The problem that led up to Mitt Romney 's "47 percent" rumination went like this:
"For the final three years, all everybody's been told is, 'Do not worry, we'll care for you.' How are you going to do it, in two months before the elections, to tell everyone you have got to take care of yourself?"
Romney, once we know, responded with references to those who are "dependent upon government, who think that they're patients, that they are entitled to health care, to food, to housing, you identify it."
But the question, asked by an audience member who could spend the money for $50,000 per head fundraiser in Boca Raton, Fla., was indicative of a wider mind-set, akin to the remark New York Times traditional commentator David Brooks made about Romney's remarks - "It is what self-satisfied riches tell each other."
It is also very hypocritical. Several of these millionaires, particularly alumni of the private value field, like Romney and his Boca Raton number, the CEO of Sun Capital, have been perfectly cared for by the U.S. government, Democrat and Republican.
Yes, they spend federal tax, unlike the 47 percent, but oh, therefore little, thanks to a tax rule that enables them to count nearly all of their earnings much less ordinary income, taxable as much as 35 percent, but as "carried interest" taxable at a 15 percent rate. In 2011, Romney, as his earnings unveiled on Friday, paid 14.1 % ($1.9 million) on income of $13.7 million, although he left Bain Capital 13 years back.
Some private collateral mavens spend even less, through a conversion," i.e, checking management fees, taxable as regular income, as investment income, payment that, incidentally, can be deferred for years. In a single situation, Apollo Capital Management reported management expenses as ordinary income to Tag Heuer Link replica watches the Securities and Exchange Commission but as investment income to the Internal Revenue Service.N.Y. investigation
In July, Nyc Attorney General Eric Schneiderman subpoenaed several private equity firms, including Apollo, Bain Capital, KKR and TPG Capita m as part of his investigation in to what duty a highly questionable exercise. Up to now, nary a look from the IRS, Congress or the National government.
(Legal counsel who handles Romney's financial matters said the presidential candidate never enjoyed in the scheme.)
Yet, for the government generosity, some mavens feel that they, also, are victims. Squeals erupted in 2010 when the Obama administration and some in Congress recommended that loopholes favoring other collaboration components and personal equity, hedge funds be closed. Few were higher than Steve Schwarzman, CEO of Blackstone Group - online worth $5.2 million based on the latest Forbes 400 richest record - who compared the proposals to "when Hitler invaded Poland in 1939."
"Steve believes the president lacks an intuitive feeling for the role of money markets," a Wall Street said during the time. "Obama is from Mars and Steve is from Venus."
Much the same cosmic distinction might be observed between the 47 percent as we came to understand them, and other members of the private sector who look to the us government for care and feeding. Simply take Silicon Valley organizations like Apple, Google, Oracle, replica Movado Artiko watches eBay and, for Bell & Ross BR01-92 Automatic replica watches example.
As opposed to earned-income tax breaks or Social Security, they, similar to U.S. multinationals, avoid or minimize fees by stashing nearly all of their money overseas. HP, as documented in Friday's Chronicle, has been particularly creative, using subsidiaries in the Cayman Islands to send back money evidently as "loans," thereby avoiding the 35 percent tax on repatriated profits.
How do this possibly be legal, you ask, aside from meaningful? Well, according to HP's senior vice president, the IRS "did not uncover the tax treatment contrary" to what the law states.Entitlement attitude
In reality, such companies feel they're perfectly eligible to, even determined by, well, "you name it," whether the oil-depletion allowance power companies like Chevron enjoy (2nd quarter income $7.2 million), or a tax code that encourages main banks to use Othello replica watches debt to fund activities in place of money.
The upshot: As a portion of federal bills, corporate taxes have fallen from 32 percent in 1952 to significantly less than 9 percent today, in accordance with a report issued by way of a Senate subcommittee on Thursday. Paycheck taxes, which many who supposedly "believe they are victims" do spend, have grown from 10 percent of federal revenue in 1952 to 40 percent now.
Mars and Venus, certainly.
Andrew S. Ross is a Bay Area Chronicle writer. E-mail: firstname.lastname@example.org Blog: www.sfgate.com/columns/bottomline Twitter: @andrewsross Facebook: sfg.ly/doACKM
Bracebridge fencer Rebecca Jeffrey (2nd from right) won Rado Ceramicareplica watches a medal in the women's sabre group of the Ontario Friday, August 17. Her team also went on to earn a gold medal in the team function on Sunday, August 19. (Submitted image)
A nearby fencer has won a bronze medal in a wall function at the Ontario Summer Games.
On Friday, Aug Bracebridge fencer Rebecca Jeffrey earned the setting in the women’s sabre affair. 17 at the Etobicoke Olympium in Toronto. In a team function on Sunday, Aug. 19, Jeffrey’s staff emerged with a gold medal.
In the months before entering the competition, Jeffrey had said she was wanting stiff opposition from her rivals, some of whom she had crossed swords with before. Though she was pleased with her results at the Summer Games, her mother Marilyn said the ability has motivated Jeffrey to help expand increase her technique.
“She knows girls very well, but replica Rado Diaqueen after doing these (competitions) she’s determined to practise more and increase, since she did get some great times out of some of the girls,” she said. “Some of your competition there is fairly hard.”
Jeffrey entered the tournament following in the footsteps of her older brother Katie, a Summer Games fencer as well.
“I’m glad equally girls got the knowledge to fence. I believe it’s a great knowledge for both of them,” said Marilyn.
The Bracebridge and Muskoka Lakes Secondary School student has 3 years of experience in managing the sabre and the foil. She fences with both senior school fence staff and with the Muskoka Fencing Club.
Her journey to the games involved some victories start last December, when she won a medal in the cadet women’s sabre classification at the Gingerbread Classic contest in Hamilton. She won another pair of bronze medals in the Youth Cadet Provincial Championship in Toronto in late March.