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View Diary: Romney's IRA Yielded More Than Twice as Much as Madoff's Funds (85 comments)

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  •  That's disgusting. (30+ / 0-)

    They build in all these loopholes available only to the rich who have structured portfolios and agile tax lawyers and accountants.

    The beauty part for them is that the whole apparatus is so complex that they know Joe  Sixpack is not going to have the first clue about what is going on. When it comes to taxes the whole game is to try to get as much of their income into capital gains as possible. The big trick is to use legal but fictitious "depreciation" to convert short term profit into long term capital gains. It's golden for them because only a small percetage of the electorate even knows what capital gains and deprecation are, much less how they are used to finagle the taxes of the rich down to obscenely low percentage rates.  And the IRA trick you outlined shows how completely they game the system.

    Meanwhile Faux News tells Joe S. that capital gains and depreciation are just innocent incentives to encourage the rich to invest in jobs.  The stark reality however is that the new capitalism since Reaganomics rewards those who are most adept at gaming the system, placing the speculators and those with  entrenched money in a position of advantage over the true entrepreneurs, the ones who, like  Steve Jobs, are dedicated to the innovative process of creating new ideas and who are more concerned with the work than with the money. And you didn't hear Steve Jobs whining about taxes; he would have done what he did even if his tax rates were quadrupled. The ones who whine about taxes are those, like Mitt, whose only purpose is self enrichment and whose greatest talent is in structuring their investments and speculative positions in  such a way as to maximize personal profit regardless of the ultimate effect on the welfare of the nation as a whole.  Capitalism is divided into two groups. You have   builders like Steve Jobs and takers like Mitt. And being a politician his mission is to make their rapacious efforts easier and easier.

    The world is a den of thieves and night is falling. -Ingmar Bergman

    by Pirogue on Fri Jul 06, 2012 at 08:35:34 AM PDT

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