Gingrich’s Plan: Nearly Zero Tax for Romney

[White Eagle]

I was joking in the other thread about Gingrich checking with factcheck before talking. Well, it's a good idea. He can't come up with anything to help the Americans.

http://factcheck.org/2012/01/gingrichs-plan-nearly-zero-tax-for-romney/

Gingrich’s Plan: Nearly Zero Tax for Romney
Posted on January 18, 2012

Newt Gingrich joked that he ought to rename his proposed 15 percent flat tax the “Mitt Romney Flat Tax,” so “all Americans would pay the rate Mitt Romney paid.” Actually, not all Americans. Under Gingrich’s tax plan, Romney would likely pay closer to zero percent.

Although he has not released his tax records, Romney this week revealed an approximation of his effective tax rate:

--snip--

But here’s the part that would greatly enhance Romney’s bottom line: Under Gingrich’s plan, capital gains, dividends and interest income would not be taxable. Based on Romney’s financial disclosure form and what Romney said this week, that’s most of his income. In other words, his effective tax rate might be closer to zero. It wouldn’t actually be zero, though, because he’d still have to pay 15 percent on the (“not very much”) $374,000 he made in speaker fees.

 

[Kulindahr]

Why do all these Republicans have such a fascination with not taxing capital gains? Income is income.

 

[CowboyBob]

Why do all these Republicans have such a fascination with not taxing capital gains? Income is income.

These republicans only care about money. It's their God. They main function is hoarding more money for the richest 1% and protecting it for them. Period.

 

[MystikWizard]

These republicans only care about money. It's their God. They main function is hoarding more money for the richest 1% and protecting it for them. Period.

Because that's capitalism. Greed and capitalism go hand in hand, but it is that greed for wealth which drives these people ... who in turn, use the Religious Right for their own purposes.

So whatever they can do to keep the greatest amount of wealth, they are going to do. That includes no tax on Capital Gains.

The Rich get richer and the Poor keep getting poorer.

 

[chrisrobin]

Because that's capitalism. Greed and capitalism go hand in hand, but it is that greed for wealth which drives these people ... who in turn, use the Religious Right for their own purposes.

So whatever they can do to keep the greatest amount of wealth, they are going to do. That includes no tax on Capital Gains.

The Rich get richer and the Poor keep getting poorer.

Capitalism is okay. Unregulated capitalism is not. Imagine the NFL unregulated - orthopedic surgeons', neurologists' and undertakers' paradise! The players? Fuck 'em.

P.S. "When does the greed stop?" - the late Edward M. Kennedy.
Short answer: Never.

 

[CowboyBob]

Capitalism is okay. Unregulated capitalism is not. Imagine the NFL unregulated - orthopedic surgeons', neurologists' and undertakers' paradise! The players? Fuck 'em.

P.S. "When does the greed stop?" - the late Edward M. Kennedy.
Short answer: Never.

Exactly. It's the unregulated capitalism. But notice how they want to do away with regulations. That's a republican battle cry.

Everything they want to do away with they attach the 'job killer" label on.

Greed is human nature so it needs to be regulated as not to hurt those who are vulnerable. Not everyone can be a business owner. Not everyone will inherit millions.

 

[chrisrobin]

Exactly. It's the unregulated capitalism. But notice how they want to do away with regulations. That's a republican battle cry.

Everything they want to do away with they attach the 'job killer" label on.

Greed is human nature so it needs to be regulated as not to hurt those who are vulnerable. Not everyone can be a business owner. Not everyone will inherit millions.

If fractures, ligament tears, concussions and fatalities are prevented by regulations, if you are sick, twisted, self-centered and Republicon, the regulations can be viewed as "job killers." Not only that, with serious and/or fatal injuries, the ratings will increase thereby increasing revenue! Communist or something?

 

[Kulindahr]

Exactly. It's the unregulated capitalism. But notice how they want to do away with regulations. That's a republican battle cry.

Everything they want to do away with they attach the 'job killer" label on.

Greed is human nature so it needs to be regulated as not to hurt those who are vulnerable. Not everyone can be a business owner. Not everyone will inherit millions.

I just want to note that regulation doesn't have to come from government; UL and other outfits have demonstrated that. But there are many areas where no form or method for doing it in the private sector has been found, so there's little choice but to have government step in. Where a system the private sector could use has been found, government should foster that and turn it loose.

The theory of an unfettered market is that customer feedback will keep companies in line. With the internet, that may actually become possible in the future, though the responsiveness of any company to the customer is inversely proportional to its size/value.

 

[CowboyBob]

In the Middle Ages there were Guilds which those who manufactured items regulated themselves and each other. Standards were set and those who didn't meet with the standards (or regulations) were not part of the Guild.

Bread made with flour mixed with sawdust wasn't allowed, size and weight of the loaves were regulated. Some bakers didn't want to go along with these standards...... they hurt "profits". Where do we hear that now?

But getting back to the original topic, it's the second-generation millionaires like Romney who are trying to protect their wealth at the expense of others. It's like I always say, it's the sons of millionaires with a false sense of entitlement that's really ruining the country.

 

[Kulindahr]

In the Middle Ages there were Guilds which those who manufactured items regulated themselves and each other. Standards were set and those who didn't meet with the standards (or regulations) were not part of the Guild.

Bread made with flour mixed with sawdust wasn't allowed, size and weight of the loaves were regulated. Some bakers didn't want to go along with these standards...... they hurt "profits". Where do we hear that now?

But getting back to the original topic, it's the second-generation millionaires like Romney who are trying to protect their wealth at the expense of others. It's like I always say, it's the sons of millionaires with a false sense of entitlement that's really ruining the country.

Guilds had good and bad effects, but they did begin the first regulation of quality and honesty in business.


I've never had a problem with people who generate wealth out of talent. It's those who have unearned wealth bestowed on them who are, in general, the problem. I make an exception for bankers, who seem to be vile and slimy regardless.