romney will hike taxes on the rich, make taxes more progressive

[unblock]

not as president, of course, because he won't get there.

but his candidacy and his personal finances are perhaps the best argument progressives could have dreamed of in advocating for higher taxes on the rich.

as popular as a restoration of a proper, progressive tax structure without loopholes the rich can hire people to drive a fleet of trucks through may be with actual american people, it's been a tough sell in congress due to the outsized influence of the rich.

but romney has done what progressives have been unable to do. trot around a guy who got rich firing people, producing nothing of tangible value, and who takes advantage of every tax dodge in the book.

people are fine with folks like bill gates getting outsized compensations, even if unfairly and illegally, because it's easy to see that he did SOMETHING of value (although he was the master at taking credit for other companies' work, he certainly earned a good chunk of his money) and people are fine with getting big tax breaks for something worthwhile (charitable donations or alternative energy investments, say)

but rmoney gets people disgusted at both ends. he got his money without producing something tangible, and his tax dodges are again meritless. why is a cayman brokerage account entitled to preferential tax treatment? why are retirement amounts in excess of a few million entitled to preferential tax treatment?

he's a walking, talking argument for the buffet rule, for higher taxes on the rich, for a more truly progressive tax structure.


THANK


YOU


MITT!

[Odin2005]

1. +1

[FreakinDJ]

2. Saddest thing about Romney becoming "Poster Child for what is Wrong with Tax Code"

It diverts attention away from the US Corp Tax Code that is Outsourcing American Middle Class Jobs

[Jackpine Radical]

3. Somehow, I think the public can hold more than one aspect of the story in mind

at the same time. They can simultaneously grasp that Willard got rich by destroying American jobs and that he's a star example of the ways the privileged wealthy classes get to pauy less than the rest of us.

[FreakinDJ]

5. You give the General Public and Congress "Way Too much Credit"

Some how I think they MIGHT address personal taxes - slightly and not even consider addressing the root cause of so much income disparity

[RWS]

9. There will be a change in the debate soon

War, famine, anything to get them off the topic that will destroy there own party

[Jackpine Radical]

14. They may try--they WILL try--

but I don't think it will work because the public has now been sort of primed to think about the economic disparities. The OWS message has been sinking in, consciously or subliminally, for months now.

Here is a test: Look at what is written below and tell me what your first association is:

[font size=8 color=blue]99[/font]

What did you think of?

A year ago, what would have come to mind if I had shown you the same stimulus?

[unblock]

4. seems to me, the us should just tax all income/profit earned globally, period.

if you live in the u.s., or are incorporated in the u.s., you pay taxes on all your income/profit. no more shelters in foreign countries, no incentive for corporations to avoid "repatriating" profits. if you earned it, it gets taxed, period.

seems simple, legally, anyway. the only problem is enforcement and if we've managed to get the swiss to crack we can do it to anyone.

[FreakinDJ]

11. We do tax foreign profits - That is the problem

So they give way too many deductions for operating overseas - so much so it is a tax haven

[JackRiddler]

12. One legitimate deduction is taxes paid overseas.

Any corporation over X employees or Y million in sales operating in the US should be taxed on all of its years income worldwide, minus taxes paid to other countries.

[FreakinDJ]

13. One BIG Fucking LoopHole is "Transfer Pricing"

And 60% of ALL Global Trade is "Inter-Corporation Transfer Pricing" because that is how they can Cheat Taxes in Both Countries

[unblock]

16. exactly -- this is what i'm talking about -- tax it in the u.s. REGARDLESS of where the profit arose

a credit for taxes actually paid in another jurisdiction is fine (assuming we have a reciprocal tax treaty with that jurisdiction), but just saying, hey, fine you made an accounting entry an voila, the profit was all in the caymans, so don't bother paying taxes at all? ridiculous.

[FreakinDJ]

18. reciprocal tax treaties is a BIG Problem

Regardless of whatever Hype the Free Traders are putting out about these Free Trade Agreements, many countries (against WTO rules) are writing in Tax Loopholes to place their country at an advantage. So much so, not only would we have to "Untangle" the maze of existing Corp Tax Laws in this country we would have to "monitor" and untangle the Tax Laws in dozens of other countries as well.

Better to go to a Territorial VAT on Corps

[Jackpine Radical]

15. Ad an international minimum wage & working condition standards, and you've got something.

The problem is ALWAYS enforcement. One step in the right direction is to deny import permits to any products that haven't been verified to meet our conditions.

[unblock]

17. great idea! and how ludicrous is it that it's a complete non-starter in washington.

[Major Nikon]

6. Don't count on it

Republicans in congress would sooner jump off a cliff than raise taxes on the rich. Even if it means loosing their next election they are not going to do it because they are beholden to the rich who do not want their taxes increased. The only way you can do it is to have full control of the House and 60 in the Senate not counting the blue dogs. That's a pretty tall order. It may happen eventually, but not anytime soon.

[unblock]

7. if there's enough public outrage, they may not have a choice.

they may be reduced to fight for a small hike instead of a big hike.

at a minimum, the shrub cuts are looking more likely to expire, at least for the rich.

[Major Nikon]

10. That still only raises Romney's taxes by 5%

And that's assuming they are allowed to expire which I don't really think is going to happen, even if Romney paid a 10% effective tax rate.

[JackRiddler]

8. I was just thinking that: This guy is perfect!

[Proud Liberal Dem]

19. Weren't those his ideas to begin with?

because, after all, Obama stole his ideas!