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How You Can Stop Paying So Much in Taxes - Just Like Mitt Romney


Business  (tags: Taxes, Mitt Romney, leveraged buyout, Bain, Cenk, The Young Turks )

Dandelion
- 707 days ago - current.com
Cenk breaks out a whiteboard to illustrate exactly how Mitt Romney and Bain Capital manage to avoid paying as little in taxes as possible using leveraged buyouts. "This is how Mitt Romney made so much of his money," Cenk says.



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Comments

Sue H. (7)
Tuesday August 14, 2012, 4:21 pm
I sure don't want a snake in the grass to be my president!
 

Vicky P. (462)
Tuesday August 14, 2012, 9:00 pm
at the title: Be rich and bribe politicians on both sides? lol
 

Edith B. (142)
Tuesday August 14, 2012, 9:05 pm
He pays less taxes percentage wise than Senior citizens living on retirement income.
 

Susanne R. (249)
Tuesday August 14, 2012, 11:06 pm
This reminds me of a skit performed by Steven Martin many years ago. I couldn't find a video clip, but I did find the transcript:

You.. can be a millionaire.. and never pay taxes! You can be a millionaire.. and never pay taxes! You say.. “Steve.. how can I be a millionaire.. and never pay taxes?” First.. get a million dollars. Now.. you say, “Steve.. what do I say to the tax man when he comes to my door and says, ‘You.. have never paid taxes’?” Two simple words. Two simple words in the English language: “I forgot!” How many times do we let ourselves get into terrible situations because we don’t say “I forgot”? Let’s say you’re on trial for armed robbery. You say to the judge, “I forgot armed robbery was illegal.” Let’s suppose he says back to you, “You have committed a foul crime. you have stolen hundreds and thousands of dollars from people at random, and you say, ‘I forgot’?” Two simple words: Excuuuuuse me!!”

Sounds like something Mitt might try...
 

Sue D. (156)
Wednesday August 15, 2012, 12:16 am
Love it, Susanne! But, that skit fits best with Clarence Thomas's famous forgetfulness to claim income his wife made. I think good ol' Mitt prefers to have the fun of screwing employees (or anyone, for that matter) for the fun of it, while making money at the same time.
 

Dandelion G. (381)
Wednesday August 15, 2012, 5:50 am
Thanks for sharing that timeless piece Susanne, which goes to show it's been going on for a long time, they have just found more ways in which to get out of paying taxes. Yes, Clarence Thomas is another low life for sure. This is just a short video, and only one of the ways that the millionaires get around things.

I recall back many years ago, seeing a piece on 60 Minutes, sort of not long after 60 Minutes started airing. The scene opened up with this man showing the journalist around one of his properties, a huge mansion home, horses in corrals, fancy cars in the huge garage, then he mentions he also had a plane in a hanger and vacation homes.

Back inside his home the interview started and the journalist asked, so how much did you pay in taxes last year? He said, "nothing." The journalist said, are you saying you paid zero dollars in taxes? The man said, that is correct I did not pay even one shiney dime in taxes. The journalist said, Are you not afraid of being on TV and saying this? The man said, no, because I broke no laws, with the way the tax code is written, those of us who are rich have a lot of ways of avoiding paying taxes that are perfectly legal. And, well, he said, I'd be a fool not to take those types of advantages now wouldn't I?

Yet Mary who works for McDonalds at minimum wage and Steve mowing lawns in the hot sun for a landscape company, they have to pay their taxes and also trying to pay for a roof over their head and food on their table on wages that are not or barely "living wages"......the American people better wake up to this.
 

Gloria picchetti (287)
Wednesday August 15, 2012, 10:45 am
If he wins we loose.
 

Deborah W. (6)
Wednesday August 15, 2012, 12:21 pm
Don't like it, change the laws that allow it ... if you do like it, join in.
 

Arielle S. (316)
Wednesday August 15, 2012, 12:24 pm
Upchucking now.....
 

Past Member (0)
Wednesday August 15, 2012, 12:34 pm
what else is new in the Republican Party
 

Alice C. (1797)
Wednesday August 15, 2012, 12:35 pm
Thank you Dandelion ~ Shared
 

Dandelion G. (381)
Wednesday August 15, 2012, 12:57 pm
It was the well to do that lobbied to have the tax laws changed in their favor, nice of them, eh. Yet for the lowly wage earner they pay every dime. I agree, Deborah, change the tax codes, but will those in power, all financially well of themselves do so. Many of them got their jobs due to large amounts of money given to their campaigns.
 

anne barusta (0)
Wednesday August 15, 2012, 2:39 pm
thanks, this seems to be the norm in politics.
 

Diana Bair (7)
Wednesday August 15, 2012, 2:53 pm
tax the rich...fair share, and tax donations to compaigns, see how Mitt likes .......THAT!!!!!!. Really tax donations from corps. and koch brothers!!!!!!, and others like kochs. Diana.
 

Mary T. (188)
Wednesday August 15, 2012, 4:38 pm
That is just one of the ways Mittens had avoided taxes that is why he will not release his tax returns but for 1 or 2 years and these are not complete, He is a liar and a crook.
 

Wayne W. (12)
Wednesday August 15, 2012, 5:25 pm
Under Paul Ryan's tax plan Mitt Romney would pay less than 1% federal income tax

Mitt Romney Would Pay 0.82 Percent in Taxes Under Paul Ryan's Plan
http://www.theatlantic.com/business/archive/2012/08/mitt-romney-would-pay-082-percent-in-taxes-under-paul-ryans-plan/261027/
 

Lois Jordan (55)
Wednesday August 15, 2012, 5:31 pm
Noted & thanks, Dandelion. Cenk sure made this easy to understand. Loved Susanne's comment!
 

Dandelion G. (381)
Wednesday August 15, 2012, 5:45 pm
Disgusting isn't it Wayne, and as he won't release his taxes who knows, maybe he's already paid less than 1% already, we may even find out he got a rebate check. Glad the video helped Lois, yes, I love it when people can put things in clear and understandable graphics or explainations.
 

Marie W. (64)
Wednesday August 15, 2012, 9:55 pm
1% living well.
 

wendy when46@yahoo.com (28)
Thursday August 16, 2012, 4:39 am
I certainly agree that folks should be taxed according to what they pay....and pay their fair share.It is disgusting to know that I paid more taxes each yr then these yoyos did. I do not know how they sleep at night. We have to take this country back and make it a place where everyone is proud to live and be a part of not marginalized.I would love to be proud of where I live once again.I think that his not releasing his taxes says so much.How anyone could vote for this team is beyond me.Noted
 

wendy when46@yahoo.com (28)
Thursday August 16, 2012, 4:40 am
excuse me I mean to say...pay taxes according to what they make!!!
 

Russell R. (87)
Thursday August 16, 2012, 12:11 pm
It is the rich that put the politicians in place to create these loopholes. Bankruptcy is another joke- I know of one business that did this after stocking up on all the materials it supplied. The business never closed down, but the books on the company were closed and a new company was opened up with the same name, but, with the word "New" in front of it. It was created by big corporations to buy and sell themselves. They weren't very happy when the ordinary person was doing it. Run yourself way into debt without any chance of paying off, claim bankruptcy, and keep everything you have, the house, the car and a new credit card will be in the mail the next day!
 

Dandelion G. (381)
Thursday August 16, 2012, 12:23 pm
Yes they have quite a racket going for themselves Russell, that we all pay for.
 

SuSanne P. (181)
Saturday August 18, 2012, 1:39 am
Thank you Dandelion. Your post regarding the 60 Minutes episode is EXACTLY true. I give him Kudos for his HONESTY! Arrogant @#$%$#
Send a Green Star to Susanne R.
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Gina Caracci (231)
Tuesday August 21, 2012, 3:08 pm
I saw that 60 minutes episode and that nothing has been done to stop it is appalling.

That people STILL believe RePIGS are whats good for this country is very disturbing. they listen to the hypnotic rhetoric of the likes of Limbaugh and believe every damn word. Its almost like a cult.
Thank God most voters are women and Im praying they will vote any party other than repigs just because of the issue of reproductive choice alone..

If these two get voted in, WE ARE ALL SCREWED. HOW they can proudly say the average Joe will pay $2000 more a year in taxes while they cut MORE taxes for the rich is beyond me. That people STAND BEHIND THAT is just UNBELIEVABLE. People put down democrats for trying to help the poor, yet applaud OBVIOUS THEFT by republicans. My God, where is their common sense?

Thanks Dandelion!
 

Dandelion G. (381)
Tuesday August 21, 2012, 3:50 pm
Aho to those well stated words Gina. So you saw the episode too, I know it really stuck in my head all these years and all these years later they have only screwed us over more. Romney and Ryan will have women living back in the 1800's is they can get away with it, no rights to our bodies, no say in our lives, this is the slippery slope for us women. Any women in particular that votes for these two either do not understand what these two are really up to, have been so brainwashed, or worse yet, believe it's ok to condemn their own kind to this unfolding tragedy. Men if you care about your wives, sisters, and children, this is not the ticket to vote in on just women issues alone.
 

Reggie Thomas (5)
Monday August 27, 2012, 9:16 am
You need to have those over sea accounts,and investments in place,but you also have to be born with a silver spoon in your mouth to be like Mitt. (O_O)
 
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