ScottF

Why would Romney pass it? It would cost him $800,000 for 2011 and almost a mil for 2010.
It's not about the rates; it's about the loopholes.

Cayman Islands Income Tax

There is no income tax, corporate tax, sales tax, capital gains tax, wealth tax, inheritance tax, property tax, gift tax or any other kind of direct taxation in Cayman Islands. This is one of the most significant reasons that Cayman Islands has attracted the registration of many offshore businesses (about 50,000) from all over the world.

saintfan

Considering the Government has been illegally taxing wages since the 16th amendment, it's a bit on the academic side, eh?

SloMotion

Funny you should bring up the Cayman Islands ... back before Direct Deposit, I used to notice my check from General Motors was drawn on a bank located in Grand Cayman. When I asked about it, I was told it was done that way so GM could avoid paying payroll taxes in the US.

Every time I hear about the auto bailouts or something like any politician talking about someone not paying their 'fair share', I think about this.

Why do we give subsidies to, and bailout corporations that incorporate offshore in order to avoid paying taxes? Isn't the fact they're allowed to do that in itself enough of a break?

Close the fricken' loopholes, simplify the fricken' tax code.

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SmashMouth

Better yet... Pass the Fair Tax!

SloMotion

... and that's where I'm at on the whole 'tax' thing. If our tax code has become so cumbersome & confusing as to cause such debate over who's-paying-what, quit trying to level the playing field through legislation and actually just level the playing field.

I understand guys like Romney/Obama pay more in taxes dollar-for-dollar in a year then I make in my whole life. I also understand that taking 30% of my salary is going to have a far greater impact on my standard of living then it is one of those guys. I take exception when I hear a millionaire complain that taxpayers/citizens are not paying a 'fair share' by focusing on only one portion of the tax code while not acknowledging the other portions of the tax code under which these taxpayers/citizens are taxed. It's a shell-game.

I don't mind people make tons of money more then me, I don't mind corporations making money, just allow me to survive & don't imply that somehow the few hundreds or thousands the Treasury misses out on every year because someone eeking out a living isn't paying enough tax, somehow is jeopardizing the future of this country. I'm not going to support that kind of politics of fear or rhetoric from either side.

Call me naive, but drastic times call for drastic measures. A consumer tax taxes fairly ... if you consume it, you're taxed on it. No more of the smoke & mirrors of arguing between percentages & actual dollar figures when trying to make a point about who-pays-what in taxes. Guys like me who cut back and budget would save, guys like Romney/Obama who can afford the finer things in life will be taxed on them. Don't want to get taxed? Don't consume. Everyone wins. I don't use up their precious resources because I can't afford to, they (corporations included) pay a proportionate tax on the resources they choose to consume.

Want to tax me at 30%, fine ... tax everyone at 30% and don't be handing out loopholes and exceptions to millionaires and corporations in order to get their tax rates down to 20% ... give me the same loopholes and exceptions.

If country is such dire financial straits, I'd also like to see current/former politicians absorb some of the costs of their perks, ie Secret Service, medical care, et... if they don't already, on the same level and just as their constituents have been asked to do these past 20yrs. I'd like to see the exclusive health care/retirement programs for WashDC abolished and make each and every politician rely on Social Security, Medicare or private health insurance & 401k plans just like their constituents. I guarantee those programs would be solvent in no time & just think of the savings to the American taxpayer.

Well,that's enough for today ... gotta' start looking at my Wk 4 pics and now start factoring in the replacement refs as part of the equation, , but I honestly think I know how they felt back in the American Revolution days, .

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