Depending on what they do they need to be taxed twice regardless. A business owner is going to be taxed on his business and then again as a person. Stop protecting the freakin rich already. 35%, 50%, whatever, they are still rich and have no problems surviving in their lives. And many of them do plenty of things to avoid taxes as well.
_________________________




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#3648974 - 01/28/12 01:20 PM Re: 36 Obama aides owe $833,000 in back taxes [Re: ]
dblboggie Offline  


Urban Myth

Registered: 01/26/05
Posts: 51757
Loc: Nowhere... I'm a Myth!
Originally Posted By: foobar456
Originally Posted By: dblboggie
Originally Posted By: foobar456
If you're going to get technical, the 15% tax is NOT on money he already paid tax on.[b] It's on the GAINS. FACT.


Actually, if we are getting technical, capital gains ARE taxed twice.

Romney bought a share in a company, which means he owns a portion of that company and any profit that company makes.

When the company makes a distribution of profits to share holders, that company must pay a corporate income tax on those profits, usually 35% (as a company large enough to be publicly traded will be making revenues high enough to be taxed at the highest marginal rate). As a shareholder is, in fact, a partial owner, it is THEIR profits that are being taxed at the corporate level.

Then, when they have what's left of those profits in their personal bank account, the federal government steps in AGAIN, and asks for 15% MORE of those profits with the capital gains tax.

So technically, yes, Romney's capital gains are money that is being taxed twice.

FACT!


Originally Posted By: TexasBlue
It's pretty simple. He already paid his fair share and then had to pay another 15% on money he was taxed on once before.

Tex was saying that [b]Romney was paying tax on the same money twice. That is wrong.



FACT!!!


I wasn't referring to Tex's error, I was referring to yours. See the bit I highlighted above by you.

While Tex may have been mistaken about WHERE the double taxation happened, he was not wrong about the capital gains tax being a double tax.

You, on the other hand failed to failed to acknowledge that the capital gains tax is a double tax, a fact my post makes clear.

FACT!!!
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#3648986 - 01/28/12 01:25 PM Re: 36 Obama aides owe $833,000 in back taxes [Re: dblboggie]
foobar456
Unregistered


Read it again. I said the capital gains tax is not on money HE already paid taxes on. HE being Romney. Which is correct.

Game. Set. Match.

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#3649018 - 01/28/12 02:11 PM Re: 36 Obama aides owe $833,000 in back taxes [Re: JT]
dblboggie Offline  


Urban Myth

Registered: 01/26/05
Posts: 51757
Loc: Nowhere... I'm a Myth!
Originally Posted By: JT
My paycheck gets taxed 5 times over. Beat that! I get taxed by the feds, state, city, social security, and medicare.

They get taxed twice, cry me a freakin river. Depending on what they do they need to be taxed twice regardless. A business owner is going to be taxed on his business and then again as a person. Stop protecting the freakin rich already. 35%, 50%, whatever, they are still rich and have no problems surviving in their lives. And many of them do plenty of things to avoid taxes as well.


I feel your pain JT, my paycheck is hit as many times as yours.

But you forget (or did not know) that capital gains are also taxed at the state level. And while people like Romney were drawing a salary, they paid the maximum amount in federal, state, local, Social Security, Medicare and unemployment taxes that a person can pay.

They also get taxed at the local level as well and don't forget their property taxes, which will also be very sizable.

Rather than attacking the wealthy for having worked hard and being successful, why not just join them?

I have to confess that I just don't get this whole wealth envy thing.

I am damned happy that there are people with enough drive, ambition, guts, and tenacity to put in the hard work it takes to become wealthy, because I sure as hell don't have it and were it not for them, I wouldn't have anyone to work for!

Honestly, if you want to be rich yourself, then get off your ass and put in the hard work it takes!

The only thing standing in your way IS THE FUCKING FEDERAL GOVERNMENT!!!

And why do I say that? Because people, like the founder of Home Depot (just one of the many billionaires who built their fortune from scratch in our life time) says that if he had it to do all over again today, federal laws and regulations would make it impossible! And this is a company that employs 10's of thousands of Americans!

You bitch and moan about the wealthy and completely ignore the crony capitalists on the Hill!

I just don't get it!
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#3649023 - 01/28/12 02:17 PM Re: 36 Obama aides owe $833,000 in back taxes [Re: ]
dblboggie Offline  


Urban Myth

Registered: 01/26/05
Posts: 51757
Loc: Nowhere... I'm a Myth!
Originally Posted By: foobar456
Read it again. I said the capital gains tax is not on money HE already paid taxes on. HE being Romney. Which is correct.

Game. Set. Match.


So you might think, but you would be wrong!

As a shareholder, and thus part OWNER of a company, HE DID, in fact, "already" pay taxes on those capital gains!

Checkmate!
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