Tax Returns will reveal that Romney has nothing in common with 99.99% of AmericansSubmitted by go213mph on Sun, 07/15/2012 - 20:34
By not releasing his returns, Romney is trying to avoid calling more attention to the fact that he is a card-carrying member of the 0.01%, a group of Americans viewed with suspicion and frustration by most other Americans right now.
People are waking up to the once "mysterious" and "complicated" world of high finance. It's becoming increasing clear that 99.99% of Americans work longer, harder, and are even just as "smart" as the 0.01% who consistantly enjoy incomes nearly 300 times as high as average middle class Americans.
So if we work longer and harder...and we are just as "smart" as the wealthiest 0.01% what is the explaination for the vast discrepancy in our incomes? I think Henry Ford said it best when he said:
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
To add insult to injury, the massive financial imbalance also allows the 0.01% to take advantage of tax laws that favor the super rich.
Only the ultra wealthly setup "structuring" of income to take full advantage of things like the ludicrous "carried interest" tax exemption that allows private-equity investors to pay capital gains taxes on income that are actually fees (This tax treatment is one of the most outrageous and unfair elements in the entire tax code. There is no logical basis for it, and it benefits only the richest people in the country.)
This "structuring" can also be used to take advantage of offshore accounts, the contribution of hard-to-value securities at low valuations (whereupon they explode in value), and other sophisticated tools. These tools are, theoretically, available to anyone, but, in practice, are available only to those with tens of thousands of dollars to spend every year on tax-and-estate planning.
Average Americans, now know instinctively that these financial restructurings are done to avoid paying taxes and although there is nothing wrong in my view with trying to keep the Government from stealing our money via taxation, when tax laws include loopholes that 99.99% of taxpayers will never be able to use, it therefore, is quite unfair.
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