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A Flood of New CPAs, Out of the Blue

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You know what’s funny? Over the last few days,some people on Facebook and on some blogs  who aren’t anywhere close to Republican presidential candidate Mitt Romney’s level of income, and have no fundamental level of proper tax knowledge seem to be spending an enormous amount of time clarifying and defending the contents of Romney’s annual tax returns in minutiae which were released this past week . What are these people, all expert tax accountants now? When did this happen?Money and Tax ReturnHey, with all this new and sudden CPA blood out there, it should be a great 2012 for all of us! Oh man, no more H&R Block, yippie! This is going to be great, I can feel like a modern day Daddy Warchest (or whatever the hell that guy’s name was), now!

I digress. Since there are so many of these folks (new CPAs) out there, we should now all be able to access this elusive Romney rate we’ve all heard about, and Boy-oh-boy I can’t wait! Hey Switzerland & Cayman Islands, here I come!

Look people, if you want to argue and start throwing numbers around in your Facebook status arguments as your “facts” in your pro Richy Romney rant, you better source them, properly! I’m positive it’s not as easy to do Mitt Romney level taxes, as you all seem to be claiming, so don’t try to tell me this if you simply do the math crap; at the end of the day all you look like is an idiot because most of you are getting it all wrong.

The bottom line is this: we have no clue what tax law loopholes are in play in Romney’s returns; and the most glaringly obvious truth of them all is that most of us will never see Mitt money in our lifetime. So, all you know-it-alls should do the rest of us a favor: stop writing your uninformed and poorly researched diatribes on Facebook, acting like you are the foremost authority and understand the nuances of tax law for wealthy people. Leave that to trained accounting and tax law professionals to explain. Spend your time arguing what you know more about: such as what should be taken out of the freezer to defrost for dinner, or are there enough Brillo pads to clean all those dirty pots you left food on from last night, or did you pick up your socks off the floor and throw them in the hamper, or did the wife get the oil changed in the van. You know, common people issues.

Are you with me!?

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About Michael J. Carrasquillo

  • John Lake

    The fact is there hasn’t been much mention in the media editorials of the blind trusts and the unexplained sums offshore (as you mention) and in Switzerland. One might assume the critics are waiting to view the content of the opposition campaign ads.

  • Arch Conservative

    There’s not one single person criticizing Romney who wouldn’t have done the exact same things with their money if they’d had the intellect, skill and wherewithal that Romney possesses in the financial arena.

    According to his tax returns he’s been much more generous with his own money as far as charitable donations go than our Supreme Hypocrite in chief, who is only generous with other people’s money.

    Romney also has a history not taking a salary for the jobs he’s had such as governor of MA and the olympics organizing committee.

    In 1986 Romney also shut down Bain Capital completely, when the 14 year old daughter of a Bain employee went missing. He and his fellow members of Bain not only hired a private detective firm to help find the girl but actually went around NYC city themselves talking to people and looking for the girl.

    It is the mantra on the left to villify anyone who is wealthy in this nation. If all Americans were to listen to the garbage from the far left proponents class warfare we’d all have to believe that every single person who’d ever made a significant of money in the business/corporate and/or financial arena only did so because they were of poor moral character and frequently, callously took advantage of others for their own personal gain. This is not true but then the left has about as much appreciation for the objective truth as Bill Clinton and Newt Gingrich have for chastity.

    Say what you want about Romney, he’s definitely not my first choice for president, not even close. But he’s proven himself to be a much better leader and much better human being than what we’re currently stuck with.

  • Suzanne

    Tax implications can be much more involved than people realize. And I agree that it is frustrating when people argue in subjects in which they are not schooled. They are certainly entitled to an opinion, but that is all it really is. And you have brought me to the realization that I will never see Romney-level money- and now I am bummed out. But it’s all good! Great read, Michael!

  • You know, facts are always more factual when you make them up. 95% of Republicans agree

  • Chris P

    There’s no mystery about his low tax rate. His income is mostly from investments which are taxed at 15%. The capital gains tax rate used to be taxed at a much higher rate (according to my CPA wife). The fact that this money was taxed prior to him receiving it is of no concern to him, just like it is none of my concern that my employer was taxed prior to paying me. The bottom line is that investment income should be taxed like any other income.

  • Brilliantly said and I love the witty humor behind this article. Taxes are difficult enough to understand so much so, that even CPA’s have difficulty and often have to inquire with their Tax law bibles… especially to find those loopholes. Can this middle class Latina get a loophole? So I agree with you 100% Thank you for bringing this topic to light!!! Keep on writing… let me add again, love the witty humor!

  • There is a bit more here than immediately meets the eye. This article does a reasonably competent job of explaining that the sources of the dividends on which Governor Romney paid “only” fifteen percent had been taxed before he got them. I have no idea whether this is accurate, but it makes more sense than the naked claim that “only” fifteen percent is bad.

    When Romney pays 15 percent to Uncle Sam, that’s not the first time that money was taxed. J.D. Foster, the Norman B. Ture Senior Fellow in the Economics of Fiscal Policy at The Heritage Foundation, explains that Romney’s money has likely gone through four levels of taxation, meaning that the level of taxation was at 50 percent and likely much higher

    It quotes from another article that observes,

    At the very least, he paid nearly 45 percent, but a chunk of this tax was collected before he even saw the remainder. Income from capital gains and dividends means the income was first earned by businesses, most likely corporations which paid tax at 35 percent. So Romney paid his 15 percent only after the government had taken its 35 percent cut. That leaves Romney with a combined tax of 45 cents on the dollar of corporate earnings.

    If accurate, forty-five percent taxation seems “unfair,” but in the opposite direction than claimed by President Obama.

  • True, Michael, but it cuts both ways. Romney’s startlingly low tax bill could be totally above-board, as far as we non-CPA proles can authoritatively tell.