O/T: BLOG POST OF THE DAY

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Enjoy
Lew
---------------------------------------------------------------------------- Can we stand back and pause a short minute to take in the spectacle of a man who wants to be President of The United States, who wants us to seriously regard him as a paragon of the American civic ideal, declaiming proudly and in public that he has paid his taxes at a third of the rate normally associated with gentlemen of his economic benefit.
Stunning.
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On Mon, 20 Aug 2012 21:29:41 -0700, "Lew Hodgett"

Yes, it is. I don't blame the tax payer as long as he followed the law. I blame the people that write the tax codes and then Congress for passing it. Most of the complainers are jealous.
Why am I supposed to worry about what Romney does with his money more that what Obama does with MY money?
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So we live in a dictatorship?
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More and more, yes.
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Ed Pawlowski wrote:

Ain't that the truth!
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On 08/20/2012 11:29 PM, Lew Hodgett wrote:

Another Proof By Repeated Assertion from the left. Let's see the evidence of this and further see any evidence of illegality.
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Tim Daneliuk snipped-for-privacy@tundraware.com
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We have to go by what is legal if we want to live in a system ruled by law. But there may be a difference between what is legal and what is right. As you know I am just a bit left of center ...
Two for instances. Romney has amassed over 100 million in an IRA. Supposedly IRAs are limited to something like $6000/year in contributions. Not sure when the IRA system was started, but let's say for argument's sake 45 years ago. That would mean (if I am correct) that Romney's 45x$6000 or $270,000 had a phenomenal yield. But then, he could have transferred more than $6000/year?
Romney has large amounts of capital off-shore. Theoretically that money could be in use to support the US economy. Is it?
In other words, if this is legal, is it right?
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Han
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Han wrote:

This was settled in the late 18th century by the Englishman Adam Smith in his book "An Inquiry into the Wealth of Nations." In that work, he postulated the theory of "The Invisible Hand."
You really should keep up.
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Sorry (contrite). Not familiar with the nitty gritty of invisible hands. Doesn't seem to answer my question. Hints?
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Han
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On 08/21/2012 09:02 AM, Han wrote:

cf "The Wealth Of Nations" by Adam Smith - considered the beginning of modern economics. Everyone quotes him, very few people have actually read him. I recommend this as a painless intro:
(Amazon.com product link shortened)
Another VERY good intro:
http://www.knowledgeproducts.net/html/pol_files/political3.cfm
(Knowledge Products stuff is all really, really good.)
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Thanks!!
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Han
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Han wrote:

Sure. In sum, Smith postulate - and to my mind proved - that when each person does what is best for himself, the entire community prospers.
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On 08/21/2012 07:49 AM, Han wrote: <snip>

This is trivial to explain: He used a self-directed IRA - probably set up by Bain - wherein his contributions were invested in Bain deals. This is common among investment banks wherein the employees want to share in the risk/reward. If the deals were successful (as we know they were) there was probably huge returns associated with these contributions, not to mention company matching funds. No only is this not illegal it is perfectly ethical.

So what? It is HIS money and where he chooses to keep it is HIS business.

Nothing you've suggested even rises slightly to any level of being unethical.
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So that's where you can get a 370 fold (37,000%) yield?

Great job creators always look out for themselves first.

That's your opinion. I disagree.
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Han
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On 08/21/2012 10:01 AM, Han wrote:

It's entirely possible, legal, and ethical.

I'm not sure I know what that means. EVERYONE (who is sane) looks out for themselves and the ones they love first. The virtue of capitalism is that, in doing so, they incidentally create opportunity for others.

Please cite a single demonstrable example of something being unethical. You cannot. You may not *like* what he's done, but it's HIS money and therefore, no one else's business.
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That's a feel good statement if I ever saw one. I hope it is a consideration for every capitalist, see whether what they do is creating opportunity for others. Have you asked Steve Gass what opportunities he is creating?

Didn't I say that I find it less than "right" that Mitt stores his money in offshore tax havens?
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Han
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On 08/21/2012 02:54 PM, Han wrote:

Just because you don't like something does not make it unethical. For it to be unethical it would involve him using some form of fraud, force, or threat. I see no evidence of any of the above.
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What's "feel-good" about incidentals?

How many richies do you know who keep -all- their money in US-only banks/investments? Most don't because interest is higher elsewhere, not to mention lower or no taxes elsewhere.
-- And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom. -- Anas Nin
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Larry Jaques wrote:

It doesn't matter where the money is, interest on it is subject to US taxes, not local.
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dadiOH
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Han wrote:

That is way too big an implication in your statement. There is NO showing of tax evasion or even tax avoidance in having an account in a Caymen Island bank. Maybe he was attracted by their "free checking" offer.
No one knows.
But your suggestion of a "tax haven" is rank speculation. Further, there is no "tax haven" capability in an off-shore account. The US is one of only two countries that tax foreign earnings (the other is the Philippines). What the Caymens, Bahamas, etc., offer is bank "secrecy." Now one CAN use the secrecy to hide dodgy transactions, but Romney is a Republican. Republicans just don't do that sort of thing.
In fact, but keep this confidential, I have accounts in two foreign banks in different countries! These are my stash of "get out of town money." I receive NO tax advantages in these account; they exist for completely different purposes.
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