- Sep 14, 2009
- 104
- 113
don't we all do this with our taxes? I'm not seeing why this is a problem. You admit it's legal. These loopholes have been around for decades. And yet, they are still there. Why? because there's no way of getting rid of them with the current system and attempting to tax corporations more is not the answer. They will just pass it on to the consumer in higher prices and fees.. But beyond that, why exactly is this specifically not good for the economy? i admit, i am not a business person but I do not understand how paying less in taxes has anything to do with the economy. It affects the government's bottom line but that is not the economy, unless you live in a nation in which the government controls the economy - something conservatives/libertarians are desperately trying to avoid...
not really. The dealings you are describing are such a small percentage of our economy. And besides, Why is it that people automatically focus on the amount of money that someone has made rather than looking at how he got there. I am not talking Romney specifically because he was already well off before he headed Bane Capital but in general, the vast amount people who make a lot of money do so by putting up a lot of risk to their name (as in thousands/millions of dollars). If they are brave/stupid enough to do it, then they should reap the benefit of it. And they should be held responsible for their actions when they failure (a major pet peeve of this current housing crisis).
First, Romney has stated several times that he will release his tax documents when the time comes that he needs to - once he is officially the Republican nominee. And frankly I don't blame him, especially when the media and the current president are waging a class warfare campaign. Why would he purposely choose to release records in this environment. That's political suicide - not because he is doing something illegal but because any negative publicity (and rest assured, the media will be all over it) will mean certain death for his presidential run, which is exactly why the dems wanted the records released earlier.
LOL... love the boogieman analogy and I have to admit, sometimes even I get that thought when listening to some on the conservative side. I can only answer for myself. If I want to live in a more socialistic society, I will emigrate north to Canada or east to Great Britian. I like and believe in our system. It is far from perfect and it over the years it has become a lot more "socialist" than I would like but I have hope that it will return closer to the middle again in the future. I simply do not believe in a "share the wealth" mentality. Not because I'm greedy (I am not) but because I know it doesn't work. When you don't have any stake in the claim (or no perceived stake), you don't put out your best effort.
And money manipulation occurs on both ends of the spectrum and I would suggest that what happens at the lower end is far worse for the economy than what happens at the top. People manipulating their governmental funds with their income, in attempts to still receive funding but work as well. This creates a population that remains on public assistance instead of slowly climbing out and up. While the *tax burden* from this may not be as much (money spent on assistance), the potential for increased earnings and taxes is lost. And the potential for these families saving and sizable amount of money for college and retirement is very low, creating a lifetime of governmental assistance. I work with people everyday in these predicaments. It's not easy. Many of these families really struggle with the fact of what they are doing (not illegal, but they are using the system in ways it was not intended). But their fear of failure holds them back...
Paying less in taxes is bad for the economy because it encourages business behaviors that are bad for the economy. The country is better off when people create something (widgets, tanks, books, etc.) that can be sold and hire people not when they make a small fortune off legalized gambling. Of course, we can change this. It's just silly to say that we can't. We could reduce the tax break for capital gains and place limits on banking practices. If we had better safeguards in place, we would never have endured the mortgage crisis which was a direct result of people packaging together bad mortgages and reselling them, sort of like a pyramid scheme, until finally the **** hit the fan. And it may only impact a small percentage of people's finances but these people have a disproportionate hold on the economy.
My father-in-law started with nothing, he and my mother-in-law put him through college and med school, and he now is a doctor/entrepreneur who is worth quite a bit of dough. But he did this by building hospitals where none existed, hiring doctors, and investing in small businesses, not by moving money around the country. That's what our country is built on and that's what we need to encourage.