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Should Mitt release his tax returns?

SaltyDawg said:
Not everyone would agree with that. For example:
https://abcnews.go.com/blogs/busine...n-secret-tax-havens-says-tax-justice-network/

"Super-Rich Hide $21 Trillion in Secret Tax Havens, Says Tax Justice Network"[/i]
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Salty, you are taking something completely unrelated and twisting it around to your perspective.

They aren't putting the money in offshore accounts to completely withdraw the funds from the global economy. They are putting it there to avoid paying taxes. If you think that money isn't earning interest, you're crazy. And how does it earn interest? Easy. The bank lends the money to people that need it, and collects interest payments. The money is still in circulation in the economy. Perhaps not the U.S. economy specifically, but it is out there sparking worldwide growth of some fashion or another.
 
leftyjace said:
You accuse me of thinking that if money exists it always goes to job creating ventures. I accuse you of thinking that if money exists it won't... it will simply sit there and look pretty for rich people and not be utilized to stimulate the economy.
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Feel free to accuse as you will. I already addressed that accusation, before you made it, in the post where I referred to "stuffing a mattress" with the money.

I believe rich people will act in their own best inerest, with helping others to be a decent side-effect some of the time.
 
SaltyDawg said:
Letting it sit in an account in the Cayman Islands is not circulating it in this economy. It might be doing something for the economy in the Cayman Islands, but it isn't doing much (or anything) for the economy in SLC.
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What happens in the Cayman islands still an effect here.
 
leftyjace said:
Keep in mind the iPad was introduced right smack dab in the middle of a full blown Recession. Yet it seemed to do OK for itself. I realize that's not a new company, it's a new product - but the popularity of the iPad did "create jobs" by increasing the size and scope of Apple and its' product line.
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I get your point and actually agree with it, but... The iPad??? The iPad is made in China. I'm sure it created plenty of jobs over there. In the USA though, I bet there are a lot more people who own an iPhone but not an iPad than vice versa. Not sure how many jobs it created in the USA.
 
leftyjace said:
Salty, you are taking something completely unrelated and twisting it around to your perspective.

They aren't putting the money in offshore accounts to completely withdraw the funds from the global economy. They are putting it there to avoid paying taxes. If you think that money isn't earning interest, you're crazy. And how does it earn interest? Easy. The bank lends the money to people that need it, and collects interest payments. The money is still in circulation in the economy. Perhaps not the U.S. economy specifically, but it is out there sparking worldwide growth of some fashion or another.
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I get that. My point is jobs created in the Cayman Islands don't do us Americans much (or any) good.
 
One Brow said:
I didn't read franklin's quote that way at all.
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Franklin wrote "....to claim a loss to offset gains elsewhere. The Romney's do not have this option with this horse unless this horse makes actual money."
I notice that you disregard every other point I made, but focus only on two words which you have misinterpreted and assumed to imply to mean something they don't actually imply.

Franklin quoted a source which contradicted his argument. It says that a passive loss can be written off against ANY other income upon dissolution. Show us where his source says a passive loss can not be used to offset another gain. Show us where his source gives any conditions under which this loss could not be written off against other income.
 
SaltyDawg said:
I get your point and actually agree with it, but... The iPad??? The iPad is made in China. I'm sure it created plenty of jobs over there. In the USA though, I bet there are a lot more people who own an iPhone but not an iPad than vice versa. Not sure how many jobs it created in the USA.
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Sure, it created hundreds and thousands of jobs over in China. At a wage that is a fraction of the wages that are paid here. We could create 1/10th the jobs here related to the product, yet be stimulating our economy more than China's because the money paid to wage earners here is so much more than there.
 
SaltyDawg said:
Lol, I misread that. I thought you were saying I wanted to beg from my neighbors (entitlement attitude or whatever you were saying before).
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Of course. Of course you did. You know, for a know-it-all pushing caveman economic theology, you have a tendency to miss some of the most basic economic principles.


BTW, I'm waiting for your imperical data supporting your fanatical claim regarding outsourcing. Would you like me to provide the literature for you?
 
leftyjace said:
Sure, it created hundreds and thousands of jobs over in China. At a wage that is a fraction of the wages that are paid here. We could create 1/10th the jobs here related to the product, yet be stimulating our economy more than China's because the money paid to wage earners here is so much more than there.
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And if the jobs were just created here in the first place, it would be stimulating our economy even more.

Making the iPad in China doesn't do anything for the middle class here. It just allows the richest company in the history of the world to make even more money, so they can presumably keep stimulating China's economy. If they made the iPad and iPhone in the USA they could still charge the same same price, they'd just make a little less money on each sale. And there would be thousands of middle class jobs in the USA that are currently in China.
 
leftyjace said:
Sure, it created hundreds and thousands of jobs over in China. At a wage that is a fraction of the wages that are paid here. We could create 1/10th the jobs here related to the product, yet be stimulating our economy more than China's because the money paid to wage earners here is so much more than there.
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Don't validate Stonehenge. A total of something like $13 & change goes to China for iPad production. The rest goes to US engineers, logistics, transportation, & distribution, Germany, asian allies, and the rest of the world. The San Fransisco Fed put out a paper a couple years back on it and another group of economists did as well.

And then that $13 comes back to America as the current account balances, as it must.
 
franklin said:
Of course. Of course you did. You know, for a know-it-all pushing caveman economic theology, you have a tendency to miss some of the most basic economic principles.


BTW, I'm waiting for your imperical data supporting your fanatical claim regarding outsourcing. Would you like me to provide the literature for you?
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My "data" is the reality of the US economy. No need for BS theories when you just have to look out the window.
 
franklin said:
BTW, I'm waiting for your imperical data supporting your fanatical claim regarding outsourcing. Would you like me to provide the literature for you?
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It's a trap. Demand an actual quote, not just a link to a treatise that fails to substantiate his opinion .
 
northeast said:
It's a trap. Demand an actual quote, not just a link to a treatise that fails to substantiate his opinion .
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lol, I have to admit that you have a nice habit of fighting with everyone. I like you as a poster.
 
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