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View Diary: My Prediction about Mitt's Taxes: He Paid Zero Taxes in 2009 (164 comments)

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  •  They're taxed as residents (2+ / 0-)
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    Chris Jay, ladybug53

    Mitt would've paid MA tax on his income from financial assets regardless of where they're sited.

    re: 2009: some interesting tidbits:  

    - based on his 2010 payments, we know that his 2009 tax was no more than $1.3MM

    - He used -0- foreign tax credit and only $63K of his AMT FTC in 2009, which is very unusual.  Only two possibilities: he only had $63K of AMT liability and zero regular (odd) or he didn't have any net foreign income.  

    •  Are you sure? (6+ / 0-)

      I'm not talking about property taxes, but sales taxes.  My firm used to run certain transactions through the Cayman Islands only to avoid sales taxes on financial assets.  This usually involved asset backed securities transactions in which, to avoid certain possible bankruptcy code provisions (claw backs), assets were sold several times through intermediaries.  Ironically, they were so conservative in tax treatment, that they would make one sale in NY and the rest in the Caymans under the idea that it's only fair to let NY tax the "real" sale, but it was unfair to let NY tax the additional purely formal sales.

      If I buy mail order outside of NY, I don't pay NY sales taxes, and that was the idea.

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