Did Romney enable company's abusive tax shelter?

[Dick Tuck]

LOL! The money Obama gives to his daughters has already been taxed - that's not a "tax shelter"

So his daughters did not pay income tax on that income.

Final answer?

They did not. Have you ever paid taxes on any cash gifts you've received?

Usually the donor is responsible for the gift tax. The donee would only be responsible if the gift were made in form of a check.

Full-Auto doesn't know his ass from a hole in the ground regarding gifts made with after tax dollars.

 

[Dick Tuck]

This stuff is so complex and shaky that I am starting to feel like tax avoidance is nothing more than a sport to these people.

My guess is the whole controversy is over the tax returns from 2008/2009. Please correct me if I am wrong but those that pay only 15% under capital gains can write off losses from the previous year. If Romney lost a substantial sum of money during the crash of 2008-2009 his effective rate could be reduced substantially. Cons point to Mcain saying he showed him tax returns for 10 years and Mcain found nothing wrong but Mcain did not see the returns from 2008-2009. I would guess he paid somewhere below 10% and does not want the public to know.

No, his unethical tax dodge, while he was a director for the audit committee for Marriott, was done in the '90s. Romney and Bain made tax avoidance strategies an art form. In the case of Marriott, they were caught, and paid the taxes, interest, and fines and penalties.

It has nothing to do with capital losses from the Bush recession. If they were at all significant, you'd see a capital loss carryover to the 2010 return, to offset capital gains, which is the only complete return shown. I don't see it.

 

[bripat9643]

From Wiki:

Son of BOSS - Wikipedia, the free encyclopedia

The Son of BOSS was a purported tax avoidance strategy of a corporation. It has been largely attributed to J. Willard Marriott and the role played by audit board member Willard Mitt Romney.[1] First appearing in the late 1990s, "Son of Boss" shelters were some of the costliest tax schemes in U.S. history. "Boss" was an acronym for "bond and option sales strategies." The shelters involved creating paper losses to offset real gains.[2]

This is the type of scheme that totally screwed us over in the early 2000s.

How did it "screw us over?"

 

[bripat9643]

This stuff is so complex and shaky that I am starting to feel like tax avoidance is nothing more than a sport to these people.

My guess is the whole controversy is over the tax returns from 2008/2009. Please correct me if I am wrong but those that pay only 15% under capital gains can write off losses from the previous year. If Romney lost a substantial sum of money during the crash of 2008-2009 his effective rate could be reduced substantially. Cons point to Mcain saying he showed him tax returns for 10 years and Mcain found nothing wrong but Mcain did not see the returns from 2008-2009. I would guess he paid somewhere below 10% and does not want the public to know.

No, his unethical tax dodge, while he was a director for the audit committee for Marriott, was done in the '90s. Romney and Bain made tax avoidance strategies an art form. In the case of Marriott, they were caught, and paid the taxes, interest, and fines and penalties.

How is avoiding taxes legally "unethical?" If it was illegal, the IRS would have fined Marriott Corp for using it.

Ruthermore, what does the taxes the Marriott corp paid have to do with Romney's personal returns?

 

[Leweman]

Obama the tax dodger is what I got from this thread.

 

[bripat9643]

Countdown to your next neg rep I see. Enjoy your petty little game. It's easier than thinking about the ethics and values of Romney, and actually giving substantiated refutation.

I just neg repped you because you're such an asshole and an ignorant dipstick.

 

[Dick Tuck]

From Wiki:

Son of BOSS - Wikipedia, the free encyclopedia

The Son of BOSS was a purported tax avoidance strategy of a corporation. It has been largely attributed to J. Willard Marriott and the role played by audit board member Willard Mitt Romney.[1] First appearing in the late 1990s, "Son of Boss" shelters were some of the costliest tax schemes in U.S. history. "Boss" was an acronym for "bond and option sales strategies." The shelters involved creating paper losses to offset real gains.[2]

This is the type of scheme that totally screwed us over in the early 2000s.

How did it "screw us over?"

What contributed to the slow recovery in 2002? Enron and other phony paper transactions like the ones Mitt was using? How much debt did we incur because of scumbags like Mitt found creative (and sometimes illegal ways) to avoid paying what he and his companies owed? Did our debt help decrease the value of our dollar?

Nope, Mitt hasn't said word one about getting rid of his tax scams. Instead he wants to get rid of the Child Tax Credit. He's looking for new ways to keep his rich buddies and corporations from paying what they owe, including materially commit avoidance accounting schemes that have no impact on the actual businesses that use them.

 

[Dick Tuck]

My guess is the whole controversy is over the tax returns from 2008/2009. Please correct me if I am wrong but those that pay only 15% under capital gains can write off losses from the previous year. If Romney lost a substantial sum of money during the crash of 2008-2009 his effective rate could be reduced substantially. Cons point to Mcain saying he showed him tax returns for 10 years and Mcain found nothing wrong but Mcain did not see the returns from 2008-2009. I would guess he paid somewhere below 10% and does not want the public to know.

No, his unethical tax dodge, while he was a director for the audit committee for Marriott, was done in the '90s. Romney and Bain made tax avoidance strategies an art form. In the case of Marriott, they were caught, and paid the taxes, interest, and fines and penalties.

How is avoiding taxes legally "unethical?" If it was illegal, the IRS would have fined Marriott Corp for using it.

Ruthermore, what does the taxes the Marriott corp paid have to do with Romney's personal returns?

Had you read the article, you'd know the IRS did force Marriott to pay the owed taxes, plus interest and penalties.

Ruthermore[sic], Romney uses the same kinds of dodges on his personal returns. Buying your wife a horse, then putting it into a limited partnership, where you and your wife still have beneficial use of the animal when you're at your beach house, is one way. Creating a partnership, where you deduct $77,000 in just one tax year, and show a revenue of $211, is not a serious business. It's a way of supporting a hobby, and avoiding payment of taxes ordinarily owed. Is it allowable? I doubt it. But I doubt that the IRS will do anything about it in an election year.

I'd like to see a few more years, as would most Americans, to see how Romney acts like a privileged turd to avoid paying what he owes.

 

[California Girl]

Obama loves tax shelters

http://freebeacon.com/obama-family-tax-shelter/

LOL! The money Obama gives to his daughters has already been taxed - that's not a "tax shelter"

That doesn't stop the US Government coming after my money... that's already been taxed too, just in a different country. Bloodsuckers!

 

[OohPooPahDoo]

Obama loves tax shelters

http://freebeacon.com/obama-family-tax-shelter/

LOL! The money Obama gives to his daughters has already been taxed - that's not a "tax shelter"

That doesn't stop the US Government coming after my money... that's already been taxed too, just in a different country. Bloodsuckers!

Ever heard of the foreign tax credit?

 

[Dick Tuck]

Obama loves tax shelters

http://freebeacon.com/obama-family-tax-shelter/

LOL! The money Obama gives to his daughters has already been taxed - that's not a "tax shelter"

That doesn't stop the US Government coming after my money... that's already been taxed too, just in a different country. Bloodsuckers!

So you didn't fill out form 1116 for a Foreign Tax Credit. Don't blame the government because you're either too stupid, lazy or cheap to get reputable tax advise. Did you have H&R Block prepare your returns? You get what you pay for.

 

[OohPooPahDoo]

Wonder where CaliGirl went? Probably off calling an accountant!

 

[EriktheRed]

Did Romney enable company's abusive tax shelter?


Very technical and detailed article that shows how Romney tried to screw the American people.

Mitt Romney's refusal to release tax returns in the critical years of his income accumulation has done little to dispel the legitimate concern that arises from hints buried in his scant disclosure to date: Did he augment his wealth through highly aggressive tax stratagems of questionable validity?

...

In the Marriott case, the IRS raised both arguments and won on the first interpretive issue.

The Court of Claims (affirmed by the Court of Appeals) rejected Marriott's technical analysis, finding no reliable argument or authority to support it. The court therefore did not need to reach the issue of business purpose and economic substance. In subsequent decisions, involving similar transactions but other parties, the courts have sustained the second line of attack as well, finding the claimed losses to be fictitious.

The complete judicial rejection of the Son of Boss tax scheme was entirely predictable. In mid-1994, for example, roughly contemporaneously with Marriott's execution of its Son of Boss trade and well before Marriott filed its return claiming the artificial loss, the highly respected Tax Section of the New York Bar Association filed a public comment with the U.S. Treasury and IRS urging rejection of the technical claims made by promoters of such schemes.

In his key position as head of the board's audit committee, Romney was required under the securities laws and his fiduciary duties to review the transaction. In fact, it has been publicly reported that Romney was the Marriott Board member most acquainted with the transaction and to whom the other board members turned for advice. This makes sense because aggressive tax-driven financial engineering was a large part of what Romney (and Bain) did for a living. For these reasons, it is fair to hold him accountable for Marriott's spurious tax reporting.

Your link just goes back to this thread, dude.

 

[EriktheRed]

Looks like the Prez thinks this is important, too:

https://www.youtube.com/watch?v=DABbkpHzg3o