GOP candidate with a Ferrari pays no federal income taxes for third year

[OnePercenter]

No, no you're not. You wish to enact laws that will destroy the middle class. You are a Marxist/Progressive and that is very obvious. You don't give a flying fuck about the "American Worker" other than how can you fool them into voting for moronic failed economic theories that have done nothing but lead to the deaths of millions of workers.

More bloviating......

 

[OnePercenter]

So you aren't going to spell out the "tax loopholes middle-class families can only dream about"?
Typical.

I did. Every tax code change during Republican administrations and/or written by Republicans since 1970.

 

[Toddsterpatriot]

So you aren't going to spell out the "tax loopholes middle-class families can only dream about"?
Typical.

I did. Every tax code change during Republican administrations and/or written by Republicans since 1970.

Liar says what?

 

[Dont Taz Me Bro]

I'll spell them out. Every tax change during Republican administrations and/or written by Republicans since 1970. You're Welcome!

As usual you're completely full of shit and a prolific liar. Democrats take advantage of all of these loopholes as well and they've made no effort to repeal any of this stuff. They had two years of a filibuster proof Congress during which time they could have tackled all of this stuff and they wasted all their time on the failed ObamaCare law that nobody wants.

 

[OnePercenter]

I didn't say you said he cheated. You wanted a comparison made and I did that. And your list of "actual tax cheats" leaves out quite a few tax cheaters in the Obama administration. Want me to list them or do you concede this argument? PS, you are a hypocrite because you criticize Republicans for doing less egregious things than those whom you support.

All of those I listed were fined and/or imprisoned. Who in the Obama Administration were fined and/or imprisoned?

 

[Dont Taz Me Bro]

I didn't say you said he cheated. You wanted a comparison made and I did that. And your list of "actual tax cheats" leaves out quite a few tax cheaters in the Obama administration. Want me to list them or do you concede this argument? PS, you are a hypocrite because you criticize Republicans for doing less egregious things than those whom you support.

All of those I listed were fined and/or imprisoned. Who in the Obama Administration were fined and/or imprisoned?

Right after he took office in 2009 four of Obama's very liberal cabinet nominees had to withdraw their nominations because they didn't pay their tax obligations. The fifth ended up becoming the head of the IRS. Only in America.

 

[OnePercenter]

Where does the radical left come up with this stuff? Legal Loopholes only illustrate the incompetence of the gigantic federal bureaucracy. If a guy can find a loophole big enough to fit his freaking "fighter jet" and Ferrari I say God bless his smart ass.

Loopholes are strategically placed by Republicans for the rich to benefit. The incompetence is your inability to understand.

 

[S.J.]

I didn't say you said he cheated. You wanted a comparison made and I did that. And your list of "actual tax cheats" leaves out quite a few tax cheaters in the Obama administration. Want me to list them or do you concede this argument? PS, you are a hypocrite because you criticize Republicans for doing less egregious things than those whom you support.

All of those I listed were fined and/or imprisoned. Who in the Obama Administration were fined and/or imprisoned?

None, because the Attorney General is Eric Holder.

 

[asterism]

Hopefully you idiots will stop voting for these candidates.

A wealthy Republican candidate who owns a vintage Ferrari and a fighter jet effectively paid no federal income tax for the third year in a row.

The real 47 percent GOP candidate with a Ferrari pays no federal income taxes for third year

He manipulated the same tax code you did. Didn't you say you only pay 4%? So if we shouldn't trust him, why should we trust you?

 

[OnePercenter]

Right after he took office in 2009 four of Obama's very liberal cabinet nominees had to withdraw their nominations because they didn't pay their tax obligations. The fifth ended up becoming the head of the IRS. Only in America.

So whom, and particulars.

 

[asterism]

Ok. Foley didn't cheat on his taxes, he took advantage of "legal" loopholes that were available to him. Obama's buddies flat out didn't pay their taxes. In other words, they are tax cheats. Any more comparisons you would like to make, hypocrite?
As Obama demands rich Americans pay more in taxes the IRS reveals 36 Obama aides are far behind in their taxes by Andrew Malcolm - Investors.com

-I never wrote he cheated.

-Many middle class can't pay their bills after Republicans/corporate America/wall street crashed the economy.

-Actual tax cheats: Darryl Strawberry, Pete Rose, Lindsey Vonn, Martha Stewart, Wesley Snipes, Al Capone, Leona Helmsley, and Ty Warner.

-I fully admit how much I make, how I do it, and my tax bill. How am I a hypocrite? A hypocrite is Republican gubernatorial candidate Greg Abbott who sustained a debilitating injury that left him in a wheelchair. He used tax based programs for rehabilitation (which he was fully entitled) but now wants to remove these programs in the GOP 'I've got mine and fuck everyone else' sociopath rant.

-Can you list any plans Foley has for improving the economy and helping the middle class?

You left out your guy's choice for Treasury Secretary, Geithner.

 

[asterism]

Ok. Foley didn't cheat on his taxes, he took advantage of "legal" loopholes that were available to him. Obama's buddies flat out didn't pay their taxes. In other words, they are tax cheats. Any more comparisons you would like to make, hypocrite?
As Obama demands rich Americans pay more in taxes the IRS reveals 36 Obama aides are far behind in their taxes by Andrew Malcolm - Investors.com

-I never wrote he cheated.

-Many middle class can't pay their bills after Republicans/corporate America/wall street crashed the economy.

-Actual tax cheats: Darryl Strawberry, Pete Rose, Lindsey Vonn, Martha Stewart, Wesley Snipes, Al Capone, Leona Helmsley, and Ty Warner.

-I fully admit how much I make, how I do it, and my tax bill. How am I a hypocrite? A hypocrite is Republican gubernatorial candidate Greg Abbott who sustained a debilitating injury that left him in a wheelchair. He used tax based programs for rehabilitation (which he was fully entitled) but now wants to remove these programs in the GOP 'I've got mine and fuck everyone else' sociopath rant.

-Can you list any plans Foley has for improving the economy and helping the middle class?

You're a hypocrite because you don't put your money where your mouth is. You think people should pay more in taxes but you refuse to do so yourself if you can get away with it.

I think charities should receive more money so I donate a substantial portion of my income to charities. Sometimes I take the deductions, sometimes I don't.

If you think the government should have more money you should voluntarily donate more to it, but you don't. Therefore you are a hypocrite.

 

[asterism]

For someone who (supposedly) has a huge portfolio and two Teslas... you are one stupid ass.

I'm wealthy because I'm smarter than you.

Are you sure about that? Not everyone has the inclination to increase their wealth. Many are happy with their current work/life balance, many just never got a good break, and plenty have eschewed materialism altogether.

Do you use wealth as a measure of intelligence? Value to society?

 

[asterism]

I think I am detecting quite a bit of jealousy from you grasshopper.....yes, yes indeed...

I'm pro The American Worker, why should I be jealous? What I don't understand is that there are middle class folks that would vote for this guy.

Please list the corporations you have created that employ union members.

 

[asterism]

Where does the radical left come up with this stuff? Legal Loopholes only illustrate the incompetence of the gigantic federal bureaucracy. If a guy can find a loophole big enough to fit his freaking "fighter jet" and Ferrari I say God bless his smart ass.

Loopholes are strategically placed by Republicans for the rich to benefit. The incompetence is your inability to understand.

Democrats too.

Legal loophole allows GM to avoid paying federal taxes... still - Autoblog

 

[The Professor]

Just because someone owns valuable property and pays little or no taxes for several years does not mean that he cheated on his taxes or took advantage of obscure tax loopholes. Most of you are overlooking something important here and that is WHEN all the valuable property was purchased by Foley.

There is no doubt that at one time Foley made a lot of money and also paid a lot of taxes. The only information I have is for tax year 2010 in which he had taxable income of $876,350 and paid taxes of $278,034. If previous years were also lucrative, there is no mystery about how Foley could afford the property he acquired and it has nothing to do with unfair tax avoidance. It seems that after 2010 his income plummeted and he suffered heavy business losses which explains his limited tax liability in those particular years. This is from one link:

“In 2010, Foley paid $278,034 in taxes on taxable income of $876,530, for an effective tax rate of 32 percent. His total income of $1.1 million came primarily from taxable interest of $765,572.

“By 2012, his taxable interest income fell to $149,227, which was offset by $79,128 in alimony and about $60,000 in business losses. He paid $8,393 in taxes on an adjusted gross of little more than $20,000. In 2011, his adjusted gross was negative $65,705 and he reported capital losses of $2.8 million.”

It 8217 s a trick question Who earns more Malloy or Foley The CT Mirror

Conclusion: Foley paid his tax obligations the same way we all do. When our taxable income is high, our tax liability is high; when our taxable income is low, our tax liability is low. There is no evidence that Foley's low tax liabilities after 2010 were anything other than the result of greatly reduced income and legitimate business losses. Also, there is no evidence that the Ferrari and other property were acquired during the years of low tax liability. I don't know when Foley purchased the Ferrari, but apparently he purchased the planes in 1990.

“Foley purchased the planes when the British government auctioned some of its old Royal Air Force vehicles in 1990. He reportedly leapt at the opportunity and bought two for $200,000 apiece from Sotheby's. He then spent about a million dollars "modernizing and civilizing" one of the jets.”


Tom Foley Apparently Owns A Fighter Jet - Business Insider

 

[asterism]

Hopefully you idiots will stop voting for these candidates.

A wealthy Republican candidate who owns a vintage Ferrari and a fighter jet effectively paid no federal income tax for the third year in a row.

The real 47 percent GOP candidate with a Ferrari pays no federal income taxes for third year

What was his income for those three years?

 

[Mojo2]

Hopefully you idiots will stop voting for these candidates.

A wealthy Republican candidate who owns a vintage Ferrari and a fighter jet effectively paid no federal income tax for the third year in a row.

The real 47 percent GOP candidate with a Ferrari pays no federal income taxes for third year

If he did it legally, tough stuff!

You should go and live in Cuba and then tell us about the evils of Capitalism.

 

[hadit]

Congratulations, you've learned the difference between wealth and income. This is why rich liberals carry on about raising the income tax. They know it won't impact them very much because they've already structured their income to avoid it being taxed as ordinary income.

Wealth is what you have due to income.

Of course, but we don't have a tax on wealth in this country, so once you pay tax on what you earn, it doesn't get taxed again until you die.

Who are they? How have 'they' structured their income to avoid it being taxed as ordinary income?

Warren Buffet comes to mind. One trick he uses is to take most of his income in capital gains, which is taxed at a much lower rate than ordinary income. Most of the wealthy do this.

 

[hadit]

Where does the radical left come up with this stuff? Legal Loopholes only illustrate the incompetence of the gigantic federal bureaucracy. If a guy can find a loophole big enough to fit his freaking "fighter jet" and Ferrari I say God bless his smart ass.

Loopholes are strategically placed by Republicans for the rich to benefit. The incompetence is your inability to understand.

Actually, the Republican most democrats love to hate closed a lot of loopholes when he cut the top rate to 28%.