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

[Mad Scientist]

A Smart person would say: "Hey! Since HE only pays 1 Percent Tax, that's all I'm paying too! F*ck the IRS!"

A Stupid person would say: "Hey! He's not paying enough Taxes! Take his money and throw him in Jail!"

Sidebar: He owns two British Folland Gnats which are subsonic, so the article is wrong on that point. Also, he apparently bought them for 200K a piece which is pretty good. You can buy Soviet cold war era fighters for 50K and up. Contrast that with a WWII P-51 which starts around 1.5 Million in airworthy condition.

The REAL Expensive Part is: Maintenance and Cost of Operation.

You can't take these planes to an "Aviation Jiffy Lube" because none exist. You have to find Mechanics who know how to work on them and Inspectors willing to sign off on the work performed.

I'll bet this guy has spent MORE than 200K maintaining both planes, if both are airworthy at the same time. Maybe one is used for parts? I dunno'.

That's all money that is spent in the local Economy providing Jobs for people.

 

[martybegan]

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

Lets see if your knowledge slapdown resonates with (uses)onepercenter(of his brain).

 

[Oldstyle]

Reminds me of half of Obama's cabinet.

If you have a point to be made, why don't you compare and contrast the 'half of Obama's cabinet' with Foley.

Explain why you didn't complain about John Kerry registering his six million dollar yacht in Delaware instead of Massachusetts where he lived and where the yacht was generally berthed so that he could avoid taxes on it?

 

[martybegan]

Reminds me of half of Obama's cabinet.

If you have a point to be made, why don't you compare and contrast the 'half of Obama's cabinet' with Foley.

Explain why you didn't complain about John Kerry registering his six million dollar yacht in Delaware instead of Massachusetts where he lived and where the yacht was generally berthed so that he could avoid taxes on it?

Come on, you do know rules and consistency are for little people.

 

[Oldstyle]

Then take a crack at why you didn't complain about the Clinton's writing off their used underwear as a tax deduction?

 

[Oldstyle]

Or why you haven't started a string about Tom Daschle...or Timothy Geithner...or Charlie Rangel...all of whom flat out cheated on their taxes!

 

[Oldstyle]

Yeah, this string died in a hurry!

 

[S.J.]

Class envy thread fail.

 

[Dont Taz Me Bro]

Reminds me of half of Obama's cabinet.

If you have a point to be made, why don't you compare and contrast the 'half of Obama's cabinet' with Foley.

Explain why you didn't complain about John Kerry registering his six million dollar yacht in Delaware instead of Massachusetts where he lived and where the yacht was generally berthed so that he could avoid taxes on it?

Rhode Island, not Delaware

 

[Delta4Embassy]

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

Presumedly, since this guy doesn't have an IRS Auditor's hand up his butt, he did this legally. So we're punishing people for knowing and following the law, and giving the finger to tax collectors?

 

[OnePercenter]

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

Romney made an error in forgetting his million bucks and having to file an extension, Geithner made an error in filing which is why he paid the tax and interest with zero penalty.

 

[OnePercenter]

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.

I walk-the-walk and talk-the-talk. The lowest wage in my company is $23.50/hr.

I think 1%er's with zero plan to help the middle class to recover is a bad idea.

I donates over one million dollars last year.

If you don't take a legal deduction you're an idiot.

Do I think that corporations making tens of billions net should get preference in taxation? No.

 

[hjmick]

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

Has he done so illegally?

 

[OnePercenter]

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?

I am smarter than Mr H.

Not everyone has the inclination to better themselves? Would you like to name someone?

 

[OnePercenter]

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

Placing personal information on the internet. No.

 

[OnePercenter]

Democrats too.

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

Your link is from 2008. Bush was President.

 

[OnePercenter]

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

The question is whether Foley is going to help the middle class recover. He has no plan to do that.

 

[OnePercenter]

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.

So using your wealth to create income shouldn't be taxed?

Sometimes it gets taxed when you die.

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.

Capital gains for people with adjusted gross pay of more than $250,000.00/yr should be taxed as income, including FICA.

 

[OnePercenter]

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

Can you please explain how lowering the top rate closes loopholes. Lowering the top rate would reduce the effective rate, because you'll continue to deduct your yacht and Gulf Stream jet.

 

[OnePercenter]

A Smart person would say: "Hey! Since HE only pays 1 Percent Tax, that's all I'm paying too! F*ck the IRS!"

A Stupid person would say: "Hey! He's not paying enough Taxes! Take his money and throw him in Jail!"

Sidebar: He owns two British Folland Gnats which are subsonic, so the article is wrong on that point. Also, he apparently bought them for 200K a piece which is pretty good. You can buy Soviet cold war era fighters for 50K and up. Contrast that with a WWII P-51 which starts around 1.5 Million in airworthy condition.

The REAL Expensive Part is: Maintenance and Cost of Operation.

You can't take these planes to an "Aviation Jiffy Lube" because none exist. You have to find Mechanics who know how to work on them and Inspectors willing to sign off on the work performed.

I'll bet this guy has spent MORE than 200K maintaining both planes, if both are airworthy at the same time. Maybe one is used for parts? I dunno'.

That's all money that is spent in the local Economy providing Jobs for people.

Toy's are expensive.