Investors reject Romney tax break as welfare for the rich

Discussion in 'Politics' started by Chris, Jan 26, 2012.

  1. Chris
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    Chris Gold Member

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    Most international investors say a tax break allowing private equity and hedge-fund executives to pay lower tax rates than many average Americans isn’t warranted, according to a Bloomberg survey.

    As the release of Republican presidential candidate Mitt Romney’s 2010 tax return heats up debate over a 15 percent top rate on so-called carried interest, two-thirds of those surveyed in the Bloomberg Global Poll say the tax break is unjustified. The lower levy helped Romney, former head of Bain Capital LLC, pay an effective rate of 13.9 percent on $21.6 million of income, when the top income tax rate is 35 percent.

    Jonathan Sadowsky, chief investment officer at Vaca Creek Asset Management LLC in San Francisco, said he favors eliminating the break because he’s concerned about government deficit spending.

    “I’m extremely worried about the debt,” he said. “Somewhere down the line, people are going to stop lending us money.”

    About $7.4 million, more than one-third of Romney’s 2010 income, was from carried interest, which is the share of profits that make up most of the compensation for partners in private equity firms, hedge funds and real estate developments. Those fees are taxed as capital gains rather than ordinary income.

    Sixty-six percent of poll respondents worldwide said the break isn’t justified, compared with 21 percent who said it is and 13 percent who said they had “no idea.” Among those living in the U.S., 67 percent said the lower rate isn’t justified, versus 27 percent who said it is. The Jan. 23-24 poll of 1,209 investors, analysts and traders from around the world has a margin of error of plus or minus 2.8 percentage points.

    Romney Tax Break Rejected as Welfare for Rich in Investor Poll - Bloomberg
     
  2. Rocko
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    Rocko Gold Member

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    What you ignor is that if we tax what hedge fund managers make as income, they will domicile in another country? Then what do you suggest?
     
  3. Trajan
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    Trajan conscientia mille testes

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    The Jan. 23-24 poll of 1,209 investors, analysts and traders from around the world has a margin of error of plus or minus 2.8 percentage points.


    :lol:seriously.....:lol:
     
  4. Chris
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    Chris Gold Member

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    They can all burn in hell for all I care.

    :lol::lol::lol:
     
  5. Decepticon
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    Decepticon BANNED

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    How about if they do business in this country they have to follow our laws? How about that?

    That would certainly help move manufacturing back to the states, wouldn't it?
    No more washing printed circuit boards off in rivers in China.
     
  6. Rocko
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    Rocko Gold Member

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    The point is they would leave the country and the government would have less revenue.
     
  7. Chris
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    Chris Gold Member

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    [​IMG]
     
  8. Chris
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    Chris Gold Member

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    Bullshit.

    The capital gains rate was much higher under Reagan and they didn't "leave the country."

    We are the largest economy in the world and it is about goddamned time these bastards started paying taxes.
     
    Last edited: Jan 26, 2012
  9. Rocko
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    Rocko Gold Member

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    Well its a good thing you don't matter.:tongue:
     
  10. Rocko
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    Rocko Gold Member

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    whats to stop them?
     

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