Obama Camp Releases Infographic On Romney’s Offshore Bank Accounts

Obama Camp Releases Infographic on Romney's Offshore Bank Accounts.



Very interesting.

Mitt Romney has invested his money around the world, from the Cayman Islands to Ireland to Australia. We don’t know if he’s using these accounts to avoid paying his fair share in taxes, but we do know that in 2010, Romney’s tax rate was a startlingly low 13.9%. This means Romney pays a lower tax rate than many teachers, firefighters, police officers, and other middle-class Americans—even a lower rate than most other millionaires.

How does a guy with all that money hidden away in other countries only pay 13.9%?
Of course this whole infographic here is just another salvo in the continuing political battle.
But I gotta chuckle makes me wonder how Romney is going to spin this away.

reply to post by grey580


Romney pays that rate because it is earnings made from money ALREADY taxed.

Basically, Romney is being taxed twice. The first time on income earned. The second time, on invesment income earned.

If I made 100 dollars, and got taxed 30% then took the remaining 70 dollars ad invested it and made money, I get taxed an additional 13.9% on money that I made from the 70 dollars.

Everyone is focusing on the second tax and not on the first.

reply to post by grey580


Look how many blind trusts are in Ann Romney's name. Talk about suspicious, some say the woman hasn't worked day in her life. Yet seriously, what is the reasoning behind having these Ann Romney blind trusts, are they from her family money or from Willard's "earnings" (I thought he said he was unemployed?)

reply to post by beezzer


Yeah that was nagging at the back of my mind too.
It's a different rate for investments.
Well take it for what it's worth then.
But I wonder if that data was publicly available.

Wow thanks for posting this.

How can anyone vote for Mittens?

reply to post by Aleister


Probably to hide away money in case Mitt gets sued.
Can't take from him what's not his.

How can anyone vote for Obama for that matter?

reply to post by BlueStatePatriot


With a little hope that he will at least slow down the ridiculous spending going on. And that he isnt an insane man hell bent on ruining the county like Ronnie.

So if these practices are illegal, audit away. If not, quit whining that Romney is better at making money than you.

Originally posted by beezzer
reply to post by grey580

 

Romney pays that rate because it is earnings made from money ALREADY taxed.

Basically, Romney is being taxed twice. The first time on income earned. The second time, on invesment income earned.

If I made 100 dollars, and got taxed 30% then took the remaining 70 dollars ad invested it and made money, I get taxed an additional 13.9% on money that I made from the 70 dollars.

Everyone is focusing on the second tax and not on the first.

Agreed. Who gives a flying $#%^ where he keeps his money if he's paying taxes on everything legally? I have issues with Romney and would never vote for him, but his money is the least of my concerns. Unless there's illegal activity going on, people need to leave his finances alone. Let's not forget that our Governments like to rape us any chance they get. Don't tell me you wouldn't do everything in your power to keep as much of your earnings as possible.

Not a Romney supporter at all,but I could see Romney doing far better with a Budget,then Obama......

Heres some Infographics that put things into perspective,and tells you why no one wants to touch his budget,with a ten foot pole......

The first chart tallies up Obama's proposed spending and proposed "spending cuts" over the next decade. The spending is easy to calculate. The spending cuts are a little more dicey. Obama has said he will trim possible future debt by $4 trillion in this budget. About $1.5 trillion of that total will come from tax increases, so the other $2.5 trillion will come from foregone outlays

This chart adds up the increase in debt held by the public over the next decade if everything goes according to Obama's plan. Though the president likes to stress the need to be responsible in fiscal matters, debt will increase by at around $8 trillion over the coming 10 years.



The red bars are the actual deficits and, in the case of 2012 and 2013, the projections in this year's budget. In 2010 and 2011, the deficits were worse than projected. And the new projections for 2012 and 2013 are worse than what Obama figured they would be in 2010. Which hardly fills you with enthusiasm or confidence about his ability to figure out the budget, right?






3 Must-See Charts About Obama's Budget

Originally posted by bl4ke360
How can anyone vote for Obama for that matter?

How can anyone not?

Originally posted by Annee

Originally posted by bl4ke360
How can anyone vote for Obama for that matter?

How can anyone not?

By having some common sense.

reply to post by bl4ke360


unfortunately there's not much of a choice is there.
we need more choices.

Originally posted by beezzer
reply to post by grey580

 

Romney pays that rate because it is earnings made from money ALREADY taxed.

Basically, Romney is being taxed twice. The first time on income earned. The second time, on invesment income earned.

You apparently don't know how private equity works? Romney BORROWS other peoples money and invests it and keeps a large hunk of the returns. He isn't double taxed. He even took 10 Million from the Government once in defaulting on a debt that didn't make a return. Other peoples money! Win Win!

Originally posted by Indigo5

Originally posted by beezzer
reply to post by grey580

 

Romney pays that rate because it is earnings made from money ALREADY taxed.

Basically, Romney is being taxed twice. The first time on income earned. The second time, on invesment income earned.

You apparently don't know how private equity works? Romney BORROWS other peoples money and invests it and keeps a large hunk of the returns. He isn't double taxed. He even took 10 Million from the Government once in defaulting on a debt that didn't make a return. Other peoples money! Win Win!

edit on 22-5-2012 by Indigo5 because: (no reason given)

Which deal was that ?

We need to expose these things.

Originally posted by xuenchen

Originally posted by Indigo5

Originally posted by beezzer
reply to post by grey580

 

Romney pays that rate because it is earnings made from money ALREADY taxed.

Basically, Romney is being taxed twice. The first time on income earned. The second time, on invesment income earned.

You apparently don't know how private equity works? Romney BORROWS other peoples money and invests it and keeps a large hunk of the returns. He isn't double taxed. He even took 10 Million from the Government once in defaulting on a debt that didn't make a return. Other peoples money! Win Win!

edit on 22-5-2012 by Indigo5 because: (no reason given)

Which deal was that ?

We need to expose these things.

Here and many other sources...the FDIC records show the same

...Romney got a bailout..actually ended profiting on the deal after he defaulted on the bank loan and negotiated with the FDIC after the FDIC was forced to bail out the bank.

Republican Senate nominee Mitt Romney’s rescue of a business consulting firm was achieved in part by convincing the Federal Deposit Insurance Corp. to forgive roughly $ 10 million of the company’s debts, according to sources close to the deal and federal records obtained by The Boston Globe.

Romney, whose business acumen has been the cornerstone of his campaign, has said saving the Bain & Co. consulting firm from the brink of bankruptcy in 1991 was the accomplishment that most convinced him he had the mettle to be a US senator.

www.alan.com...

reply to post by Indigo5


I thought it sounded a little bit fishy.

Alan Colmes has one story, others tell it different and with greater details.

My first thought was that Bain & Company and Bain Capital are not banks directly under FDIC authority.

It seems that the $10 million in question was a loan reduction on a $38 million loan at a bank under bankruptcy.

The FDIC apparently was negotiating with other debtors as well at the time.

Shady perhaps, but probably standard procedure in a case like that.

And I think FDIC insurance money primarily comes from the banks themselves.

No, Bain Did Not Get a ‘Bailout’

Facing financial duress, Bain Capital partner Mitt Romney was asked to rejoin and lead Bain & Co. as interim CEO. Bringing along two lieutenants from Bain Capital, Romney began a traveling campaign to rally employees at all Bain offices globally. Romney also negotiated a complex settlement between the Bain partnership and the firm's lenders, including a $10 million reduction in the $38 million Bain owed the Bank of New England,[10] which by that time had been seized by the FDIC and placed in Chapter 7 liquidation.

The Boston Globe pointed out that:

"Over several weeks, Romney managed negotiations with the banks and among the partners... The moment came when negotiations produced a package in which Bill Bain and the founding partners would give up control of the firm, turning back $30 million they had taken from the ESOP and $100 million in notes they held against the firm."

Bain & Company

reply to post by BlueStatePatriot


As a Massachusetts resident when "Mittens" was governor .. he will be getting my vote over the inept incumbent. And for anyone who doesn't read responses his tax rate is low because this is a DOUBLE tax on money he has already been earned and taxed on. He is taking his money and investing it back into the American economy, he is then taxed for doing this on the money he earns risking his money.

A debate on whether the rate is too low or not is for another post, but whenever it is brought up it is done so in a disingenuous way to confuse people. The amount of taxes he pays in a year is more than the rest of us will in our life.

reply to post by Indigo5


You can lie, but the truth is always there.

Romney wrested control of the firm from the senior partners who had run it onto the rocks, and twisted their arms into returning more than $100 million in cash and securities. In return for his doing so, many of Bain’s creditors agreed to write down some of the firm’s debts

Sounds like exactly the kind of person we need as president. He came into a screwed up situation where they were about to default on loans. He expertly controlled the situation, turned it around, and made his former mentor pay. So how did Obama do it for Wall Street, did he make the execs pay? No?

Here is a presidential candidate that has absolutely nothing to hide offshore......Just a hard working Doctor trying to change America for the better.