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Just saw the debate - Romney said: "Where you put your money is where your heart is." So is Romney's heart in Switzerland or the Cayman Islands?
Posts: 510 | From: Richmond VA USA | Registered: Mar 2004
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You do not know where his money is, do you.
Over $4 million of last year's income has gone to a charity in the USA. (Doing your own research is a wonderful thing...)
Posts: 1418 | From: Houston, Republic of Texas | Registered: Jan 2001
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Compare Obama/Biden's donations to Romney/Ryan. No contest. It's always this way when comparing Dems/Repubs---Repubs always donate significantly more. I have found this in my personal life also. The Dems are the "touch feely" group who are always yelling about save this animal, save this plant, "Coexist" (whatever that means), but when it comes down to putting your money where your mouth is, we (conservatives) beat them every time when it comes to donations.
But when it comes to this presidential election, honestly, I don't care what Romney does with his money. I'm concerned with what Obama does with OUR money!!
PS: Putting your money in the Caymans or Swiss accounts is NOT illegal. What's the big deal over this?
Posts: 2355 | From: Pleasanton, CA | Registered: Apr 2007
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If one is "up to no good", safe assumption there would be a little case of "Ididntknowitis".
I am certain that "I's are dotted and T's are X'd" on any of Gov. Romney's Tax Returns whether or not released.
Also, on this subject, while no responsible conservative leaning newssource such as the Wall Street Journal is prepared to say Obama lost the Election last evening, quite simply Obama got KO'd in that first debate. What I am sincerely concerned about is that Romney's victory may have closed the gap to such extent that we are looking at a "Robamaney"?
Wazzat? think "Gorebushoff". Our republic is so polarized that such would simply be disastrous.
Posts: 9979 | From: Clarendon Hills, IL USA (BNSF Chicago Sub MP 18.71) | Registered: Apr 2002
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quote:Originally posted by Mike Smith: You do not know where his money is, do you.
Over $4 million of last year's income has gone to a charity in the USA. (Doing your own research is a wonderful thing...)
That "charity" is the Mormon Church, which all Mormons are required to give 10% of their income to. This "charity" spent 18 million dollars to stop gays from getting married in California. I'm sure Jesus would be proud. Think how many people that $18 million could have otherwise helped.
Posts: 510 | From: Richmond VA USA | Registered: Mar 2004
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Once again, Jerome... Research is a wonderfully educational experience. You should try it.
Posts: 1418 | From: Houston, Republic of Texas | Registered: Jan 2001
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Wow, Mr. Nicholson, be it likely unintentional but possibly otherwise, you hit a "hot button loophole' that I'd dare say no politician would dare touch - and that is the tax deductions allowed to charitable organizations under Internal Revenue Code Section 170.
Additionally within the Code is Section 501 which allows certain organizations (incorporated or otherwise) to be exempt from Federal income tax, the various types of exempt organizations are delineated at subsection (c). While quite an array of organizations including Unions, clubs, cemeteries, mutual insurance companies, et magna alia, only those within subsection (3) are charitable organizations and hence can qualify to have donations tax deductible under 170.
Churches (religious organizations) are included within 501(c)(3); ignoring any bona fide non-sectarian health and welfare activities the church may perform, is that appropriate tax treatment?
Try asking that of any "critter" and watch him or her "run for cover'.
Posts: 9979 | From: Clarendon Hills, IL USA (BNSF Chicago Sub MP 18.71) | Registered: Apr 2002
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Jerome's comments gave me a chuckle. I don't mean any disrespect, it's just that I am one of those rare folks who has the time (and desire) to really do my due diligence in trying to learn what the truth is about a political topic. Sometimes it's very, very difficult since journalism is dead in America and the mainstream media lie and manipulate things in order to keep Obama in office. The reason I chuckled is because I watch MSNBC, CurrentTV, the networks, and Fox News (in addition to many other sources I follow daily). The "Mormon Church" donation thing about Romney is just a talking point---there is no meat to it. Yes, they tithe in the Mormon Church as many religions do. However, Romney's charity goes way beyond tithing for his church. Not only does he give generously to charity, but I'm fairly certain he does not even take a salary when doing some jobs (such as the head of the Atlanta Olympics, and as Gov. of MA). You never see libs do this, ESPECIALLY Obama. He wants every little penny he can squeeze out of people. Just imagine the example Obama could set by not taking a salary, and by taking only reasonable vacations, and not these huge, lavish trips that they always go on---mostly at taxpayer expense. But I know that libs won't care about any of this, because Obama is their god and Romney is the devil.
Posts: 2355 | From: Pleasanton, CA | Registered: Apr 2007
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Recently I was listening to a tax expert speculate that the years for which Mitt Romney chose not to release his tax returns just happened to coincide with the years for which amnesties (most recently 2009) were available when the above named form (TD F 90-22.1, "foreign bank account reporting form") had not been submitted for prior years. Failure to submit this form was very common, but not necessarily willful or evasive. It just wouldn't look good for a presidential candidate.
This is not meant to imply any wrongdoing by Mitt. As the following link indicates, my brain may be predisposed to a "tolerance to uncertainty". http://abcnews.go.com/blogs/health/2012/09/03/conservatives-and-liberals-have-different-brains-studies-show/ Another finding of these studies was that the conservative mind tended to be absolutely certain of things they believed. If postings on this forum are any indication, I would concur. For now I think I will go wallow in self-doubt. And perhaps worry about my previous prediction of Obama with about 290 electoral votes in (sorry, Mr. Norman) extra innings.
Posts: 1572 | From: St. Paul, MN | Registered: Dec 2002
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I'm certain that whatever "Final Four" firm Willard and Ann go to knows of TD90221. Even little ol' CPA me with my little two bit practice knew of the Form. I prepared one during my 21 years as a licensed CPA.
I ain't just shooting the bull when I have my little "what you been up to over the past year?" chit-chat with a client. "Oh I was overseas and guess what I have a Swiss bank account...." "Interesting; let us have it understood there is no law whatever saying you can't have one, but we are obligated to tell them about it on this form as well as report any interest income earned through the account". "Gee, I just thought it would be fun to have one and for nice party talk."
He really was an honest guy; and closed it by the followiong tax season.
But I will acknowledge that my tax software was defaulted "no" for the two little questions at the bottom of a Schedule B within Part III.
Posts: 9979 | From: Clarendon Hills, IL USA (BNSF Chicago Sub MP 18.71) | Registered: Apr 2002
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While talking taxes: Interesting little point: Most countries in the world do not tax their citizens when they are working in a foreign country. When you are in one of the high tax European countries this alone is plenty of incentive to take an overseas job.
If you are a US citizen working overseas, yes there are some tax breaks, but there is also so much additional information you have to provide and forms to fill that your tax return becomes a nightmare. Mine always got mailed in a 9x12 envelope because it was too thick to fold by the time it was all there. And, all these goodies, like, yes we will pay for your children's tuition in the school for expats and other allowances are taxable income as far as the IRS is concerned.
And, yes, if you have a local bank account there, then you have to do these wonderful foreign bank account forms.
Posts: 2810 | From: Olive Branch MS | Registered: Nov 2002
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