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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 92818  
Subject: Re: Romney admits his tax-rate is 15% Date: 1/18/2012 3:51 AM
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SeattlePioneer asks,

intercst <<I got it down to 5.8% in 2010 by cashing in some Bush Chickenhawk Years tax loss carry forwards.>>

Do you really think it's inequitable to be able to deduct losses against your gains?


Yes, since we have the stepped-up cost basis upon death in our Estate Tax law. Under current law, someone who does a good job at mining his tax losses while he's alive pays little, if any income tax. Then can pass those assets to his heirs with a stepped up cost basis eliminating the accumulated tax burden completely. Rinse and repeat for the succeeding generations of oligarchs and you'll see why few wealthy pay any tax at all.

As Leona Helmsley said, "Taxes are for the little people".

Mitt Romney will file a whitewashed 2011 Federal Income Tax return with something close to a 15% tax rate, but the big question is how much deferred taxes (i.e. unrealized capital gains) he's carrying on his balance sheet? I bet if you looked at his last 10 years' worth of tax returns, he's paid little if anything in most years.

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