Do as I say, Not as I do

[Mazeppa]

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

[Turd_Ferguson]

A liberal hypocrite?...Thats just crazy talk right there.

[StoopTroup]

Eye Brows are raised!

[StoopTroup]

In other news...




Romney files for extension on his 2011 tax return

By Blake Ellis ([email protected]) @CNNMoney (https://twitter.com/intent/user?screen_name=cnnmoney) April 13, 2012: 7:07 PM ET

NEW YORK (CNNMoney) -- Like millions of other Americans, Mitt Romney isn't going to be ready to file his taxes on time this year.
The former Massachusetts governor and his wife Ann filed for an extension for their 2011 taxes, according to tax forms released by the Romney campaign on Friday.

The documents included Form 4868, which grants taxpayers a six-month extension to file their returns. The form listed the Romneys' estimated tax liability as $3.2 million, and stated that the family has already made payments of $3.4 million. A second form showed that the Romneys applied a payment of $887,000 toward estimated taxes when they filed for the extension.

Earlier this year, the Romneys released an estimate of their 2011 taxes (http://money.cnn.com/2012/01/24/news/economy/Romney_tax_return/index.htm?iid=EL), which was the same $3.2 million amount that appeared on the extension form.

A campaign spokeswoman said they will release their 2011 tax return when it is filed, presumably within the next six months. She also noted that the couple has filed for extensions in prior years as well.
For the 2010 tax year, the Romneys paid $3 million in taxes on $21.7 million in income.

http://money.cnn.com/2012/04/13/pf/taxes/romney-files-tax-extension/index.htm

[SCOUT]

Is Romney playing class warfare saying that everyone should pay their fair share?

Deflection---failed.

[olevetonahill]

Is Romney playing class warfare saying that everyone should pay their fair share?

Deflection---failed.

It never fails with these people

Calmly point out something that Obama is doing wrong and You get slamed with "Its Bush's Fault" "Look what McCain would have done" "Romney is worse"

**** em Im sick of their ignorant **** .

[sappstuf]

I thought Obama didn't like "fat cats" who used loopholes to get away from paying their "fair share"...

[olevetonahill]

I thought Obama didn't like "fat cats" who used loopholes to get away from paying their "fair share"...
Now you went and did it again
Yer gonna get a ton pf response Blamin Bush then On to Look what Romney's doing
If they do say they will discuss the issue they usually thro out 42 paragraphs per post of nonsensical crap

[cleller]

Obama makes 8 times what his secretary makes? How can he sleep nights? He should spread the wealth.

[StoopTroup]

One guy who is The President of the greatest Country on Earth files his return and the guy saying he can do a better job is to busy to be bothered with such silliness.

Got it.

[StoopTroup]

It never fails with these people

Calmly point out something that Obama is doing wrong and You get slamed with "Its Bush's Fault" "Look what McCain would have done" "Romney is worse"

**** em Im sick of their ignorant **** .

Sorry....you lost me here.

Who did what wrong? I think both The President and the GOP Front Runner are within their legal rights as far as I know.

So far nobody is blaming Bush for anything that I can see.

[olevetonahill]

It dont take much.

[pphilfran]

One guy who is The President of the greatest Country on Earth files his return and the guy saying he can do a better job is to busy to be bothered with such silliness.

Got it.

Many file for extensions...even though an extension is filed you must pay all possible tax liability in advance...which he did...nothing to see here...

[REDREX]

One guy who is The President of the greatest Country on Earth files his return and the guy saying he can do a better job is to busy to be bothered with such silliness.

Got it.----What is wrong with filing an extension?---You still have to pay what you owe by April 15th or you pay a fine and interest---I file an extension every year not because I want too but I don't have all the info I need----I am sure Romney has a much more difficult return than mine

[diverdog]

Let's see

Romney paid an effective tax rate in 2010 of 13.9%
Obama paid an effective tax rate in 2011 of 20.5%

If all millionaires paid an effective tax rate of 20.5% I think I would be pretty happy.

[Midtowner]

True. And it's not like Romney does his own taxes. When you start dealing with tax situations like that, you're pretty much going to always be involving large accounting firms.

As far as the President's situation, it's not a "tax shelter." Saying as much demonstrates that the writer doesn't really have much of a grasp on the tax code or what he's writing about. The Obamas have already paid taxes on that money. Their daughters simply don't have to pay gift tax on that money as it is gifted to them or their trusts or whatever. There's a 12K per year limit (24K for couples) on gifts coupled with a gift and estate combined $5MM lifetime limitation. If you've ever inherited something and not had to pay estate taxes, you're basically taking advantage of the same part of the Tax Code the Obamas are.

[StoopTroup]

----What is wrong with filing an extension?---You still have to pay what you owe by April 15th or you pay a fine and interest---I file an extension every year not because I want too but I don't have all the info I need----I am sure Romney has a much more difficult return than mine

Nothing but He's running for the Presidency and if he's trying to get every vote he can...I'd think he'd shut up the Obama Campaign by just filing his taxes. Even if he made a mistake and say overpaid....it would make him look like he didn't have anything to hide, he didn't have any money problems and that he had zero problems.

Maybe full disclosure shows he made a bunch of deposits to Off Shore Accounts? Not against the law either if done properly but it sure wouldn't be something I'd want to disclose if I were him. Maybe there is some deductions he doesn't want the American People to be privy to before the election.

These things I'm talking about might mean absolutely nothing to you but it might to those running against him.

Just saying....

Also...I never said there was anything wrong with filing an extension....I'm not running for anything though.

[Midtowner]

As someone who probably won't vote for Etch-a-Sketch, what the hell does it matter what the guy made last year or when he files his taxes? We can all rest assured he's probably not going to simply decide not to pay. Aside from that, he's successful. Ridiculously so.

It's about as valid an issue as Obama's birth certificate.

[jkjsooner]

Have any of us seen that Obama wants to get rid of the $13k (per parent) gift that isn't subject to the gift tax? My guess is that this isn't one of the hot topic items that Democrats want to get rid of. I'd dare say many of them (even those without great means) would favor keeping it.

And let's be a little realistic. I'm all in favor of getting rid of some of my deductions if that puts our country on a better footing financially. That doesn't mean I'm not going to take those deductions or donate my money to the federal government. If it needs to be done then we can all pay the price.

That doesn't make me a hypocrite.


Note: I wonder why they only gave $12k rather than the $13k...

[Midtowner]

Have any of us seen that Obama wants to get rid of the $13k (per parent) gift that isn't subject to the gift tax? My guess is that this isn't one of the hot topic items that Democrats want to get rid of. I'd dare say many of them (even those without great means) would favor keeping it.

And let's be a little realistic. I'm all in favor of getting rid of some of my deductions if that puts our country on a better footing financially. That doesn't mean I'm not going to take those deductions or donate my money to the federal government. If it needs to be done then we can all pay the price.

That doesn't make me a hypocrite.


Note: I wonder why they only gave $12k rather than the $13k...

For 2011, the number was 12K. I'm guessing in 2012, it'll be 13K.

[Bourbon St Sooner]

In other news...




Romney files for extension on his 2011 tax return

By Blake Ellis ([email protected]) @CNNMoney (https://twitter.com/intent/user?screen_name=cnnmoney) April 13, 2012: 7:07 PM ET

NEW YORK (CNNMoney) -- Like millions of other Americans, Mitt Romney isn't going to be ready to file his taxes on time this year.
The former Massachusetts governor and his wife Ann filed for an extension for their 2011 taxes, according to tax forms released by the Romney campaign on Friday.

The documents included Form 4868, which grants taxpayers a six-month extension to file their returns. The form listed the Romneys' estimated tax liability as $3.2 million, and stated that the family has already made payments of $3.4 million. A second form showed that the Romneys applied a payment of $887,000 toward estimated taxes when they filed for the extension.

Earlier this year, the Romneys released an estimate of their 2011 taxes (http://money.cnn.com/2012/01/24/news/economy/Romney_tax_return/index.htm?iid=EL), which was the same $3.2 million amount that appeared on the extension form.

A campaign spokeswoman said they will release their 2011 tax return when it is filed, presumably within the next six months. She also noted that the couple has filed for extensions in prior years as well.
For the 2010 tax year, the Romneys paid $3 million in taxes on $21.7 million in income.

http://money.cnn.com/2012/04/13/pf/taxes/romney-files-tax-extension/index.htm

Even if you file for an extension you still have to make an estimated tax payment or you could be subject to penalties.

[KABOOKIE]

Hey oblama, kindly shut your racist, business hating loser ***. I can't wait until the liberals get kicked the ****ed out of office.

[AlboSooner]

The oligarchy being the oligarchy. Oh the rage.

There is no fairness, nobility, justice, and equality. The middle class will be run to the ground, and this country with it.

[SCOUT]

I had a conversation with someone, who shall remain nameless, recently that speaks to the class warfare that is taking place. I was doing them a favor and preparing their taxes for them. I used Turbotax as their filing was pretty simple and I am not an accountant. It was merely a favor. I explained that they were getting a refund of X dollars. They complained that this was an example of the rich getting richer because my wife had disclosed that my refund was 3 times their refund. They think I am rich, by the way.

I had to explain that they were refunded 100% of their taxes plus $305 from the earned income tax credit. Me, not so much.

For the record, I am not rich. Even by President Obama's standard.

[StoopTroup]

True. And it's not like Romney does his own taxes. When you start dealing with tax situations like that, you're pretty much going to always be involving large accounting firms.

As far as the President's situation, it's not a "tax shelter." Saying as much demonstrates that the writer doesn't really have much of a grasp on the tax code or what he's writing about. The Obamas have already paid taxes on that money. Their daughters simply don't have to pay gift tax on that money as it is gifted to them or their trusts or whatever. There's a 12K per year limit (24K for couples) on gifts coupled with a gift and estate combined $5MM lifetime limitation. If you've ever inherited something and not had to pay estate taxes, you're basically taking advantage of the same part of the Tax Code the Obamas are.

Last I knew it was $10,000. I didn't know what the lifetime max was though and didn't know there was a max....I just thought it was around $10,000 a year. Of course I don't sit around reading the tax codes like Vet does. When he's not pouring through the tax code he's usually busy trying to get the smell of stupid out of his furniture.

[StoopTroup]

I had a conversation with someone, who shall remain nameless, recently that speaks to the class warfare that is taking place. I was doing them a favor and preparing their taxes for them. I used Turbotax as their filing was pretty simple and I am not an accountant. It was merely a favor. I explained that they were getting a refund of X dollars. They complained that this was an example of the rich getting richer because my wife had disclosed that my refund was 3 times their refund. They think I am rich, by the way.

I had to explain that they were refunded 100% of their taxes plus $305 from the earned income tax credit. Me, not so much.

For the record, I am not rich. Even by President Obama's standard.

Sounds like they could have gotten the same favor for free from H&R Block without bugging you?

[Midtowner]

The oligarchy being the oligarchy. Oh the rage.

There is no fairness, nobility, justice, and equality. The middle class will be run to the ground, and this country with it.

As long as folks keep voting for the same Republicans and Democrats, this will be the case. Both parties are agents of the ruling class. Dumb people will continue to vote against their own self interests.

[Curly Bill]

Last I knew it was $10,000. I didn't know what the lifetime max was though and didn't know there was a max....I just thought it was around $10,000 a year. Of course I don't sit around reading the tax codes like Vet does. When he's not pouring through the tax code he's usually busy trying to get the smell of stupid out of his furniture.

How does trying to remove the smell of stupid compare to trying to remove the smell of pharmaceuticals?

[olevetonahill]

How does trying to remove the smell of stupid compare to trying to remove the smell of pharmaceuticals?
It must really hurt when he gets his panties in that big a wad.

[Curly Bill]

It must really hurt when he gets his panties in that big a wad.

Yup, I think you done gone and hurt his feelers or something? He sure is an angry little fella these days.

[olevetonahill]

Yup, I think you done gone and hurt his feelers or something? He sure is an angry little fella these days.

Heh, He says Im always taking jabs at HIM .

Hell for the most part I ignore his ramblings

[Curly Bill]

Heh, He says Im always taking jabs at HIM .

Hell for the most part I ignore his ramblings

As we all prolly should.

[SCOUT]

Sounds like they could have gotten the same favor for free from H&R Block without bugging you?
My taxes are not quite so simple so I have a license to this year's iteration of turbo tax anyway. Free from H&R Block is similar to the free from me. I do believe you missed the more important point somehow.

[yermom]

Hey oblama, kindly shut your racist, business hating loser ***. I can't wait until the liberals get kicked the ****ed out of office.

you okay there, buddy?

[KABOOKIE]

Hell no. I ain't been right for a long time. But Mr commie loving, capitalism hating, dog eating racist has got to go!

[soonercruiser]

I thought Obama didn't like "fat cats" who used loopholes to get away from paying their "fair share"...

You talking about GE and Jeffy Imelt?

Green" with envy, I am.

[badger]

I don't care that Obama is doing that and more families should be setting aside money for college expenses early-on. It's the thing that American families save their entire lives for, much like Indian families save to have a lavish wedding for their child, and Chinese families save to be able to have a dowry to marry off their son (girl shortage = pay tons to get son married to one of the few available brides).