dagblog - Comments for "Romneyville and the confederation of financiocrats. "

So a long term tax deferred

NCD — Wed, 01 Feb 2012 00:57:25 +0000

In reply to Robert Harris, author of the

So a long term tax deferred Swiss/Cayman leveraged account means you held the stock for over a minute? Jobs are only created when the money that makes money stays in secret accounts in Switzerland, or is passed on tax free as trust accounts.

If it wasn't legal, a Republican would just say it was patriotism that made him do it.

Robert Harris, author of the

Oxy Mora — Tue, 31 Jan 2012 19:58:49 +0000

In reply to Romneyville and the confederation of financiocrats.

Robert Harris, author of the Fear Index has just proffered the statistic that the average time a share of stock is held by its owner in the U.S. is 22 seconds.

Harris: "The twenty year trajectory which has brought us to our present financial crisis can be summed up as follows: quants begat derivatives; derivatives begat the crisis of 2008; the crisis begat the debt crisis;" and so on to Recession and prolonged attempts at recovery.

The quote I like most. "The gulf of understanding is now not so much between the humanities and the sciences (having briefly worked in an institution of higher learning I would never have expected this) but between the bewildered humanity and a global financial system that seems both utterly mysterious and highly unstable."

I might add the recent comment that the customer accounts at Global Investors cannot be located and appears to have "vaporized".

I was just wondering who the

Oxy Mora — Tue, 31 Jan 2012 18:58:28 +0000

In reply to Count me in the "nay" column.

I was just wondering who the 2% was, should have known.

I think it's interesting that people are actually making the distinction, although the questions lead them on quite well. I heard Jim Cramer, CNBC shouter, say that it's clear from many people who tweet him and send him emails is that they have no idea there are even separate rates.

Count me in the "nay" column.

Verified Atheist — Tue, 31 Jan 2012 18:51:02 +0000

In reply to A new CBS poll shows support

Count me in the "nay" column. I think the tax rate for capital gains and dividends should be taxed at a higher rate than "work".

I mean, seriously, why should income from gains and interest on what is primarily inherited wealth be subject to lower taxes? (Yeah, I know, preaching to the choir…)

A new CBS poll shows support

Oxy Mora — Tue, 31 Jan 2012 18:45:40 +0000

In reply to Romneyville and the confederation of financiocrats.

A new CBS poll shows support for a change in the tax rates for Capital Gains and Dividends. By 52% to 36%, respondents think both should be taxed at the same rate as "work". Independents are 54 to 32.

The comparisons to prior surveys, if any, are not given. My impression is that OWS and Romneyville have had a significant impact on these results---but I have no proof of that.

Thanks again. This particular

Oxy Mora — Tue, 31 Jan 2012 18:38:17 +0000

In reply to Another for our file,

Thanks again. This particular tax cut would appeal to a lot of Independents. But overall, I don't think, given the total election, that it's going to offset the downside of the total Romneyville package.

Another for our file,

Aunt Sam — Tue, 31 Jan 2012 16:44:02 +0000

In reply to Thanks, Aunt Sam. In other

Another for our file, courtesy of Andrew Sullivan:

Romney's New Loophole For The Rich

The former Bain executive has pledged to eliminate capital gains taxes for households with income under $200,000. Roberton Williams explains how this would work in reality:

Nearly 80 percent of households already pay no tax on gains and dividends—either because they have no investment income or because they’re in the 15-percent tax bracket or below. This cut—about $40 billion in 2015—can only help the remaining 20 percent. Not surprisingly, the bulk of benefits go to high-income households. And, because the threshold would apply only to non-gains and non-dividend income, households in the top 1 percent would get nearly a tenth of the tax savings.

Ah, the gift that keeps on giving!!!

Thanks, Aunt Sam. In other

Oxy Mora — Tue, 31 Jan 2012 15:51:56 +0000

In reply to Thought this might add to our

Thanks, Aunt Sam. In other words, Romney labels Obama as a European style leader while he himself invests in a rising European currency. Seems then that Europe might have something to offer.

Newt missed this one---"Romney bets against the U.S. economy. With a Swiss bank account he profits from a decline in the value of the American Dollar."

Malt's defense unwittingly creates an argument against Romney---for the simple reason that this ilk has never really concerned themselves with specifics on how the natural world of the financiocrats might adversely affect those on the lower rungs.

Thought this might add to our

Aunt Sam — Tue, 31 Jan 2012 05:12:03 +0000

In reply to Romneyville and the confederation of financiocrats.

Thought this might add to our chest of Physiocrat data:

Mitt's money man

By MAGGIE HABERMAN | POLITICO

1/30/12 9:14 PM EST

The Globe profiles Brad Malt, the man who oversees Mitt Romney's wealth and investments, and peels back the onion a bit on the thought behind having the Swiss bank account that the candidate closed last year, along with some of his sell-offs in advance of his campaign:

In 2007, as Romney prepared his first run for president, Malt sold stock in dozens of potentially controversial companies, including casino operators, tobacco growers, and firms with ties to Iran. Last year, after Romney pushed for tougher trade sanctions against China, Malt dumped a number of Chinese holdings. He recently shed a money market mutual fund that had invested in government-backed mortgage companies, Fannie Mae and Freddie Mac, which are blamed for exacerbating the housing bust.

In early 2010, as Romney advanced toward a second presidential campaign, Malt decided to close the $3 million UBS account he set up in Switzerland seven years earlier, realizing it could become a political issue. In 2009, the US government sued UBS to obtain the names of thousands of Americans who secretly held billions of dollars in Swiss accounts.

Malt said he opened the Swiss account not to hide assets, but to diversify Romney’s investments into foreign currencies. If the value of the dollar declined, for example, a rise in the Swiss franc might offset it. The account, Malt stressed, was listed on Romney’s 2010 tax return and Romney paid taxes on the interest, just as he pays taxes on all the earnings from other foreign investments.

“It’s actually kind of crazy,’’ Malt said of the controversy. “This is a fully legitimate, fully reported account that pays every penny of taxes.’’

Terrific Post! Appreciate.

I just love the term

Richard Day — Tue, 31 Jan 2012 03:42:42 +0000

In reply to Romneyville and the confederation of financiocrats.

I just love the term Physiocrat.

I mean it sings to me!