Country before ideology

[Star]

J.K. Rowling puts love of country ahead of ideology? What a concept!





Harry Potter billionaire J.K. Rowling on why she chooses to continue living in Britain even though she could reduce her tax bill considerably by residing elsewhere:

I chose to remain a domiciled taxpayer for a couple of reasons. The main one was that I wanted my children to grow up where I grew up, to have proper roots in a culture as old and magnificent as Britain’s.

....A second reason, however, was that I am indebted to the British welfare state; the very one that Mr Cameron would like to replace with charity handouts. When my life hit rock bottom, that safety net, threadbare though it had become under John Major’s Government, was there to break the fall. I cannot help feeling, therefore, that it would have been contemptible to scarper for the West Indies at the first sniff of a seven-figure royalty cheque. This, if you like, is my notion of patriotism.
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[Lakhota]

Nice. Thanks for sharing.

 

[Avatar4321]

Our nation is an idealogy

 

[Star]

Nice. Thanks for sharing.

Just by closing the loopholes Romney uses on his/his family's taxes to manipulate the tax laws, the US Treasury could "harvest" billions and billions and billions from high wealth hoarders.


According to the tax experts, Romney's tax preparer's get high marks for using "every trick in the book" to manipulate the US tax code.



Romney's tax-avoiding trust fund earned 1,000%


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While Romney’s tax avoidance is both legal and common among high-net-worth individuals, it has become increasingly awkward for his candidacy since the disclosure of his remarks at a May fundraiser. He said that the nearly one-half of Americans who pay no income taxes are "dependent upon government" and "believe that they are victims."

Romney’s effective income tax rate in 2011 was about 14 percent. He has also enhanced his family’s wealth by moving assets worth $100 million into a trust while taking steps to avoid paying any gift taxes. The trust’s value isn’t counted in the $250 million that his campaign cites as Romney’s net worth.


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"People like Mitt Romney make a lot of money, but they pay very little income tax," said Victor Fleischer, a tax law professor at the University of Colorado who has written extensively about private equity and taxes. "Then by dodging the estate and gift tax, they are able to build dynastic wealth. These DoubleClick documents really show that tax planning in action."

The Obama administration estimates that closing the loophole Romney used would bring the federal government almost $1 billion in the coming decade.
That’s a "laughable" under-estimate, said Stephen Breitstone, co-head of the taxation and wealth preservation group at law firm Meltzer, Lippe, Goldstein & Breitstone. A single billionaire could pay $500 million more in estate taxes if these trusts are shut down by the Obama administration, Breitstone said.

✄snip>

Public exposure of Romney’s various tax avoidance tactics may spur legislation cracking down on them, according to Breitstone.

Romney "uses every trick in the book," Breitstone said. "It’s going to be harder to do tax planning in the future. He’s bringing attention to things that weren’t getting attention."