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Title: What Mitt Romney Really Represents
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Published: Sep 23, 2012
Author: http://www.informationclearinghouse.info
Post Date: 2012-09-23 14:41:58 by tom007
Keywords: None
Views: 328
Comments: 10
What Mitt Romney Really Represents By Robert B. Reich September 22, 2012 "Information Clearing House" - It’s not just his giant income or the low tax rates he pays on it. And it’s not just the videotape of him berating almost half of America, or his endless gaffes, or his regressive budget policies. It’s something that unites all of this, and connects it to the biggest underlying problem America faces — the unprecedented concentration of wealth and power at the very top that’s undermining our economy and destroying our democracy. Romney just released his 2011 tax returns, showing he paid $1.9 million in taxes on more than $13 million of income last year — for an effective tax rate of 14.1 percent. (He released his 2010 return in January, showing he paid an effective tax rate of 13.9 percent.) American has had hugely wealthy presidents before — think of Teddy Roosevelt and his distant cousin, Franklin D. Roosevelt; or John F. Kennedy, beneficiary of father Joe’s fortune. But here’s the difference. These men were champions of the working class and the poor, and were considered traitors to their own class. Teddy Roosevelt railed against the “malefactors of great wealth,” and he busted up the oil and railroad trusts. FDR thundered against the “economic royalists,” raised taxes on the wealthy, and gave average working people the right to form unions — along with Social Security, unemployment insurance, a minimum wage, and a 40-hour workweek. But Mitt Romney is not a traitor to his class. He is a sponsor of his class. He wants to cut their taxes by $3.7 trillion over the next decade, and hasn’t even specified what “loopholes” he’d close to make up for this gigantic giveaway. And he wants to cut benefits that almost everyone else relies on — Medicare, Medicaid, Social Security, food stamps, unemployment insurance, and housing assistance. He’s even a warrior for his class, telling his wealthy followers his job isn’t to worry about the “47 percent” of Americans who won’t vote for him, whom he calls “victims” and he berates for not paying federal incomes taxes and taking federal handouts. (He mangles these facts, of course. Almost all working Americans pay federal taxes — and the federal taxes that have been rising fastest for most people are Social Security payroll taxes, which aren’t collected on a penny of income over $110,100. Moreover, most of the “47 percent” whom he accuses of taking handouts are on Medicare or Social Security — the biggest “entitlement” programs — which, not incidentally, they paid into during their working lives.) Money means power. Concentrated wealth at the top means extraordinary power at the top. The reason Romney pays a rate of only 14 percent on $13 million of income in 2011 — a lower rate than many in the middle class — is because he exploits a loophole that allows private equity managers to treat their income as capital gains, taxed at only 15 percent. And that loophole exists solely because private equity and hedge fund managers have so much political clout — as a result of their huge fortunes and the money they’ve donated to political candidates — that neither party will remove it. In other words, everything America is learning about Mitt Romney — his tax returns, his years at Bain Capital, the video of his speech to high-end donors in which he belittles half of America, his gaffes, the budget policies he promotes — repeat and reenforce the same underlying reality. So much wealth and power have accumulated at the top of America that our economy and our democracy are seriously threatened. Romney not only represents this problem. He is the living embodiment of it. Robert Bernard Reich, Chancellor’s Professor of Public Policy at the University of California at Berkeley, was Secretary of Labor in the Clinton administration. Time Magazine named him one of the ten most effective cabinet secretaries of the last century. He has written thirteen books, including the best sellers “Aftershock" and “The Work of Nations." His latest, "Beyond Outrage," is now out in paperback. He is also a founding editor of the American Prospect magazine and chairman of Common Cause. Scroll down to add / read comments Email Newsletter icon, E-mail Newsletter icon, Email List icon, E-mail List icon Sign up for our FREE Email Newsletter For Email Marketing you can trust Support Information C
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#1. To: tom007 (#0)
Romney represents big government, perpetual war and a police state. So did the Roosevelt's. Any article portraying FDR and Teddy Roosevelt as heroes is leftist drivel. Both Roosevelt's play a huge role in the problems we face today, not the least of which are those who think their neighbors owe them something and want to use the force of government to steal it from them. The fact that the rich and corporations buy the government in order to enrich themselves does not justify "the poor" wanting to do the same thing in order to get some sort of payback. Both views are immoral. Calling Ron Paul an isolationist is like calling your neighbor a hermit because he doesn't come over and break your window - unknown I WITHDRAW MY CONSENT! Well said, and I'm tired of paying for both ends of the welfare state. “The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
you mean taxpayers shouldn't be paying for stuff like this? www.youtube.com/watch?v=ehleJE5evBI
lol - the taxpayer funded corn-holing must stop! (Lots of other great information at your sites - thanks) “The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
I'm very familiar with this trick because a friend of mine was using this similar method when they were investing in gold stock. But the trick to this was to keeping your tax rate down by not having your income exceed $10,000.00 in capital gains (not including dividends and interests), or else you'd have to file a return. I helped them win their case against a franchise tax board when the State was trying force them to file a return when they were not legally required to file due to their financial filing status. The key word is "income". Income is not money earned by your labor. Income is defined as capital gains and monies derived from real estate, gaming, and business profit/loss. If income is defined by your labor then we all should be jumping on the same bandwagon as Romney and itemizing gas expenses, food and lodging, travel, and applying for some of those same exemptions as him because laborers are treated as little corporations. And corporations are taxable and suable. You see, Romney thinks the 47% are too stupid to figure out what he and many others like his ilk have been doing. As from this thread freedom4um.com/cgi-bin/re...ArtNum=149772&Disp=14#C14 those like Romney take full advantage of those legal loopholes that allows for private equity managers to treat their income as capital gains, and be taxed at only 15 percent. To them, labor is cheap because human labor has no value to them. Interestingly to note that they derive their profit line from somebody else's blood, sweat and tears and time. Your time spent on this Earth laboring is just as important as an international capitalist like the Romneys, Cheneys and Bush's and Rothschilds. These people fail to understand the concept of human labor and what it means in the business world in accounting terms. Human labor can be an asset or a liability depending on the skills of the laborer. In other words, what the laborer contributes to a private company to make the company a financial success or failure is very important. But to Romney, human labor has no value except to write it off on a tax return as a vexing liability; and then of course pocket the remaining numbers in his pockets. But interesting enough if such a laborer has no value why keep them? Because you need the cheap labor so you can make a profit? There really exists two kinds of capital. One is financial but the other is human. I never hear of those like Romney mention this at all. Never.
Makes me throw up in my mouth.
The notion that a man's labor is taxed a higher rate than investment income is morally upside down. Utterly indefensible. And that's why the snake cannot release his prior tax returns. the working stiffs who are plagued by FDR legacy, IRS guns & automated deductions stole from them every week are not the thieves, & they desaerve the pittances that they were forced to pay for. Theyre not comparable to the evil govt. "Even to the death fight for truth, and the LORD your God will battle for you". Sirach 4:28
You wanna know why those like Romney would rather not refer to workers productivity level as human capital is because that would actually change the Income Tax codes for good. You see, human capital is both an asset and liability in terms of injecting profit returns (revenue) for the business. Just think of this way: Why would an employer elect to give one of their valued employees a pay raise? Just think about that for a minute. It's not because that employee legally deserves it according to state law but rather it is because the company believes that employee is a valued asset to the company. The term "asset" actually means that you are using tangible things that generate money for the business. Whether it is a machine or human labor it is an asset. And both also can have either a positive or negative value. If negative they become a liability. Machines deteriorate and need to be replaced, and/or the employee is not producing enough quota for the company to break even. Or that liability could also be things occurring under the radar screen in the business such as unsavory people in the accounting department who are cooking the books for themselves and blaming it on "slow business". And you're correct about Mit's tax returns.
I'm not interested in what he thinks about anything. I sense a disturbance in the farce. Much gnashing will ensue.
Any perceived compliance with unconstitutional “laws” or orders put forth by government employees is NOT recognition of their authority; it is simply the result of carefully calculated submission to an entity exhibiting superior firepower.
#2. To: F.A. Hayek Fan (#1)
The fact that the rich and corporations buy the government in order to enrich themselves does not justify "the poor" wanting to do the same thing in order to get some sort of payback. Both views are immoral.
#3. To: Lod (#2)
#4. To: bush_is_a_moonie (#3)
#5. To: tom007 (#0)
(Edited)
The reason Romney pays a rate of only 14 percent on $13 million of income in 2011 — a lower rate than many in the middle class — is because he exploits a loophole that allows private equity managers to treat their income as capital gains, taxed at only 15 percent.
#6. To: tom007 (#0)
Robert B. Reich
#7. To: purplerose (#5)
es that allows for private equity managers to treat their income as capital gains, and be taxed at only 15 percent. To them, labor is cheap because human labor has no value to them. Interestingly to note that they derive their profit line from somebody else's blood, sweat and tears and time. Your time spent on this Earth laboring is just as important as an international capitalist like the Romneys, Cheneys and Bush's and Rothschilds.
"Satan / Cheney in "08" 
#8. To: F.A. Hayek Fan, lod (#1)
Both views are immoral.
#9. To: tom007 (#7)
(Edited)
The notion that a man's labor is taxed a higher rate than investment income is morally upside down.
#10. To: tom007 (#0)
Robert B. Reich
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